Ayalon Trust Fund (4D) Global Stocks on Exor N.V.
Thesis
EXOR is treated as a long-term compounder because it is family owned, has demonstrated strong capital allocation and has a history of successful acquisitions. The letter argues that the company remains economically robust despite a difficult period and a decline in net asset value and share price. Management sold part of its Ferrari stake and redeployed a large portion of the proceeds into EXOR's own shares, reinforcing the capital-allocation case. The fund intends to own businesses like EXOR through short-term weakness and allow management to compound value over time.
“There is no doubt that this company is economically robust, firmly complying with all of the criteria I believe in for long term investments”
Key risks
- Net asset value decreased by 8% in 2025
- The share price declined 17% in 2025 and another 5% year-to-date