In short: #8, and the list's own counter-example. "An Italian holding company controlled by the Agnelli family. The Agnelli family still owns 50% of Exor. Exor invests a lot in traditional companies. Think about Ferrari, Stellantis and Philips." Top five: Ferrari 32.4%, Stellantis 11.5%, Philips 11.4%, Lingotto 11.3%, CNH 7.8%. Then the number that sits oddly on a list assembled around long-run compounding: "Since its listing in 2022, the stock compounded by 1.5% per year" — offered without comment, and without the NAV discount that is the usual argument for owning Exor. The accompanying slide puts GAV at €33.6bn: companies 77%, Lingotto (its own asset manager) 12%, others 6%, cash 5%.
Exor is the Agnelli family's holding company — the family behind Fiat — and they still own half of it. It holds large stakes in old-economy businesses: Ferrari at 32.4% of the portfolio, Stellantis at 11.5%, Philips at 11.4%, its own asset manager Lingotto at 11.3% and the tractor maker CNH at 7.8%.
In practice a third of Exor is Ferrari. So although it looks like a diversified industrial holding, its value is driven mostly by one luxury-goods share, with the rest as ballast plus about 5% cash.
The number the post prints without softening it: since Exor listed in its current form in 2022, the shares have compounded at 1.5% a year. That makes it the clear laggard of the list, and no discount to net asset value — the usual reason to own Exor — is quoted to offset it.
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