EXOR-MI

EXOR-MI

EXOR-MI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 7, 2025	GoodHaven Capital Management	-	-5.9%	ABG, ARW, BAC, BLDR, BRK-B, CB, CPT, EXOR.MI, JEF, KKR, LEN.B, PGR, TOL, TVK.TO	Buybacks, Capital markets, Homebuilders, insurance, Long/Short, Trade Policy, value	The White House announced materially higher tariffs for many countries, followed by counter measures and economic volatility. Current average tariff is 18% compared to 3% during 2018 trade war. Material tariffs increase risk of higher inflation and potentially hinder economic growth.	BRK.B TVK.TO JEF BLDR TVK	View
2025 Q2	Jul 22, 2025	Longleaf Partners Fund	5.3%	-0.1%	BIO, CNX, EXOR.MI, FDX, FIS, HF, IAC, KHC, MAT, MGM, PVH, REGN	Buybacks, Cash, energy, healthcare, tariffs, value	The fund maintains a low-60s% price-to-value ratio and below 10x price-to-free cash flow multiple while the market trades at well above 20x. They continue to avoid popular favorites and tilt toward where near-term emotions have led to mispricings in their favor.	FDX REGN KHC MGM DINO	View
2025 Q2	Jul 2, 2025	AVI Global Trust	-	-	3608.T, 4527.T, 6201.T, 6727.T, 6971.T, 7912.T, 7984.T, 8802.T, 9301.T, 9531.T, AKRBF, APO, BOL.PA, CDI.PA, ENT.L, EXOR.MI, FRAS.L, GXIIF, IAC, NWSA, RKT	activism, Buybacks, Discounts, dividends, global, Japan, value	Eight years into Japan journey, managers are as optimistic as ever with developing market for corporate control, increasingly proactive management teams, and governance reform agenda permeating both small and large cap stocks. Combined with low valuations, Japan stacks up very attractively as a market where constructive approach to active engagement can yield real results. Japan exposure now accounts for 23% of NAV compared to 16% a year ago.		View
2024 Q2	Jul 10, 2024	Alphyn Capital Management	8.9%	13.5%	0700.HK, AMZN, BUR.L, ESAB, EXOR.MI, FFH.TO, GOOGL, KKR, KMX, PHG, PRX.AS, RACE, STLA, TVK.TO	Capital Allocation, compounders, Concentration, Long/Short, portfolio, risk management, technology, value	Alphabet has started incorporating AI Overviews in searches featuring responses from its LLM and Gemini, with improved user satisfaction and click-through rates. The company is exploring new AI features like short product videos and virtual try-on options within shopping ads. Amazon is adopting a primitive services approach to GenAI, developing custom AI chips, training services, and applications like Alexa and shopping AI called Rufus.		View
2024 Q1	May 7, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AMG, BIO, CNX, DHER.DE, EQT, EXOR.MI, FBIN, FDX, FFH.TO, FIS, GLB.L, H, IAC, K, LYV, MLCO, PRX.AS, PVH, TIGO, WBD	Buybacks, global, Logistics, Media, Natural Gas, technology, value	Multiple portfolio companies are executing substantial share repurchase programs. CNX Resources continues share repurchase at a double-digit annualized pace, FedEx repurchased substantial stock with 6% annualized pace and authorized another $5 billion program, and FIS is using proceeds from asset sales to repurchase 10% of the company.	WBD FIS FDX CNX	View
2026 Q1	May 11, 2026	Horos Asset Management	-	-	BKNG, EXOR.MI, LBTYA, RNO.PA	energy, Europe, geopolitics, private credit, technology, value, volatility			View
2024 Q1	Apr 30, 2024	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	concentrated, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2026 Q1	Apr 16, 2026	Longleaf Partners Fund	-4.5%	-4.5%	AVTR, CNH, DIS, EXOR.MI, FBIN, FDX, LPX, MAT, PYPL, RYN	Agriculture, Buybacks, Logistics, private credit, Timberland, value			View
2025 Q1	Apr 12, 2025	Longleaf Partners Fund	-5.1%	-5.1%	ACI, AMG, BIO, CNX, EXOR.MI, FDX, FIS, HFC, IAC, MAT, PVH, PYPL, RTX	Buybacks, energy, healthcare, technology, Trade Policy, value	Fund focuses on quality companies trading at significant discounts to intrinsic value with P/V ratio below 60%. Manager emphasizes value stock picking environment where nimble companies on offense are rewarded versus largest index companies.	PVH PYPL FDX CNX BIO RTX MAT IAC ACI	View
2025 Q1	Apr 12, 2025	Longleaf Partners Global Fund	-2.2%	-2.2%	ACI, BIO, CNX, DHER.DE, EXOR.MI, FDX, FIS, GLB.L, HFC, IAC, MAT, TIGO	Cash, global, healthcare, Logistics, Quality, tariffs, value	The fund maintains a price-to-value ratio under 60% which is highly attractive. The manager believes this is setting up to be a better environment for value stock picking where nimble companies on offense are rewarded rather than the biggest index companies continuing to go straight up.	GLB FDX CNX BIO TIGO IAC ACI	View
2023 Q1	Mar 31, 2023	AVI Global Trust	0.3%	0.3%	AKERB.OL, APO, BN, CDI.PA, EXOR.MI, FMSAUBD, GROW.L, KKR, SCHJF	Banking, Discounts, marketplaces, oil, value, volatility	Apollo Global Management discussed extensively as a top holding, with detailed analysis of its insurance business through Athene merger. Manager views Apollo as well-positioned to benefit from market volatility despite recent weakness.	AKER.OL APO	View
2023 Q4	Feb 21, 2024	Springview Capital Management	6.5%	15.3%	BRK-B, CPRT, CRH, EXOR.MI, FFH, FMX, HLN.L, HLT, MKL, NTDOY, UNP, WRB, WTM	Concentration, insurance, Long/Short, tax efficiency, underperformance, value	Fund holds three large property/casualty insurers (W.R. Berkley, White Mountains, Markel) that underperformed in 2023 as investors rotated away from companies benefiting from rising rates. Despite disappointing short-term performance, excellent underwriters like Berkley have historically earned solid returns across interest rate cycles.	FMX FFH SUNP IN MKL WRB	View
2025 Q3	Oct 31, 2025	GoodHaven Capital Management	-	6.8%	BAC, BLDR, BRK-B, CB, DVN, EXOR.MI, GOOG, JEF, MKL, PGR, TVK.TO	concentrated, energy, financials, industrials, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2025 Q3	Oct 15, 2025	Longleaf Partners Fund	-0.3%	-0.4%	ACI, ANGI, BIO, CNX, EXOR.MI, FDX, FIS, H, HFC, IAC, KHC, MAT, MGM, PCH, PVH, REGN, RYN	AI, Bubble, Buybacks, FCF, spinoffs, undervalued, value	Fund focuses on companies trading at significant discounts to intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying undervalued assets with growing free cash flow per share while avoiding overvalued market segments.	BIO REGN PCH RYN ACI FDX MGM IAC KHC MAT CNX	View
2025 Q3	Oct 15, 2025	Longleaf Partners Global Fund	2.6%	10.9%	4613.T, ACI, CANAL.PA, CNX, DHER.DE, EXOR.MI, GLB.L, IAC, KHC, MAT, MGM, PCH, PHG, PVH, RYN	AI, Buybacks, consumer, energy, FCF, global, Timberland, value	Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at less than 10x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-50s% indicates significant discount to intrinsic value estimates.	PVH 4613 JP	View
2025 Q3	Oct 1, 2025	East72 Dynasty Trust	1.6%	-	1928.HK, AKER.OL, AVOL.SW, BIM.PA, BORR, CG, CNHI, CVNA, EXOR.MI, MANU, NNI, NVO, PARA, PHG, RACE, STLA, UHR.SW, UMG.AS, VIRT, VIVHY	Europe, Family, Holdings, Luxury, value	Manager focuses on quality businesses trading at significant discounts to intrinsic value under controlling shareholders. Emphasizes conservative valuation methods with margin of safety. Distinguishes between traditional value traps and companies with temporary pricing dislocations.	UHR SW	View
2025 Q4	Jan 30, 2026	Moerus Capital Management	4.8%	40.4%	1200.HK, CMW.AX, DC.TO, DOUG, EXOR.MI, JEF, JSE.L, LTM, NTCO3.SA, STAN.L, TARS, TSGYO.IS, VAL, VALT.L, WED.TO	Banking, contrarian, emerging markets, international, Mining, Recovery, value, volatility	The Fund focuses on deeply discounted opportunities where overly pessimistic expectations are priced in, creating upside potential when outcomes prove merely benign. Examples include Valterra Platinum, Midland Holdings, and LATAM Airlines, all purchased when expectations were at their nadir. The manager believes there is less competition for deep value, out-of-favor opportunities due to attrition among value investors and style drift toward Growth strategies. Valterra Platinum, the world's largest producer of Platinum Group Metals, was purchased when expectations were rock-bottom due to EV adoption concerns. The platinum market entered its third consecutive year of supply deficit in 2025, with producers cutting higher-cost production and auto manufacturers walking back EV ambitions. Platinum prices surged from depressed levels, driving significant gains. LATAM Airlines Group was purchased in 2023 shortly after emerging from bankruptcy when stigma and pandemic effects repelled investors. The company had a much-improved financial profile, competitive position, and cost structure post-bankruptcy with meaningfully reduced debt and operating costs. Performance was driven by passenger volume recovery and impressive business results leading to increased profitability and share repurchases. Türkiye Sigorta was added in 2023 when general investor flight from Turkey occurred amid unorthodox economic policies and 85% inflation. The insurance environment was painful with dramatically rising claims costs, but created opportunity to invest in a high-quality business at heavily discounted prices. Performance improved as policies reset at higher prices and the Turkish Central Bank adopted orthodox monetary policy. Midland Holdings, the leading Hong Kong residential property broker, was purchased when shares had sunk to extremely depressed levels amid an ailing local residential market hurt by higher interest rates and economic issues. The company's cash made up roughly 70% of market cap at purchase, with nascent signs of improvement in the Hong Kong residential market exceeding minimal expectations.		View
2025 Q4	Jan 14, 2026	Longleaf Partners Global Fund	5.3%	16.7%	ANGI, AVTR, BIO, CNH, CNX, DHER.DE, EXOR.MI, F, FI, GLAN.L, GRUMA.MX, IAC, JFC.PS, KHC, MAT, MGM, PHG, REGN, STLA, TIGO, UNH	Buybacks, FCF, global, Holdings, Media, Quality, value	The fund maintains a concentrated portfolio of undervalued stocks trading at low P/V ratios in the low-60s%. Management emphasizes finding defensive growers like consumer staples and timberland companies at better prices, similar to their successful positioning in 1999. They focus on companies with strong free cash flow generation and quality management partners. Multiple portfolio companies are actively repurchasing shares at attractive prices. MGM has repurchased over 40% of shares in five years, Glanbia added to buyback programs, and Exor executed efficient share repurchases via Dutch auction. The fund views these as value-creating capital allocation moves. Canal+ renewed exclusive UEFA Champions League rights for 2027-2031 at better economics than feared, reinforcing subscriber base quality. The company made operational progress across European and African platforms following the MultiChoice merger, though remains underfollowed as a French media company on London Stock Exchange.	AVTR BIO ANGI MGM KHC IAC TIGO GLB LN CAN LN	View
2025 Q4	Jan 13, 2026	GoodHaven Capital Management	0.0%	7.1%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, LEN.B, TVK.TO, VNOM	concentrated, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry. Companies trading at significant discount to intrinsic value. Strong balance sheets and capital levels indicate enduring competitive advantages. Attractive businesses to take advantage of recovery cycles. Accelerating demographic changes in the US producing strong underlying housing growth. More capital light business models minimize big boom and busts, and increase returns on invested capital. Broader pricing strength supportive of suppliers. Industry capital allocation discipline with emphasis on accelerated cash distributions to shareholders. Favorable demand-supply dynamics after industry consolidation and strategic players.	MKL	View
2023 Q3	Sep 30, 2023	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	Concentration, energy, financials, Housing, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2024 Q2	Jul 23, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AC.PA, AMG, BIO, CFR.SW, CNX, DHER.DE, ENT.L, ERF.PA, EXOR.MI, FDX, FIS, GLB.L, IAC, K, MAT, MGM, PRX.AS, TIGO, VIV.PA, WBD	Buybacks, Europe, free cash flow, global, Margins, technology, valuation, value	The fund trades at a low-60s% price-to-value ratio with holdings at roughly 10 times free cash flow on margins that can improve, while the FTSE Developed trades at 20 times potentially peak free cash flow. This positions investments for growth even in tougher economic times, especially on a relative basis. The valuation gap between the broader market and the portfolio is at a uniquely high level.	DHER.DE ERF.PA BIO FDX PRX.AS MILL.ST	View
2023 Q2	Jul 19, 2023	Longleaf Partners Global Fund	14.8%	18.4%	AMG, CNX, ERF.PA, EXOR.MI, FDX, FI, FIS, GE, H, HAS, IAC, K, LYV, MGM, MLCO, PRX.AS, PVH, TIGO, WBD, WMG	Buybacks, concentrated, discount, global, Media, value	The fund holds significant positions in media companies including Warner Bros Discovery, Live Nation Entertainment, and IAC. Warner Bros Discovery remains dramatically undervalued despite near-term streaming uncertainty, while Live Nation benefited from strong concert demand acceleration in 2023.	NWBD.L TIGO IAC LLYVA	View
2023 Q1	Apr 30, 2023	Alphyn Capital Management	8.9%	13.5%	3690.HK, 700.HK, BAM, BUR.L, CNHI, CRSS, ENOV, ESAB, EXOR.MI, FFH.TO, KMX, PRX.AS, RACE, STLA, W, WAND.L	Concentration, Fraud, insurance, Litigation, technology, turnaround, value	CarMax faces challenging macro conditions with high used car prices and rising interest rates impacting affordability. The company is investing heavily in omnichannel capabilities and online tools while maintaining market share discipline to preserve margins.		View
2023 Q1	Apr 20, 2023	Longleaf Partners International Fund	11.2%	10.4%	0001.HK, 0288.HK, AC.PA, APPS.MC, BABA, CUERVO.MX, DOM.L, ERF.PA, EXOR.MI, FFH.TO, GLB, GRUMAB.MX, HDB, JFC.PS, JUVE.MI, KER.PA, LAZ, LXS.DE, MC.PA, MLCO, PFD.L, PRX.AS, TIGO	Asia, China, concentrated, Europe, international, Luxury, Travel, value	China is arguably the only economy of size that is easing on a regulatory, fiscal and monetary perspective, while the rest of the world is tightening. The region offers compelling upside from both an economic and valuation perspective as Asia emerges from three years of lockdown with consumer sentiment rebounding strongly.	KER.PA CFR.SW AC.PA TIGO	View
2023 Q4	Jan 29, 2024	GoodHaven Capital Management	0.0%	18.9%	BAC, BLDR, BRK-B, DVN, EXOR.MI, GOOG, JEF, KKR, LEN.B, PGR	concentrated, energy, financials, Mid-cap, Quality, technology, value	Secular tailwinds in the shift towards digital advertising. Largest firms have significant network effects and competitive advantages, with high barriers-to-entry.		View
2023 Q4	Jan 17, 2024	Longleaf Partners Global Fund	14.8%	18.4%	AMG, BIO, CNX, DHER.DE, ERF.PA, EXOR.MI, FBHS, FDX, FFH.TO, FIS, GE, K, LUMN, LYV, MAT, MGM, MLCO, PVH, TIGO, WBD	Banking, Buybacks, global, portfolio, Quality, returns, value	Manager emphasizes their differentiated approach to value investing, focusing on Business, People, Price rather than traditional value ETF strategies or quality at higher prices. They believe value is positioned for outperformance in the 2020s similar to previous decades when interest rates normalized.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of EXOR-MI

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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