Exor: Motor by Ferrari
Year overview 2024
Short description
Exor is the holding company of the Italian Agnelli family. The holding was born out of FIAT, which was founded by Giovanni Agnelli in the 19th century, and it still remains indirectly part of the portfolio today. The Agnelli family owns 53.6% of Exor’s shares. John Elkann, the CEO, does not carry the Agnelli name, but he is a family member on his mother’s side.
In their own words, Exor is a holding company with a culture that blends entrepreneurship with financial discipline. Their goal is to build great companies, give people opportunities to grow, contribute positively to society, and deliver superior returns for their shareholders. They set high but realistic expectations, search for new ideas, prioritize with a long-term perspective, and are determined to get things done—bold enough to take action while staying aware of the possible consequences. This is the marketing language behind their investment philosophy.
In essence, they see themselves as value investors. They look for companies they understand and have outstanding management. If that management isn’t there yet, they’ll find the right people themselves. They only buy if the price is right. Their companies must uphold the highest standards, but also have clear competitive advantages. Growth potential and innovation are also part of their definition of value.
They invest when they see that their own knowledge and network can add extra value.
And they truly take the long term literally. Exor originated from Fiat, but even an acquired investment like Juventus was already bought in 1923, making them the longest-standing (continuous) shareholder of a sports club.
Their investments are divided into three major categories. The most important is "Companies", which includes businesses where Exor is an active, often leading, shareholder. This block represents about 80% of Exor’s value.
Among these companies, four stand out in particular: Ferrari, Stellantis, Philips, and CNH.
There are also investments in companies like Iveco, Juventus, Philips, Christian Louboutin, Institut Mérieux, The Economist, Gedi, Shang Xia, and others.
In addition to the "Companies" category, there is "Lingotto", an asset manager that is a 100% subsidiary of Exor, and "Ventures", where they invest in smaller businesses. For both "Companies" and "Ventures," they aim to focus their investments around five key sectors: Consumer, Healthcare, Fintech, Mobility, and Deeptech.
Why we selected Exor
It was John Elkann who caught our attention. He’s the one who initiated the transformation of the past ten years, with his masterstroke being the recruitment of Sergio Marchionne. Marchionne was the driving force behind the Fiat-Chrysler merger, the spinoff of Ferrari, and the effort to make Fiat more profitable.
Elkann was born in New York and studied at universities in Paris and Turin. Before taking on his current role, he gained experience in various group companies across the UK, Poland, France, Asia, and the United States.
Giving more autonomy to the family behind Ferrari, and more recently the move with Peugeot (Stellantis)—tapping into that family’s expertise—shows that he doesn’t underestimate the value of driven, hands-on management.
His decision this year to cash in part of their stake in Ferrari also highlights his strong capital allocation skills and his willingness to make bold moves when the situation calls for it.