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Assets Under Management: Lingotto reached EUR10 billion driven by performance. Buyback Program: EUR1 billion buyback in 2025, contributing to nearly 15% of shares repurchased. Philips Stake: Increased to 19% economic rights. Philips Margin Target: Mid-teens profit margin targeted in new 3-year plan (2026-2028). Iveco Transactions: Total valuation of EUR5.3 billion for transactions involving Iveco Defence and Tata Motors. NAV Per Share: Declined from EUR178 to EUR164.4 in 2025. Loan-to-Value Ratio: Reduced to 6.9%. Cash Position: EUR1.4 billion as of December 2025. Credit Facility: EUR1.1 billion extended and doubled in 2025. Proceeds from Ferrari Shares: EUR3 billion realized, partially reinvested.

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Release Date: March 24, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

EXOR NV (EXXRF) achieved a significant milestone with Lingotto reaching EUR10 billion in assets under management, driven by performance rather than asset gathering. The company executed a large buyback of EUR1 billion in 2025, contributing to a strong balance sheet and allowing EXOR NV (EXXRF) to buy back close to 15% of its shares. Philips delivered strong performance with solid margin expansion and a peak in order intake, paving the way for new momentum. Lingotto's investment strategies have performed well, with the intersection fund leading the way, contributing to a 40% increase in returns. EXOR NV (EXXRF) maintains a strong financial position with a loan-to-value ratio of 6.9% and a EUR1.4 billion cash position, ensuring liquidity in uncertain times.

Negative Points

Stellantis faced both external and internal difficulties in 2025, requiring a reset under new leadership to address challenges. CNH experienced a challenging year due to a downturn in the agricultural market, exacerbated by geopolitical events and tariff changes. The company's NAV per share declined from EUR178 to EUR164.4, impacted by negative contributions from Ferrari, Stellantis, and CNH. EXOR NV (EXXRF) faces a high discount to net asset value, with shares trading at a significant discount, raising concerns among analysts. The company is cautious about deploying capital in 2026 due to uncertainties in the market, impacting potential investments and buyback decisions.

Q & A Highlights

Q: Should we assume no deals will be announced in 2026, and are healthcare, luxury, and technology still the main sectors of interest? Also, will there be another buyback program? A: John Elkann, CEO: Timing depends on finding the right investment opportunities. We remain interested in healthcare, luxury, and technology but are open to other sectors. We have been aggressive with buybacks, purchasing close to 15% of our capital. While we value having a strong balance sheet, we will continue to consider buybacks if opportunities arise.

Story Continues

Q: What is the strategy for Lingotto, and are there plans for additional divestitures? A: John Elkann, CEO: Lingotto's strategy is to attract exceptional investors and maintain diversified strategies. We are not commenting on specific divestitures but view the current discount as an opportunity for buybacks. We remain patient and prudent in capital allocation.

Q: Have you reviewed your portfolio for the impact of higher energy prices, and are there measures to reduce the discount to NAV? A: John Elkann, CEO: We are actively assessing inflationary pressures on our companies. We view the discount as an opportunity for buybacks and have captured this in the past.

Q: With Lingotto now more than 11% of your GAV, do you plan to adjust your exposure or shift strategies? A: John Elkann, CEO: We committed EUR6.5 billion to investments, including Philips and smaller ventures. We are not considering reallocating more capital to Lingotto strategies or reducing our exposure at this time.

Q: With the current discount, why not return some capital to shareholders and pursue acquisitions simultaneously? A: John Elkann, CEO: We are committed to maintaining a strong balance sheet and liquidity. We will be disciplined in capital allocation, considering all options, including buybacks and new investments.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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Lady de Rothschild’s stake in The Economist was put up for sale last year as part of a wider assessment of her investment portfolio - Wei Leng Tay/Bloomberg

Lynn Forester de Rothschild, a British philanthropist, has struck a deal to sell her stake in The Economist to a little-known Canadian billionaire.

Lady de Rothschild and her banking dynasty have agreed to sell a 26.9pc holding in the magazine to Stephen Smith, a financial services tycoon whose net worth is estimated at $7bn (£5.2bn) by Forbes.

The value of the stake was not disclosed, but was previously reported to be worth as much as £400m.

The deal marks the biggest shake-up of The Economist’s ownership since 2015, when British education publisher Pearson sold the majority of its 50pc stake alongside its sale of The Financial Times.

Those shares were bought up by Exor, the holding company of Italy’s carmaking dynasty, the Agnellis, which is now the largest shareholder in the magazine with a 43pc stake.

Lady de Rothschild’s stake in The Economist was held through EL Rothschild, a holding company she established in 2003 with her late third husband, Sir Evelyn de Rothschild, whom she married in 2000.

The American-born businesswoman hired advisers at Lazard last year to explore a sale after reportedly pushing for higher returns. The decision to cash in her 20pc holding prompted her family to follow suit.

Lady de Rothschild, who made her fortune in the telecoms industry after founding US broadband firm FirstMark Communications in 1995, is now in a relationship with Lord Saatchi, the 79-year-old advertising guru and former Conservative Party chairman.

The divestment comes at a critical time for The Economist, which was founded in 1843 by James Wilson, a Scottish hat manufacturer, to promote free trade.

Its philosophy is one of editorial independence, and its constitution bans any individual or organisation from owning a majority share, while the editor is appointed by trustees and it does not use bylines.

The weekly title is based in London but has expanded internationally and now employs 1,540 people in 26 countries.

The Economist reported revenues of £369m and a profit of £48m in the year to the end of March 2025. Its subscriber numbers increased by 3pc to 1.25 million.

But the title is now facing searching questions about its future in the digital age. The magazine has begun to shed its traditional anonymous style in favour of personality-led journalism by mounting a major push into video content.

Its political stance as a socially liberal, pro-free-trade title has also come under pressure in an era of growing polarisation.

Zanny Minton Beddoes, who has been editor of The Economist since 2015, extended her tenure by a further two years in October, breaking the tradition of editors holding a 10-year term.

Story Continues

Patrick Foulis, the magazine’s foreign editor, who was widely viewed as heir apparent, stepped down abruptly in the wake of the announcement.

Mr Smith has bought the near 27pc stake through Smith Financial Group, the family holding company he runs.Stephen Smith began his career selling houses in Toronto in the 1980s and has largely remained out of the spotlight in his home country - Galit Rodan/Bloomberg

The 74-year-old tycoon, who grew up in Ottawa but was educated at the London School of Economics, has remained largely out of the spotlight in his home country.

He began his career flipping houses in Toronto in the 1980s before rising interest rates and a string of bad deals forced him into bankruptcy.

In 1988, Mr Smith and his partner started First National Financial Corporation, a mortgage lender that has grown to a market value of more than $2bn.

Mr Smith, who also holds major stakes in Canada Guaranty Mortgage Insurance Company and Equitable Bank, is known for his philanthropy.

He donated more than $100m to Queen’s University Canada, while he is chairman of Historica Canada, a charity dedicated to promoting the country’s history and citizenship.

A spokesman for Mr Smith told Bloomberg: “This investment reflects Mr Smith’s full support for The Economist’s long‑standing tradition of rigorous editorial independence and will see The Economist’s strategy and operations continue unaffected.”

A spokesman for The Economist said: “We can confirm that Stephen Smith, together with his family holding company, Smith Financial, has entered into an agreement to acquire a 26.9pc minority stake in The Economist Group from existing shareholders, Lady Lynn Forester de Rothschild, her family and her family foundation, subject to certain closing conditions.”

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Zusammenfassung (ca. 450 Wörter)

Dieser Artikel untersucht eine bullische Anlage-These im Zusammenhang mit Ferrari N.V. (RACE), wie sie von Soren Peterson auf Pillars And Profits’ Substack präsentiert wird. Stand vom 1. Dezember lag RACE bei 386,93 US-Dollar, wobei die P/E-Verhältnisse (Trailing und Forward) bei 37,66 bzw. 34,36 lagen.

Ferrari ist eine weltweit bekannte und sehr profitable Luxusmarke, die aufgrund ihrer Kombination aus Exklusivität, Preisstärke und betrieblicher Exzellenz von Investoren bevorzugt wird. Im Jahr 2024 erzielte das Unternehmen eine bemerkenswerte Rendite von 36% für die Aktionäre. Exor, der größte Aktionär von Ferrari, reduzierte seine Beteiligung, um das Konzentrationsrisiko zu verringern, bleibt aber ein bedeutender Investor.

Das Unternehmen erzielt eine außergewöhnlich starke finanzielle Leistung. Es erzielte eine Rendite von 48 % auf das Eigenkapital im dritten Quartal 2025 und hält einen angepassten Betriebsgewinn von 28,3 % für 2024, was eine disziplinierte Führung und einen Fokus auf den Erhalt des Markenwerts widerspiegelt. Ferrari gleicht strategisch sein Erbe - die Beibehaltung ikonischer Verbrennungsmotoren - mit der Einführung von Hybrid- und Elektrofahrzeugen, neu entwickelt.

Ferraris Rennabteilung generiert weiterhin erheblichen Markenwert und zusätzlichen Umsatz, was die Position des Unternehmens als Marktführer in Luxus und Leistung festigt. Trotz dieser Stärke liegt die Investition außerhalb der Top 30 beliebtesten Aktien bei Hedgefonds, wobei nur 43 Hedgefonds-Portfolios RACE am Ende des zweiten Quartals hielten, im Vergleich zu 51 im Vorquartal.

Der Autor hebt eine ähnliche bullische Sichtweise von Soren Peterson hervor, wobei der Schwerpunkt auf der Profitabilität und der strategischen Elektrifizierung von Ferrari liegt. Während das Potenzial von RACE anerkannt wird, glaubt der Autor, dass bestimmte KI-Aktien ein größeres Aufwärtspotenzial und ein geringeres Ausfallrisiko bieten.

Im Wesentlichen deutet der Text darauf hin, dass Ferrari zwar eine starke Marke mit einer überzeugenden Geschichte ist, alternative Investitionsmöglichkeiten – insbesondere im schnell wachsenden KI-Sektor – möglicherweise höhere Renditen und ein geringeres Risiko bieten.

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Zusammenfassung (Deutsch)

Dieser Artikel analysiert eine bullische Anlage-These für Koninklijke Philips N.V. (PHG), die von Soren Peterson auf Pillars And Profits’ Substack präsentiert wurde. Trotz aktueller Herausforderungen, darunter Unsicherheiten auf dem chinesischen Markt und laufende Rechtsstreitigkeiten im Zusammenhang mit Respironics, sind die langfristigen Grundlagen von Philips weiterhin stark.

Schlüsselfaktoren, die die bullische Sichtweise unterstützen, sind Philips’ deutliche Fortschritte im Jahr 2024, die durch 19% Gesamtrendite für Aktionäre durch Effizienzinitiativen und strukturelle Vereinfachung erzielt wurden. Darüber hinaus zeigt Exors bedeutende Investition – Holding 18,4 % der Aktien mit 18,7 % Stimmrechten – das Vertrauen in Philips’ strategische Verschiebung hin zu Margenexpansion durch Innovation, digitale Integration und operative Disziplin.

Der Artikel stellt diese These dem einer zuvor behandelten bullischen Perspektive für Medtronic plc (MDT) gegenüber, die die anhaltende positive Leistung von MDT hervorhebt. Allerdings weist der Autor darauf hin, dass Philips derzeit nicht zu den 30 beliebtesten Aktien unter Hedgefonds gehört, wobei nur 10 Hedgefonds-Portfolios PHG bis zum Ende des zweiten Quartals hielten (im Vergleich zu 12 im Vorquartal), was auf mangelndes institutionelles Interesse hindeutet.

Letztendlich schlägt der Autor vor, dass Philips zwar eine potenzielle Kursumlegendkeitsmöglichkeit aufgrund seiner verbesserten Rentabilität und langfristigen Unterstützung durch Exor bietet, KI-Aktien möglicherweise ein höheres Aufwärtspotenzial und ein geringeres Ausfallrisiko bieten. Er ermutigt die Leser, einen Bericht über unterbewertete KI-Aktien zu erkunden.