Longleaf Partners Fund, a Memphis-based fund under Southeastern Asset Management, published its “Longleaf Partners International Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. Longleaf Partners International Fund added 1.51% in the fourth quarter versus MSCI EAFE’s return of 2.69%. For the full year, the Fund fell 0.89%, while the MSCI EAFE returned 11.26%. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
Longleaf Partners International Fund, in its Q4 2021 investor letter, mentioned Exor N.V. (NYSE: EXXRF) and discussed its stance on the firm. Exor N.V. is an Amsterdam, Netherlands-based holding company with a $17.5 billion market capitalization. EXXRF delivered a -18.37% return since the beginning of the year, while its 12-month returns are down by -12.41%. The stock closed at $73.00 per share on February 28, 2022.
Here is what Longleaf Partners International Fund has to say about Exor N.V. in its Q4 2021 investor letter:
“EXOR (12%, 1.16%; 7%, 0.73%), the European holding company of the Agnelli family, was another strong contributor in the quarter and for the full year on the back of multiple value-accretive corporate actions across the three largest components of EXOR’s value (collectively comprising ~80% of our appraisal): Stellantis, CNH International and PartnerRe. Last year, EXOR transformed underlying holding Fiat Chrysler through a strategic merger with PSA Group of France, with the official combination into new company Stellantis completing in January 2021. Stellantis CEO Carlos Tavares came from PSA, where he was widely regarded as top in the global auto executive field. EXOR CEO and Chairman John Elkann serves as Chairman of Stellantis, adding his capital allocation and strategic expertise to the operational brilliance of Tavares and team. As a result, Stellantis should be the third largest global auto original equipment manufacturer (OEM), unlocking economies of scale and supply chain efficiency and positioning the company to navigate the continuing industry evolution towards electrification, increased autonomous capabilities and transportation as a service. In 2020, EXOR announced that the previously agreed deal to sell reinsurance company PartnerRe to French co-operative insurance company Covea had fallen through in the COVID lows. The news hit the share price hard, and EXOR was one of our worst 2020 performers. However, in late October 2021, EXOR announced a renewed deal to sell PartnerRe to Covea for $9 billion, over 40% of EXOR’s current market value. This multiple of 1.4x adjusted tangible book value was nearly 10% higher.”
Research, Investment, Finance
Our calculations show that Exor N.V. (NYSE: EXXRF) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Exor N.V. (NYSE: EXXRF) delivered a -17.60% return in the past 3 months. In December 2021, we also shared another hedge fund’s views on EXXRF in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
