Is it Still Worthy to Invest in Exor (EXXRF)?

Longleaf Partners Fund, a Memphis-based fund under Southeastern Asset Management, published its “Longleaf Partners International Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Longleaf Partners International Fund declined 12.04% in the first quarter, while the MSCI EAFE Index declined 5.91%. New investments have a high hurdle to qualify given our conviction in our current holdings and the steep discount of the portfolio. Try to take some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Longleaf Partners International Fund mentioned Exor N.V. (NYSE:EXXRF) and explained its insights for the company. Founded in 1927, Exor N.V. (NYSE:EXXRF) is an Amsterdam, Netherlands-based investment holding company with a $14.0 billion market capitalization. Exor N.V. (NYSE:EXXRF) delivered a -31.83% return since the beginning of the year, while its 12-month returns are down by -23.43%. The stock closed at $60.96 per share on July 08, 2022. 

Here is what Longleaf Partners International Fund has to say about Exor N.V. (NYSE:EXXRF) in its Q1 2022 investor letter:

EXOR –EXOR was punished in the quarter primarily due to its European domicile in the face of top-down fears for the region with Russia’s invasion of Ukraine. The conglomerate discount subsequently grew wider, as we tend to see during periods of global uncertainty. The company has negligible exposure to the region, and our appraisal value has not been impacted by these events. EXOR paid a one-off proactive exit tax settlement with the Italian Tax Authorities due to a retroactive application of current Italian tax law to the company’s redomicile to the Netherlands in 2016. While painful in the short term, the effective management of the settlement fully closes the matter going forward. The $9+ billion sale of EXOR’s reinsurer PartnerRe to strategic player Covea is still expected to close in the coming months, with the sizeable check enhancing EXOR’s investment firepower in what we consider a more attractive opportunity in Europe.”

Research, Investment, Finance

Research, Investment, Finance

Our calculations show that Exor N.V. (NYSE:EXXRF) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Exor N.V. (NYSE:EXXRF) delivered a -14.94% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.