2025 review & Exor numbers

 Bit late with this, but here's what happened in 2025:

• Bought more Wendel, Exor, GBL and Kinnevik (thought they were cheap)
• Sold SEDY and ISJP (wanted some cash)
• Aviva Preference shares were bought out (no choice)

Total return for the year in GBP: 15%.  Substantially underperformed the FTSE 100 (around 24%), roughly equal to the S&P 500 performance.

Exor has performed pretty poorly, so a quick sanity check that things are OK there:

• 201m shares outstanding in mid-2025.
• Current share price 69 Euros.
• Therefore market cap currently just under 14bn Euros.
• NAV at mid-2025 was 36bn Euros.
• Dominated by listed shares.  As of mid-2025, the big holdings were:

• Ferrari 15.7bn
• CNH 4bn
• Stellantis 4bn
• Philips 4bn
• Developments since then:
• Ferrari down 30%
• Stellantis down 5%
• CNH down 15%
• Philips up 20%
• So current NAV around 31bn Euros.
• There have been some dividends and buybacks, so not sure of the exact discount to NAV, but it seems to be around 55%.  Not too shabby.