Steven Wood, Founder, GreenWood Investors, presented his investment thesis on EXOR at European Investing Summit 2016. Here’s a snapshot:
EXOR (Milan: EXO) is an Italian holding company that has some parallels to Berkshire Hathaway in the earlier years. Unlike Berkshire today, Exor trades at a discount valuation of 0.8x price to NAV. Meanwhile, the company has powerful drivers, including cheap reinsurance capital, a value-added investor at the helm (John Elkann), less investor competition, exceptional operational management teams, a focus on returns on capital, and a concentrated, contrarian investment approach. Exor derives only 4.4% of revenue from Italy. The biggest assets are Partner Re, Fiat Chrysler, Ferrari, and CNH.
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Steven Wood, CFA founded GreenWood Investors in late 2010 based on core beliefs that great returns are generated through a concentrated global portfolio of special situations and deep value opportunities, and cannot be generated by being overly concerned with month-to-month returns. We believe investors should have full transparency and liquidity and we share our research with our sophisticated investors, who in turn provide invaluable insights that help us hone our portfolio. Prior to founding GreenWood Investors, Steven worked with notable investors at Carr Securities, Kellogg Capital Group, and Aslan Capital in distressed, deep value, and special situations strategies. Through frequent marathons and by being the sole US-focused analyst in Leveraged Finance at RBC Capital Markets during the peak of the LBO boom, Steven has developed a high pain tolerance, a pre-requisite for value investing. Dissatisfied with just one view of the world, Steven received a bachelor of arts from Tulane University in Economics, Political Economy, and International Relations.