Portfolio - Selected Holdings
Individual Stocks
Helios Underwriting (LSE: HUW)
The only publicly quoted consolidator of private investor companies (Namecos) in the Lloyd’s insurance market. Strong tailwind from increasing pricing in commercial insurance in recent years and the valuation is underpinned by the rising price of syndicate capacity in recent auctions.
Marshall of Cambridge (Holdings) Limited
150-year-old private holding company with subsidiaries in aerospace & defence, motor fleet services and other niche sectors. The principal asset is the Cambridge Airport site (c700 acres) which is slated for development when the aerospace division moves to new premises near Cranfield University. Currently valued at a substantial discount to net asset value.
Tottenham Hotspur Ltd
Premier League football club that is consistently included in the top ten in terms of turnover and valuation by Forbes and Deloitte in their annual reviews of global football. The majority shareholder is Joe Lewis through his ENIC investment company. The new stadium is widely regarded as among the best in Europe and was built with American Football, other sporting events and concerts in mind. Potential catalysts to realise significant value in the company include the possibility of winning an NFL franchise if the league looks to expand into Europe and a possible sale by Joe Lewis who is now 85.
Family Controlled Investment Funds & Holding Companies
RIT Capital Partners plc (LSE:RCP)
Effectively a family office for Lord Rothschild structured as a UK listed investment trust. A diverse, multi-asset portfolio of listed and private equity, hedge funds and other alternatives. Since listing on the London Stock Exchange in 1988 the company has generated an annualised return of 11.8%. Lord Rothschild & family own 36% of the shares equating to £1.5bn.
Christian Dior SE (PAR:CDI)
Holding company through which Bernard Arnault controls the luxury goods company LVMH. The sole asset of CDI is a 41% holding in LVMH but this translates to a controlling interest due to long term shareholders in LVMH have double voting rights. A shareholding in CDI is effectively a way of owning a stake in LVMH at a discount given that CDI can often be bought at below the value of its stake in LVMH.
Exor NV (AEX:EXO)
Holding company controlled by the Agnelli family. Evolved from the ownership of FIAT motors by Giovanni Agnelli the company now has a diverse portfolio of public and private investments. Listed investments include Ferrari, Stellantis and Juventus FC whilst private investments range from luxury good companies Christian Louboutin and Shang Xia to The Economist magazine. Exor Seeds is the venture capital arm backing early-stage companies. Since the formation of Exor in 2009 the Net Asset Value of the company has compounded at a compounded annual rate of 19.8%.
Group Bruxelles Lambert (BRU:GBLB)
Investment vehicle for the Desmarais and Frère families. Holdings include established European companies such as Pernod Ricard, SGS and Adidas together with investments in private companies and funds. GBL combines a strong track record of active investment management and an efficient head office structure with total costs below that of most ETFs
