Portfolio Review: Thoughts on Airbnb, Reddit, Adobe, and co.

Concentrated 15-20 name strategy

The portfolio targets 15-20 positions with theoretical 5-6% weights, though conviction drives actual sizing with Alphabet at 14%, Airbnb at 11.5%, and Uber at 10.5% as top holdings.

Active quarterly rebalancing

The team reviews the portfolio quarterly and plans to sell two current positions while adding to one where the opportunity has improved, also monitoring watchlist names like TradeDesk and FICO after historic drawdowns.

60% discount to NAV creates margin of safety

Exor trades at a €13B market cap versus €33B net asset value, offering investors Ferrari exposure at a steep discount with stakes in Stellantis, CNH, Christian Louboutin, and The Economist essentially for free.

Ferrari proxy with governance control

As Ferrari's largest shareholder with 20% economic ownership and 30% voting control, Exor provides concentrated exposure to the luxury automaker, though the company recently trimmed its position at all-time highs to reduce concentration.

Disciplined capital allocation track record

Under John Elkann, Exor compounded NAV at 16% annually from 2009-2025, outperforming the MSCI World by 5 percentage points, while aggressively repurchasing shares through a €1B reverse Dutch auction to narrow the discount.

Clear exit criteria established

The hosts will exit the position if Exor dramatically reduces its Ferrari stake without reinvesting in equally high-quality opportunities, as the thesis relies on avoiding value destruction in legacy automakers like Stellantis.

TransDigm faces binary hold/sell decision

The 2% TransDigm position requires a choice to either increase to a full 5% conviction weight or exit entirely, given its premium valuation and extreme business model that demands high confidence.

New co-host Kyle Grieve joins team

Kyle Grieve joins as a regular co-host to increase stock pitch output, bringing fresh perspective to portfolio decisions regarding companies like Reddit, Airbnb, and Copart.