Portfolio Review: Thoughts on Airbnb, Reddit, Adobe, and Co.
Why It Matters
The shift highlights a disciplined, concentrated portfolio that leverages deep discounts in holding companies like Exor while pruning underperformers, offering investors a clear roadmap for potential upside and risk mitigation.
Key Takeaways
- •Portfolio now holds 17 stocks, focusing on high-conviction names.
- •Alphabet, Airbnb, Uber, Adobe remain top-weighted positions in portfolio.
- •Exor offers ~60% NAV discount, acting as Ferrari proxy.
- •Management’s buybacks aim to narrow discount and boost shareholder value.
- •Two underperformers will be sold; one high-conviction add announced.
Summary
The Intrinsic Value team delivered its quarterly portfolio review, outlining a lean 17‑stock slate that concentrates on high‑conviction holdings. Core positions remain dominated by Alphabet (≈14% of assets), Airbnb (11.5%), Uber (10.5%) and Adobe (≈8%), reflecting the group’s long‑term bias toward technology and platform businesses.
The discussion turned to Exor, the Italian holding company that controls roughly 20% of Ferrari and carries a roughly 60% discount to its net asset value. Analysts highlighted the structural advantage of owning a Ferrari proxy at a steep discount, the ancillary assets such as Stellantis, CNH and The Economist, and the firm’s aggressive €1 billion share‑buyback program designed to compress the NAV gap. Management’s capital‑allocation discipline, especially the decision to trim the Ferrari stake without reckless redeployment, was cited as a key risk mitigant.
Listeners were also briefed on two upcoming divestitures—unspecified underperformers that have suffered historic drawdowns—and a new addition to the portfolio, though the host stopped short of naming the stock. The episode introduced Kyle Grieve as a permanent co‑host, promising deeper stock pitches and more granular valuation models via the accompanying newsletter.
Overall, the review underscores a strategy that blends concentrated exposure to mega‑caps with value‑oriented holding‑company bets, while actively pruning laggards. The team’s emphasis on NAV discounts, disciplined buybacks, and transparent position‑sizing signals a continued focus on risk‑adjusted upside for investors.
Comments
Want to join the conversation?
Loading comments...