![]() ![]() ![]() The €10.1 billion decrease in the value of our Companies was mainly driven by the sale of PartnerRe together with the negative market performance of our listed Companies. On the closing date, we received cash proceeds of $3.9 billion paid in USD (net of our investment in the reinsurance vehicles managed by PartnerRe for $0.7 billion and net of the extraordinary dividend received for $0.2 billion) and €3.8 billion paid in EUR. The main driver of our outperformance this year has been our cash, which made up around 20% of our Gross Asset Value (GAV) in July 2022 after we sold PartnerRe to Covéa for a total cash consideration of €8.6 billion. our benchmark, the MSCI World Index (both denominated in EUR).ĮXOR NAV PER SHARE PERFORMANCE vs. In 2022, Exor’s Net Asset Value per share, or NAV per share, decreased by 7.6% outperforming by 6.6 p.p. He is often quoted to have said: “Peace is not the absence of conflict, but the ability to cope with it”. During these past four years, we have faced many adversities and, rather than easing, these have continued to intensify with the ongoing war in Ukraine, the geopolitical tension between America and China and global inflation rising to 9%, triggering significant losses in both bonds and stocks.Īs I depart India, the wisdom of Mahatma Gandhi is very much on my mind. I finalised this year’s Letter while nearing the end of a trip to Asia, which I last visited in 2019. ![]()
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