03 June 2022
15:23
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The family holdings are holding up better than the stock market average this year, but especially in the long term they excel. The Scandinavians are at the top of the ranking.
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Investors in family holdings, which are known as good family stocks par excellence, were shocked this year by the pandering that some well-known names received. Sofina
plunged by half since New Years. The Scandinavian Giant Investor
lost a fifth. Nevertheless, they continue to outperform the stock market on average. The large family holdings in Europe have lost an average of 8.3 percent since New Year, including dividends paid. They therefore score better than the world index MSCI World or the EuroStoxx50, with which you lost 12 and 10 percent respectively.
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More than one in four family holdings can still show a positive return this year. At the Brussels stock exchange they are Floridienne
Texaf
Wild Wood
† Internationally, the Italian Atlantia
at the top. Thanks to a bidding war the share increased by a quarter for the owner of the largest toll road network in Europe. Atlantia is being squeezed out by the Benetton family and the American investment giant Blackstone.
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But especially in the long term, the family holdings excel. With an average return of 17 percent per year over the past decade, including the reinvested dividends, they score a lot better than the EuroStoxx50 (+10%) or the MSCI World (+12%). It shows the advantages: with a family holding company you invest immediately in a diversified manner, while the families put their own capital on the line, so that they usually invest in a disciplined and less risky way.
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‘Money, money, money’
There are major regional differences. Abba already sang ‘Money, money money. It’s a rich man’s world’. The Swedish pop group seemed to refer to her country as a Valhalla of wealthy business families with holdings that the general public can use. Billionaire Carl Bennet created with Lifco
the most value in the past decade: an average of 38 percent per year. Lifco describes itself as ‘the safe haven for small and medium-sized companies’. The focus is on leaders in niche markets with the prospect of robust cash flows. ‘In principle, we never sell,’ says Bennet. He is also the largest shareholder in hospital products giant Getinge, from which Lifco split off in 1998. Historically, many companies active in dentistry are still part of Lifco’s portfolio, but this has since been expanded with dozens of industrial companies. Bennet is very open about his wealth. Through his website (carlbennetab.se) you can gain insight into his empire.
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The Lundberg family can’t be beaten. It has three listed holding companies, of which Indutrade
with an average return of 30 percent per year. The holding has more than 200 companies, mainly in the machine industry.
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Bronze Medal
The bronze medal with 27 percent per year goes to Investment AB Latour
of the Douglas family, despite slumping by a third this year. Latour controls, among others, the security firm Securitas, the tech consultant Sweco and the world’s largest locksmith Assa Abloy. The sisters of strongman Gustaf Douglas married the top of the European nobility, including one of the Churchill family.
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The Norwegian oil holding Aker is also in the top ten of best performers as Scandinavians
the SME investor Creades
and Investor van de Wallenbergs, through which you can invest in Scandinavian multinationals such as compressor builder Atlas Copco and bank SES.
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Floridienne attracted external investors for its subsidiaries Biobest and SNAM. As a result, hidden value emerged and additional growth became possible.
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Two Belgians made it to the top ten. With Floridienne
you achieved a return of 23 percent per annum over the past ten years. The holding company attracted external investors for its subsidiaries Biobest and SNAM. As a result, hidden value emerged and additional growth became possible. Biobest is the world’s largest player in the protection and pollination of crops via insects. SNAM will build new factories for the recycling of car batteries.
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At D’Ieteren
the investor army became aware of the hidden value of the car glazing subsidiary Belron when the holding first sold part to the investment fund CD&R and later parties such as BlackRock entered at high prices. Operationally, things are going great. The holding also put its unprofitable cash to work by acquiring TVH Parts (forklift parts) among others.
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Italian family feuds
Also some Italians score well, although it is often accompanied by the necessary family feuds. The Pesenti family from Bergamo moisture it before a Dutch judge. It obliged the family holding company Italmobiliare
pay fatter dividends to more generously compensate the non-operational family members. The 1.7 billion euros that the family earned in 2015 from the sale of the cement giant Italcementi has been reinvested in the finest that Italy has to offer, such as the coffees from Borbonne or the ointments from Officina Profumo-Farmaceutica di Santa Maria Novella.
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Although an Italian is also the last. At CIR
founder Carlo De Benedetti rolled over with his sons when the latter, against his will, sold the media group Gedi to Exor
, the holding company of the Agnelli family. Perhaps a box of Belgian chocolates, with which De Benedetti once went to Belgium as the start of his failed raid on the Société Générale, can make up for that. They must then come from Bois Sauvage daughter Neuhaus.
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/nginx/o/2022/05/31/14590564t1h4bec.jpg "Elīna Gluzunova about artificial beauty, wedding plans and the fact that life begins after 30 – Klik")