Letter to shareholders

Letter to shareholders


Dear Shareholders,

EXOR’s Net Asset Value, or NAV, grew by 14.8% in 2014. This was against a backdrop of growth in global equity markets slowing, with the MSCI World index increasing 2.93% in US dollar terms and 17.2% in euro terms (our benchmark), driven by the rallying dollar. As a consequence of the steep depreciation of the euro vis-à-vis the dollar, we underperformed the MSCI World Index denominated in Euros by 2.4% in the course of the year.


Commercial Register No.64236277 Legal notes | Credits