WEEKLY LETTER · 10 OCT – 16 OCT 2026
Market overview
A quiet week: neither individual shares nor entire markets deviated noticeably from their usual relationship to the home exchange.
+20%
Christian Dior vs. LVMH since 28 Aug
+7%
Investor vs. Atlas Copco this week
−4%
Exor vs. Ferrari since 28 Aug
Observations
A holding company is a company whose value lies largely in a stake in another listed company. The two shares are therefore closely linked – but they do not always move in step. We saw this most clearly with Christian Dior and LVMH: since 28 Aug, shares of the holding company Christian Dior have performed about 20% better than shares of LVMH. The largest single step came on 24 Sep, when the ratio shifted by about 15% in one day. On that same day it emerged that the Arnault family was reshaping the ownership structure around LVMH and wanted to tighten its grip on the group. Whether that alone explains the move remains open. This week the ratio barely changed.
With Investor and Atlas Copco, by contrast, things moved quickly right now: this week alone, shares of the holding company Investor performed about 7% better than shares of Atlas Copco. Since 28 Aug they are now about 5% ahead.
Exor went the other way: since 28 Aug the holding company has performed about 4% worse than Ferrari – and practically all of that gap opened up this week.
For Heineken Holding and Heineken, and for Porsche SE and Volkswagen’s preference shares, the ratio has stayed almost unchanged since 28 Aug (less than 2%).
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