Family Holdings Offer Buying Opportunities Amid Market Discount Pressures
Family-backed investment holdings have fallen out of favor with public markets, but that exact disconnect creates compelling buying opportunities for long-term investors, according to Tresor Capital founder Michael Gielkens. Speaking on the financial podcast The Stock Market Voyeurs, reported by The Time, Gielkens outlined a strategy focused on riding alongside wealthy families and seasoned capital allocators who maintain significant personal stakes in their enterprises.
While the investment category is very popular in Belgium, it is an atypical choice for Gielkens, who comes from Maastricht. Gielkens pointed to the distinct advantage of purchasing a single share to co-invest alongside entrepreneurs who put substantial personal capital on the line. That skin-in-the-game dynamic sets family holdings apart from standard collective investment vehicles.
Panel Debates Long-Term Discount Structures and ETF Competition
During the podcast episode, Gielkens and a panel of financial experts evaluated where current market value lies. The discussion examined several major international and regional holding companies, including Brookfield, Scottish Mortgage, Ackermans & van Haaren, Sofina, and Brederode. The panel also debated whether the persistent discounts on holding company shares represent a permanent structural shift driven by the rise of exchange-traded funds (ETFs) or if these vehicles will eventually outperform broader equity markets again.
Joining Gielkens on the panel were Ellen Vermorgen of The Time and Gert Bakelants of The Investor, with Tomas De Soete serving as host. The conversation also addressed a listener question from Tom regarding Investor AB, the Swedish holding company of the Wallenberg family. The panel analyzed whether the Stockholm-listed firm remains a viable long-term investment despite higher transaction costs for international buyers.
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