Peugeot Invest gains from SpaceX stake as Stellantis slump weighs on portfolio
Peugeot Invest sees its portfolio cushioned in the first half by its indirect exposure to SpaceX as weakness in the auto sector pressures returns. The gain helped offset a sharp drop in the value of the firm's holding in Stellantis after the carmaker's share price fell 47% over the period.
Highlights
- Peugeot Invest's indirect holding in SpaceX via Valor Equity Partners funds increased by 131 million euros in the first half.
- Stellantis' 47% stock decline would have nearly erased Peugeot Invest's first-half returns without the positive impact from SpaceX.
- The first-half update demonstrates that private-market exposure like SpaceX is playing a larger role in Peugeot Invest's performance as listed automotive assets weaken.
First-half portfolio performance
As reported by Bloomberg, citing Bloomberg Billionaires, Peugeot Invest says its indirect holding in SpaceX through Valor Equity Partners funds rose by 131 million euros in value in the first half.The increase provides an important counterweight to losses tied to Stellantis, one of the French investment firm's major holdings. SpaceX, described in the results as part of Elon Musk's space, satellite and artificial intelligence businesses, helps support returns during a difficult stretch for the automaker stake.
Impact of Stellantis weakness
Stellantis' 47% decline in stock price would have nearly wiped out Peugeot Invest's returns for the period without the contribution from SpaceX.The first-half update highlights how private-market exposure is increasingly influencing the family's investment performance, especially when listed automotive assets come under pressure.
Our earlier report on Peugeot Invest’s Stellantis position explained that the automaker’s steep first-half share-price drop weighed heavily on the investment firm’s results, even as management pointed to some encouraging operational signs. We also noted that Peugeot Invest plans to keep its roughly 8% stake and has no intention, at this stage, of separating its automotive assets from the Peugeot family’s other investments.
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