CNNE - Cannae Holding

[Spekulatius]

This is an investing holding company that was spun of from FNF a few years ago and it run by William Foley. Foley has a pretty good track record  restructuring transactional business platforms (mostly) and prettying them up and putting them up for sale or IPO. He has done with with FNF and  ow after the spin-off does this with CNNE, but in a holding that is externally managed with a carry (1.5% of assets, up to 20% if returns exceed 8%).

While I hate externally managed vehicles , this one seems to be run by competent team and there is a good deal of insoder ownership  Nd a decent track record since spun off. The shares have lagged recently after an offering in 2020, most likely due to their largest holding DNB also lagging.

 

There are two VIC writeups that put this on my radar and the recent stock price weakness and steepening discounts to NAV enticed me to pull the trigger for a starter position:

https://www.valueinvestorsclub.com/idea/CANNAE_HOLDINGS_INC/5909316553

https://www.valueinvestorsclub.com/idea/CANNAE_HOLDINGS_INC/0962769314

http://www.openinsider.com/screener?s=CNNE&o=&pl=&ph=&ll=&lh=&fd=730&fdr=&td=0&tdr=&fdlyl=&fdlyh=&daysago=&xp=1&xs=1&vl=&vh=&ocl=&och=&sic1=-1&sicl=100&sich=9999&grp=0&nfl=&nfh=&nil=&nih=&nol=&noh=&v2l=&v2h=&oc2l=&oc2h=&sortcol=0&cnt=100&page=1

 

 

 

Edited June 15, 2021 by Spekulatius