From Azimut the first investment fund dedicated to historic cars
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«It is the first investment fund in the world which allows the collector of historic cars to confer the car or the entire collection in exchange for a share of the fund, a contribution in kind against a certain and sustainable return over time, preserving the historical and artistic value of mechanical works of art and also aiming to bring home prestigious pieces of our automotive history». So Giorgio Medda, CEO and Global head of Asset management & Fintech of the Azimut Group, presented in Bologna, in the heart of the Italian motor valley – with Steve McQueen’s legendary Ferrari 275 GTB/4 as a backdrop in the Podestà di Palazzo Re Enzo – Automobile Heritage Enhancement (AHE).
The initiative
This is an “evergreen” reserved alternative investment fund under Luxembourg law, with unlimited duration, managed by Azimut Investments with the advisory of Alberto Schon, the CEO of Rossocorsa, the official Ferrari and Maserati dealership, leader in the sector. Fund raising objective: 100 million euros in the first six months, but the medium-term bar aims at one billion euros, given that there is a market up front, that of historic cars, which is worth over 30 billion dollars in the world, of which 5 in Italy and which boasts record returns among collectibles, with an appreciation of 285% in the last ten years, against 160% for paintings and works of art and 120% for watches.
The strategy
«The classic car sector shows significant decorrelation from financial markets or other real assets and a more attractive risk profile than all financial and non-financial asset classes», underlines Medda addressing an international audience of super- wealthy, collectors and enthusiasts of vintage luxury cars in limited series, who can invest over time by benefiting from an illiquidity premium for patient capital investments to be passed on to future generations. «We focus on the segment of cars from 3 million euros and more, brands such as Ferrari, Bugatti, Maserati, Pagani, Porche, Lamborghini and we will not limit ourselves to the activity of financial partner but will guarantee collectors a whole series of exclusive additional services, from assistance in the purchase and sale phases to the restoration and the management and maintenance of the cars. The fund itself will acquire cars, prototypes and works of art related to historic cars with the aim of creating the largest club and museum of historic cars in the world», specifies the CEO of Azimut Holding, the main independent asset management company in Italy, 33 years of history, of which the last 19 of listing on the Stock Exchange (with yields ten times the average of the Milanese list, underlines the president Pietro Giugliani), 83 billion euros under management and the leading investor in SMEs, with about 50 funds launched in the private market.
How the project was born
Behind the debut of the AHE fund there is a year of gestation and a special license issued by the Luxembourg authorities for the financial management of collector’s luxury cars, unique in the world scene. «It is a vehicle that will enhance manufacturing, art, technology, automotive-related crafts in line with the ESG sustainability imperative envisaged by article 8 of the European Sustainable Finance Disclosure Regulation, achieving 4 of the 17 SDGs, sustainable development objectives , of the United Nations», adds Monica Liverani, CEO of Azimut Capital Management. What is certain is that if on the one hand the new fund will be able to help safeguard the Emilian supply chain of knowledge related to internal combustion engines and to relaunch the value and knowledge of the Italian motor heritage, on the other – the tax experts point out – it is the way to transfer millionaire assets in Luxembourg to the detriment of national coffers.
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