Exploring Ferrari N.V. (RACE) Investor Profile: Who’s Buying and Why?

When you look at Ferrari N.V. (RACE), you aren't just looking at a car company; you're looking at a luxury brand with an institutional investor profile that tells a fascinating story. You might wonder, who has the conviction to buy a stock trading at a premium, and why are they still piling in? The answer is simple: they're betting on scarcity and a flawless transition to the electric future. Major players like BlackRock, Inc. and The Vanguard Group, Inc. hold significant stakes, part of the approximately 43.71% institutional ownership that values their long positions at over $32.96 billion as of late 2025. This heavy institutional backing is a vote of confidence in the company's ability to keep raising guidance, which now projects full-year 2025 revenue to hit roughly €7.1 billion and diluted Earnings Per Share (EPS) at €8.80. Honestly, the real question is how they manage to grow revenue while keeping shipments stable and the average price tag north of €480,000. It's a masterclass in pricing power and brand exclusivity, but the electric vehicle (EV) pivot is the next big test. Do you understand the subtle shift in their buyer base that's driving this stock, or are you just seeing a fancy car maker?

Who Invests in Ferrari N.V. (RACE) and Why?

The investor base for Ferrari N.V. (RACE) is not what you might expect from a typical automaker; it's a blend of high-conviction institutional money and long-term individual holders who treat the stock like a luxury good itself. The direct takeaway is that institutional investors hold a significant stake, but the stock's core value proposition-scarcity and brand power-attracts investors focused on margin-led compounding, not just volume growth.

You're looking at a stock where the largest shareholder, Exor N.V., the holding company of the Agnelli family, maintains a substantial position, which defintely anchors the long-term view. As of March 3, 2025, institutional investors-the big players like pension funds and mutual funds-held a total of around 74,240,079 shares. This group includes heavy hitters like BlackRock and The Vanguard Group Inc., signaling a deep belief in the company's financial stability and sustained growth.

Here's a snapshot of the key investor types:

• Institutional Investors: Mutual funds, pension funds, and major asset managers like BlackRock. They seek consistent, high-margin growth and brand moat.
• Retail Investors: Individual investors, often attracted by the iconic brand and luxury status, viewing it as a long-term growth story.
• Hedge Funds: These funds employ varied strategies, sometimes taking short-term positions based on earnings surprises or new model launches.

The Core Investment Motivations: Scarcity and Margins

Investors are drawn to Ferrari N.V. (RACE) for three main reasons, and none of them are volume growth. The company's value creation comes from scarcity and its incredible pricing power, not just selling more cars. This is why the stock trades at a premium to other auto manufacturers.

First, the Growth Prospects are compelling, but they're quality-driven. Management raised its full-year 2025 revenue guidance to approximately €7.1 billion. Analysts are forecasting 2025 Earnings Per Share (EPS) to be around $10.08 to $10.34, representing a solid growth rate for the year. This growth is fueled by a rich product mix, including the launch of six new models in 2025, plus increased personalization options that boost the average selling price.

Second, the Market Position is nearly unassailable. Ferrari N.V. (RACE) is a luxury brand, not a car company, and its business model thrives on desirability and keeping supply below demand. This allows them to maintain an adjusted EBITDA margin for fiscal 2025 at around 38.3%, which is an elite level of profitability. Honestly, the brand is the moat.

Third, Dividends are a growing component for income-focused investors. For 2025, the company proposed a dividend distribution of Euro 2.986 per common share, marking a 22% increase from the prior year. Looking ahead, the company plans to increase the dividend payout to 40% of adjusted net profit starting from the 2025 annual results. This is a clear commitment to returning capital to shareholders, plus they are commencing a new share repurchase program of approximately €3.5 billion from 2026.

Investment Strategies in Play

The strategies used by Ferrari N.V. (RACE) investors typically fall into two camps: the long-term compounders and the tactical traders. The stock's high valuation, with a P/E ratio around 42.14 as of November 2025, means it's rarely a deep-value play, but it can become a 'defensive value investment' after a market pullback.

The dominant strategy is a long-term holding, often for decades, treating the stock like a bond with a growth kicker. This is a story about consistent, high-margin execution. For a deeper dive into the company's foundation, you can review Ferrari N.V. (RACE): History, Ownership, Mission, How It Works & Makes Money. The near-term action for any new investor is simple: understand that you are paying a premium for a luxury monopoly, so your entry point matters.

Institutional Ownership and Major Shareholders of Ferrari N.V. (RACE)

You want to know who is really driving the investment decisions at Ferrari N.V., and the answer is a mix of family control and global financial giants. The institutional stake in Ferrari N.V. (RACE) is substantial, sitting at approximately 43.71% of the total shares outstanding as of November 2025. This high level of institutional ownership means that nearly half of the company's public float is held by sophisticated investors like mutual funds and pension funds, not individual retail traders.

But here's the key context: the single largest shareholder is not an institution. It's Giovanni Agnelli B.V., which is part of the Exor N.V. holding company, maintaining a powerful position with an ownership percentage of around 21.23% as of early 2025. This family-controlled stake is the anchor, ensuring long-term strategic stability and brand continuity, which is defintely a core part of the Ferrari N.V. story.

Top Institutional Investors: The Global Financial Titans

When you strip out the founding family's stake, the institutional heavyweights are exactly who you'd expect to see in a high-quality, high-growth luxury name. These are the passive index funds and active managers who bet big on enduring brands. The three largest institutional holders, based on filings up to October 2025, are familiar names to anyone in finance:

• BlackRock, Inc.: Holds approximately 7.51 million shares, representing a 4.22% stake.
• The Vanguard Group, Inc.: Holds about 5.15 million shares, or 2.90% of the company.
• Baillie Gifford & Co.: Holds approximately 3.94 million shares, equating to a 2.22% stake.

It's a testament to the brand's perceived durability that these massive asset managers-BlackRock, Vanguard, and others-have such significant, often passive, positions. They see Ferrari N.V. as a core holding for global exposure to luxury and growth, and frankly, it's hard to argue with that thesis. For a deeper dive into the fundamentals that support this, you should check out Breaking Down Ferrari N.V. (RACE) Financial Health: Key Insights for Investors.

Recent Ownership Shifts: More Funds, Fewer Total Shares

The recent trading activity shows a fascinating dynamic. Over the three months leading up to late October 2025, the total number of shares owned by institutions actually decreased by 2.15%, falling to about 74.11 million shares. But here's the twist: the number of funds reporting a position in Ferrari N.V. increased by 36 owners, a rise of 2.84% in the last quarter. This tells you the big players are trimming slightly, but more smaller funds are initiating or adding positions. It's a net-selling environment for the largest holders, but a net-buying environment for the total number of owners.

For example, you saw a substantial reduction from Bank Of America Corp /de/, which cut its stake by 28.22% in the last quarter. Conversely, funds like Franklin Resources Inc. showed a massive increase of over 1,265.5% in their holdings, and T. Rowe Price Group, Inc. increased its stake by 7.38%. This churn suggests a re-evaluation of portfolio weightings, not a flight from the stock. The smart money is just moving around, not moving out.

Impact of Institutional Investors on Stock and Strategy

These large investors play two crucial roles. First, they are a major driver of stock price volatility. With nearly 44% institutional ownership, the stock price is highly sensitive to their collective buying or selling. If a few big funds decide to rebalance out of luxury goods simultaneously, you'll see a sharp dip, even if the underlying business is sound. Second, they act as a strategic check on management.

While the Agnelli family's stake via Exor N.V. gives them strategic control, the institutional bloc ensures management remains focused on maximizing shareholder returns. Their presence is a massive vote of confidence, especially given the company's strong financial guidance for FY 2025, which projects non-GAAP Earnings Per Share (EPS) near $10.29 and annual revenue around $6.440 billion. The current put/call ratio of 0.73 further signals a generally bullish outlook from the options market, which often tracks institutional sentiment. Their collective long-term view is what validates the company's strategy of maintaining exclusivity and controlled volume growth, rather than chasing mass-market sales.

Key Investors and Their Impact on Ferrari N.V. (RACE)

You want to know who is really driving the stock at Ferrari N.V. (RACE) and how their decisions affect your investment. The short answer is that control is firmly held by two primary groups, the Agnelli family's holding company and the founder's son, which means the company's long-term strategy is exceptionally stable, but institutional trading still impacts near-term price action.

The ownership structure is a classic dual-class setup, which concentrates voting power. This structure is defintely a firewall against activist investors trying to force a quick sale or a massive strategic shift, which is a good thing for brand consistency but can frustrate those looking for a rapid shake-up.

The Controlling Bloc: Exor N.V. and Piero Ferrari

The core of Ferrari N.V.'s governance rests with two major shareholders who act in concert: Exor N.V., the investment vehicle of the Italian Agnelli family, and Piero Ferrari, the son of founder Enzo Ferrari and the company's Vice Chairman. This partnership ensures that the company's legacy and long-term vision remain paramount.

As of late 2025, the combined voting interest of Exor N.V. and Piero Ferrari is close to 50% of the total. This near-majority is secured by a long-standing shareholder agreement they intend to renew, providing a stable, family-centric governance structure. This is what protects the brand's exclusivity and controlled production volume.

Here is the quick math on their economic and voting stakes following Exor's significant transaction in early 2025:

• Exor N.V.: Retains approximately 20% of the economic rights and 30% of the voting rights.
• Piero Ferrari: Holds about 10.6% of the capital and 16% of the voting rights.

This dual-class share structure (loyalty voting shares) means their influence far exceeds their economic stake, effectively shielding the company from hostile takeovers. To understand how this structure came to be, you can check out Ferrari N.V. (RACE): History, Ownership, Mission, How It Works & Makes Money.

Recent Moves and Succession Planning

In a notable move in February 2025, Exor N.V. sold approximately 7 million shares, representing about 4% of the outstanding common shares, to institutional investors. This transaction brought in proceeds of €3 billion ($3.14 billion). They did this for portfolio diversification and to fund a new acquisition, plus they allocated €1 billion for a share buyback program. This sale reduced their economic stake but kept their controlling voting power intact, signaling a move to unlock value from a highly successful asset without giving up strategic control.

For Piero Ferrari, succession planning is the key recent development. He placed his stake in a family trust for the benefit of his daughter and grandsons. He will retain the voting control over the shares during his lifetime, ensuring the Ferrari family's direct influence on the company's direction continues uninterrupted. This move is about long-term stability, not a change in strategy.

The Institutional Giants and Market Sensitivity

Beyond the controlling bloc, institutional investors hold a significant portion of the publicly traded float. As of November 14, 2025, total institutional ownership is around 43.71%. This is a high figure, and it means the stock price is sensitive to the collective trading actions of large funds. When the big guns move, the stock moves.

The largest institutional holders include firms you know well, like BlackRock, Inc. and The Vanguard Group, Inc., who hold substantial passive and active stakes. For example, as of October 2025, BlackRock, Inc. held about 4.22% of the shares, and The Vanguard Group, Inc. held about 2.90% as of September 2025.

In the first half of 2025, we saw a lot of activity:

• Buying: Vanguard Group Inc. grew its stake by 8.1% in Q1 2025, acquiring an additional 377,929 shares. Goldman Sachs Group Inc. also significantly raised its holdings by 52.3% in Q1.
• Selling: On the flip side, some firms like Thoroughbred Financial Services LLC trimmed their position, cutting their stake by 41.1% in Q2.

This institutional activity is a vote of confidence in Ferrari N.V.'s strong financial performance, especially as the company upgraded its 2025 guidance, now expecting net revenues of at least €7.1 billion and adjusted operating profit (EBIT) of at least €2.06 billion. The big funds are buying into that premium growth story.

The takeaway for you is clear: The strategic direction is locked down by the controlling families, so don't worry about wild, short-term corporate pivots. Still, watch the institutional flow, especially from the top holders, because their buying and selling drives the stock's day-to-day volatility. Finance: Track the 13F filings of the top 10 institutional holders quarterly to map their conviction changes.

Market Impact and Investor Sentiment

You're looking at Ferrari N.V. (RACE) and wondering if the institutional money still believes in the scarcity model, especially after the recent market jitters. The short answer is yes, the conviction is defintely there, but it's become more nuanced. The consensus investor sentiment remains strongly positive-a 'Strong Buy' across the board-but the market reaction to the conservative long-term outlook has been a reality check.

The core of the positive sentiment is Ferrari N.V.'s incredible resilience and pricing power, which showed up clearly in the Q3 2025 results. The company reported Net Revenues of €1.77 billion, a solid 7.4% increase year-over-year, and Operating Profit (EBIT) rose 7.6% to €503 million. Even when some initial reports suggested a miss, the stock rose because management confirmed its recently raised full-year guidance. That's a powerful signal.

Here's the quick math on why the market is confident in the near-term: management lifted its full-year 2025 revenue guidance to at least €7.1 billion and its adjusted Earnings Per Share (EPS) forecast to at least €8.80 per share. This is a clear vote of confidence in the high-margin product mix, specifically the deliveries of models like the SF90 XX and the 12Cilindri families, plus the high demand for vehicle personalization (customization) services.

• Near-term outlook is strong; long-term targets caused a pullback.
• Pricing power and personalization drive margin expansion.
• The brand's exclusivity remains the key value driver.

Recent Market Reactions and Investor Moves

The stock market's response to Ferrari N.V. (RACE) has been a classic example of a 'sell the news' event tied to long-term strategy, quickly followed by a 'buy the fundamentals' reaction to earnings. Following the October 9, 2025 Capital Markets Day, the stock saw a significant pullback-a drop of around 16%-because the new 2030 targets and the scaling back of electric vehicle (EV) ambitions were seen as conservative. Investors were expecting a more aggressive growth story.

But then came the Q3 2025 earnings announcement on November 4, 2025. Despite initial reports of a miss on consensus estimates (in EUR), the stock still rose by 2.71% in pre-market trading. Why? Because the company's ability to beat its own confirmed guidance and deliver strong margins outweighed the disappointment over the distant 2030 targets. The market is focused on the here and now: a robust order book stretching into 2027 and a strong capital return program.

Speaking of capital return, the company is actively enhancing shareholder value through its share buyback program. As of November 17, 2025, Ferrari N.V. had invested €254 million on the Euronext Milan and $67 million on the NYSE for its eighth tranche of buybacks, holding 9.01% of its total issued share capital in treasury. This aggressive buyback, part of a multi-year €2 billion initiative, is a tangible signal of management's belief that the stock is undervalued.

Analyst Perspectives on Key Investors

The analyst community views the stability of the major shareholders as a bedrock for Ferrari N.V.'s valuation. The company's ownership structure is unique, with Exor N.V. holding 21.20% of common shares and the Trust Piero Ferrari holding 10.61% as of March 3, 2025. Their combined special voting shares give them an even higher level of control (loyalty voting), insulating the company from activist pressure and ensuring the long-term focus on brand exclusivity over volume growth.

This long-term, family-backed control is why analysts are comfortable assigning a 'Buy' or 'Strong Buy' rating, despite a premium valuation (high Price-to-Earnings ratio). The consensus 12-month price target from Wall Street analysts is approximately $504.29, suggesting a potential upside of over 25% from the recent trading price. Firms like UBS Group and JPMorgan Chase & Co. have maintained 'Buy' or 'Overweight' ratings, with targets as high as $554.00 from UBS, revised in November 2025.

The recent institutional activity is a mixed bag-some trimming positions (like Acadian Asset Management cutting its stake by 24.4% in Q2 2025) while others are increasing them (like GW&K Investment Management boosting its stake by 288.9% in Q1 2025). This institutional churn is normal, but the consensus price target reflects a belief that the brand's scarcity model will continue to compound value, as discussed in Ferrari N.V. (RACE): History, Ownership, Mission, How It Works & Makes Money. The key takeaway for you is that the long-term holders aren't going anywhere, and the analysts are pricing in continued margin expansion.