2025 VIS: Piyari Paienjton Of UWC Endowment Likes This Cheap & Well-run “Dutch Berkshire Hathaway”

At the recent 2025 Value Investing Seminar, Piyari Paienjton pitched her thesis for a European stock, which her organization, UWC Endowment Management, refers to as "the Dutch Berkshire Hathaway". The presentation explained why the endowment is so bullish on this European holding company.

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Originally from Pakistan, she attended UWC Adriatic in Italy and pursued higher education in the US and Turkey. Prior to joining UWC, Paienjton worked as a consultant at McKinsey & Company. With a background as a journalist before entering finance, Piyari is now an analyst at United World College Endowment Management.. UWC Endowment Management is the dedicated investment manager for the United World Colleges network of 18 high schools globally, which provides scholarships to talented students, was launched on April 24th, marking its second year of operations.

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Paienjton was not the only analyst from UWC at the conference. During the presentation, a team member from UWC used a transport analogy to gauge the audience's risk appetite: a rocket (high risk/reward), a bullet train (quality stock, high growth, but requiring careful entry/exit), and a jeep (a moody family friend who will get you there, but with detours). A Dutch based stock, described as the "jeep," was the focus of their pitch.

2025 Value Investing Seminar - UWC Endowment Management's Piyari Paienjton

The company is championed as "the Dutch Berkshire Hathaway".  Paienjton identified four key reasons for their confidence in the company:

• Long-Term Interest Alignment: A significant 67% of this stock (which is a trust) is owned by the Vangorn family, who have been managing their family fortune through this company for 35 years. Investing in  the teust means joining them on this long-term journey.
• Low-Cost Investment: The cost basis for investing is remarkably low at only nine basis points, making it essentially a fee-free fund manager. European holding companies are often considered attractive due to their nature as fee-free fund managers and their ability to compound family wealth.
• Margin of Safety: The stock already trades at a substantial discount to its Net Asset Value (NAV). The presenters believe this NAV is significantly understated, creating a "double margin of safety" for investors.
• Capital Allocation Excellence: The stock has proven to be a great compounder and smart capital allocator. Since its inception in 1989, its NAV has compounded at a Compound Annual Growth Rate (CAGR) of 14.3%. This performance is particularly impressive when compared to Berkshire Hathaway, which achieved a 13.3% CAGR over the same period.