Porsche Automobil Holding SE

Porsche Automobil Holding is an investment vehicle controlled by the Porsche and Piech families, and its purpose is straightforward: it holds the controlling block of voting shares in Volkswagen and a direct stake in the sports-car maker Porsche AG. In effect it is a leveraged way to own the Volkswagen empire, and its own value rises and falls with those holdings. Because almost all of its income arrives as dividends from Volkswagen, its own payout closely tracks what VW distributes, and the shares usually trade at a discount to the assets they represent. Investors get an above-average yield, but one that depends entirely on the fortunes and dividend decisions of the underlying carmakers.