{"id":1047,"date":"2026-09-16T04:58:59","date_gmt":"2026-09-16T04:58:59","guid":{"rendered":"https:\/\/www.rotharia.com\/uncategorized\/the-founder-built-the-portfolio-who-gets-to-change-it\/"},"modified":"2026-09-20T10:32:03","modified_gmt":"2026-09-20T10:32:03","slug":"cest-le-fondateur-qui-a-constitue-le-portefeuille-qui-a-le-droit-de-le-modifier","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/fr\/wealth-management\/wealth-preservation\/the-founder-built-the-portfolio-who-gets-to-change-it\/","title":{"rendered":"C'est le fondateur qui a constitu\u00e9 le portefeuille. Qui a le droit de le modifier ?"},"content":{"rendered":"\n\n<figure class=\"wp-block-image size-large\">\n<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22.png\" alt=\"\" class=\"wp-image-1046\" srcset=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22.png 1200w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-300x200.png 300w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-1024x683.png 1024w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-768x512.png 768w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-18x12.png 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/>\n\n<\/figure>\n\n\n<style>body.single-post .cm-featured-image { display: none !important; }<\/style>\n\n<div class=\"flex max-w-full flex-col gap-4 grow\"><div data-message-author-role=\"assistant\" data-message-id=\"eb35f7e9-bc20-4c93-8096-5f82b2369814\" data-turn-start-message=\"true\" dir=\"auto\" tabindex=\"0\" data-message-model-slug=\"gpt-5-6-thinking\" class=\"min-h-8 text-message relative flex w-full flex-col items-end gap-2 text-start break-words whitespace-normal outline-none keyboard-focused:focus-ring [.text-message+&amp;]:mt-1\"><div class=\"flex w-full flex-col gap-1 empty:hidden\"><div class=\"markdown prose dark:prose-invert wrap-break-word w-full light markdown-new-styling\"><p data-start=\"59\" data-end=\"215\" class=\"PDq2pG_selectionAnchorContainer\">German enterpreneur Klaus-Michael K\u00fchne left behind an estimated \u20ac36 billion fortune when he died in August 2026. More difficult than the size of the estate is the shape of it.<span aria-hidden=\"true\" class=\"PDq2pG_selectionAnchor\"><\/span><\/p>\n<p data-start=\"217\" data-end=\"537\">His holdings included 55 percent of K\u00fchne+Nagel, 30 percent of Hapag-Lloyd, around 20 percent of Lufthansa, a large stake in Brenntag, control of pharmaceutical manufacturer Aenova and smaller positions in Ottobock and Flix. He had also put hundreds of millions into Hamburger SV and backed cultural projects in Hamburg.<\/p><p data-start=\"539\" data-end=\"865\">Most of the wealth had already been transferred to the K\u00fchne Foundation, which owns K\u00fchne Holding. The foundation now sits above a portfolio assembled over decades by one person who knew the transport industry, followed management closely and often invested according to his own judgement rather than a fixed allocation model.&nbsp;The board inherits the assets. It does not inherit K\u00fchne\u2019s instincts.<\/p>\n<h2 data-section-id=\"19rm37s\" data-start=\"938\" data-end=\"987\">Not Every Holding Belongs In The Same Category<\/h2><p data-start=\"989\" data-end=\"1029\">K\u00fchne+Nagel is different from Lufthansa.&nbsp;The first sits at the centre of the family\u2019s history. K\u00fchne\u2019s grandfather co-founded the company in 1890. Klaus-Michael K\u00fchne joined it in 1958, became chief executive in 1966 and later chaired the group for almost two decades.<\/p>\n<p data-start=\"1260\" data-end=\"1471\">Hapag-Lloyd also fits the transport world he knew well. Lufthansa came later. K\u00fchne became its largest individual shareholder after entering the stock in 2022 and raised the holding to around 20 percent in 2026.<\/p>\n<p data-start=\"1473\" data-end=\"1779\">Brenntag, Aenova, Ottobock and Flix sit further away from the original family business. K\u00fchne Holding bought around 20 percent of Brenntag in 2021, acquired a majority stake in Aenova in 2024 and took three percent of Ottobock at its 2025 flotation. The holding joined EQT in an investment in Flix in 2024.<\/p><p data-start=\"1781\" data-end=\"2010\">Treating all of those positions as one inherited block would make little sense. Some carry family history. Others were later investment decisions. Some provide influence. Others simply represent capital placed in another company.&nbsp;The foundation needs to know which is which before anyone talks about preserving the portfolio.<\/p>\n<h2 data-section-id=\"3ldqul\" data-start=\"2109\" data-end=\"2152\">K\u00fchne Did Not Invest Like A Pension Fund<\/h2><p data-start=\"2154\" data-end=\"2200\">He liked large positions and stayed with them.&nbsp;K\u00fchne Holding did not need every company to fit neatly beside the next one. The portfolio had no obvious industrial structure beyond K\u00fchne\u2019s own interests and judgement. The holding itself said that creating value for K\u00fchne and the company mattered more than finding operational links between the businesses.<\/p><p data-start=\"2512\" data-end=\"2620\">That approach works differently when the person making the decisions is also the person who owns the wealth.&nbsp;K\u00fchne could take a strong view on an airline, shipping company or logistics group because he followed the businesses himself. He could criticise Lufthansa\u2019s service, question its brand strategy and still keep the stake. He could remain invested in Hamburger SV despite years of poor sporting performance because the club meant something to him beyond financial return.<\/p><p data-start=\"2992\" data-end=\"3041\">A foundation board has to separate those motives.&nbsp;A 20 percent position in Lufthansa is not automatically a long-term family asset simply because K\u00fchne bought it. A stake in K\u00fchne+Nagel has a different history and a different role.<\/p>\n<h2 data-section-id=\"22v31w\" data-start=\"3226\" data-end=\"3273\">Concentration Is Not Automatically A Problem<\/h2><p data-start=\"3275\" data-end=\"3412\">Selling down K\u00fchne+Nagel simply to make the portfolio look more diversified could destroy part of what the foundation exists to preserve.&nbsp;Control has value. So does continuity.<\/p>\n<p data-start=\"3454\" data-end=\"3628\">A family that owns more than half of its core company holds more than a financial asset. It holds voting power, influence and a direct connection to the source of the wealth.<\/p><p data-start=\"3630\" data-end=\"3702\">The argument weakens as the <a href=\"https:\/\/www.rotharia.com\/wealth-management\/global-wealth-planning\/global-wealth-redistribution-strategies\/\">portfolio<\/a> moves away from the core business.&nbsp;A large minority position in an airline requires a fresh case. So does a chemical distributor, a pharmaceutical manufacturer or a mobility company. The board needs to decide whether the holding still deserves the capital tied up in it.&nbsp;Without that work, \u201crespect for the founder\u201d becomes an easy reason to keep everything.<\/p>\n<h2 data-section-id=\"1g2u0xv\" data-start=\"4030\" data-end=\"4078\">K\u00fchne Changed His Mind When The Facts Changed<\/h2><p data-start=\"4080\" data-end=\"4138\">His investment in Ren\u00e9 Benko\u2019s Signa group is useful here.&nbsp;<span data-start=\"59\" data-end=\"281\">Benko, an Austrian property investor, built Signa into a large European real-estate and retail group before the business collapsed into insolvency proceedings.<\/span> K\u00fchne invested in the business and became involved in the Elbtower project in Hamburg. The investment later turned sour. K\u00fchne Holding reportedly lost a three-digit-million amount.<\/p><p data-start=\"4322\" data-end=\"4445\">K\u00fchne himself admitted that Benko had impressed them with his luxury properties and that the investment had been a mistake.&nbsp;He did not keep the position simply because he had once chosen it.<\/p><p data-start=\"4515\" data-end=\"4733\">The same pattern appeared elsewhere. When MSC moved to take control of Hamburg port operator HHLA in 2023, K\u00fchne wanted Hapag-Lloyd to make a counterbid. Management and Hamburg\u2019s political leadership rejected the idea.&nbsp;His choices changed with events. Some worked. Some did not. Some were challenged by other people.&nbsp;A board that refuses to revisit his decisions would behave more rigidly than K\u00fchne did himself.<\/p>\n<h2 data-section-id=\"1lpbv4h\" data-start=\"4931\" data-end=\"4989\">Some Assets Were Never Meant To Behave Like Investments<\/h2><p data-start=\"4991\" data-end=\"5028\">Hamburger SV is the clearest example.&nbsp;K\u00fchne spent a three-digit-million amount on the club over many years and remained involved despite poor results. His holding is still the second-largest shareholder in HSV Fu\u00dfball AG.<\/p><p data-start=\"5215\" data-end=\"5296\">That position makes little sense if the board judges it only by financial return.&nbsp;The same applies to cultural projects. One of K\u00fchne\u2019s last major plans was a new opera house in Hamburg financed through his foundation. Political approval had been secured, but planning was still under way when he died.<\/p><p data-start=\"5520\" data-end=\"5639\">The foundation now has to decide whether such commitments belong to investment policy, philanthropy or personal legacy.&nbsp;Putting them all under one performance measure would distort the decision.<\/p>\n<p data-start=\"5717\" data-end=\"5969\">A football club can lose money and still fulfil the purpose for which the founder supported it. A cultural project can consume capital without being an investment failure. The board needs to say openly which assets exist to earn money and which do not.<\/p>\n<h2 data-section-id=\"15dw6se\" data-start=\"5971\" data-end=\"6003\">Cash Needs Will Force Choices<\/h2><p data-start=\"6005\" data-end=\"6072\">The foundation cannot hold everything forever and ignore liquidity.&nbsp;Its programmes need funding. So do staff, research activities, medical projects, cultural commitments and new initiatives. Dividends help, but large portfolios built around concentrated stakes are not automatically liquid in practice.<\/p><p data-start=\"6310\" data-end=\"6444\">Selling a few thousand listed shares is simple. Selling a block large enough to change voting power or market perception is different.&nbsp;A foundation that owns controlling or near-controlling positions therefore needs a cash plan before it needs a return target.<\/p>\n<p data-start=\"6573\" data-end=\"6788\">How much money will the organisation spend over the next five years? Which holdings provide reliable dividends? Which assets need follow-on capital? Which positions are difficult to reduce without affecting control?<\/p>\n<p data-start=\"6790\" data-end=\"6955\">Those questions become more urgent after the founder dies because the portfolio can no longer rely on one person to decide when to sell, borrow or inject more money.<\/p>\n<h2 data-section-id=\"5si4kk\" data-start=\"6957\" data-end=\"7010\">The Board Needs To Be Allowed To Disagree With Him<\/h2>\n<p data-start=\"7012\" data-end=\"7208\">Thomas Staehelin had already been named as the next president of the K\u00fchne Foundation before K\u00fchne\u2019s death. The foundation board also includes K\u00fchne\u2019s wife Christine, Karl Gernandt and J\u00f6rg Wolle.<\/p><p data-start=\"7210\" data-end=\"7322\">People who knew the founder bring continuity. They also need room to reach conclusions he never reached himself.&nbsp;Every large holding now needs a reason to remain in the portfolio.<\/p>\n<p data-start=\"7392\" data-end=\"7581\">For K\u00fchne+Nagel, the answer may include family control, history and dividend income. Lufthansa needs a different case. Brenntag needs another. Aenova, Ottobock and Flix each need their own.<\/p>\n<p data-start=\"7583\" data-end=\"7701\">If the board cannot explain why it owns an asset today without saying \u201cK\u00fchne wanted it\u201d, it has not finished the work.<\/p><p data-start=\"7703\" data-end=\"7729\">The same applies to exits. Boards often find it easier to keep inherited positions than to sell them because a sale looks like a judgement on the founder. That emotional burden becomes dangerous when nobody defines in advance what would justify reducing a stake.<\/p>\n<p data-start=\"7968\" data-end=\"8105\">A change in management, weaker returns, higher debt, loss of strategic influence or a better use of the capital may all be valid reasons.<\/p>\n<h2 data-section-id=\"18x3mn3\" data-start=\"8107\" data-end=\"8157\">A Good Company Can Still Take Up Too Much Space<\/h2><p data-start=\"8159\" data-end=\"8213\">Poor investments eventually become easier to question.&nbsp;Successful holdings cause more trouble.&nbsp;A company can perform well, pay dividends and still leave the portfolio too dependent on one sector or one management team. Reducing the position does not mean the founder was wrong.&nbsp;K\u00fchne built his fortune through concentration. The foundation now has different responsibilities.&nbsp;It has programmes to finance, a board to answer to and no entrepreneur at the centre who can rebuild the fortune if a major bet goes wrong.&nbsp;The risk has changed even if the companies have not.<\/p>\n<h2 data-section-id=\"1gx87ml\" data-start=\"8734\" data-end=\"8788\">The Portfolio Needs Rules That Did Not Exist Before<\/h2><p data-start=\"8790\" data-end=\"8941\">A founder-led holding company often runs on memory and judgement. Everyone knows why certain assets are there because the founder is still in the room.&nbsp;After his death, that knowledge starts to fade.&nbsp;The foundation needs written categories.<\/p>\n<p data-start=\"9034\" data-end=\"9293\">K\u00fchne+Nagel may sit under core family ownership. Hapag-Lloyd might sit under long-term strategic holdings. Lufthansa and Brenntag may belong to a financial-investment category with their own review rules. HSV and the opera project belong somewhere else again.<\/p><p data-start=\"9295\" data-end=\"9338\">Different assets need different thresholds.&nbsp;Selling part of the family\u2019s core business may require a higher level of approval than reducing a listed minority stake. Continuing to fund a cultural project requires different evidence from increasing a holding in an industrial company.&nbsp;Without those differences, every asset risks becoming part of the founder\u2019s legacy simply because he once owned it.<\/p>\n<h2 data-section-id=\"yo4ksy\" data-start=\"9698\" data-end=\"9737\">Lessons From A Founder-Led Portfolio<\/h2>\n<p data-start=\"9739\" data-end=\"9893\"><strong data-start=\"9739\" data-end=\"9768\">Decide what is permanent.<\/strong> A family company, a strategic holding and a later financial investment should not automatically receive the same protection.<\/p>\n<p data-start=\"9895\" data-end=\"10005\"><strong data-start=\"9895\" data-end=\"9959\">Write down why each large position remains in the portfolio.<\/strong> The original purchase decision is not enough.<\/p>\n<p data-start=\"10007\" data-end=\"10182\"><strong data-start=\"10007\" data-end=\"10063\">Set conditions for selling before a problem appears.<\/strong> Management failure, leverage, valuation, weaker competitive position or loss of influence all deserve clear treatment.<\/p>\n<p data-start=\"10184\" data-end=\"10328\"><strong data-start=\"10184\" data-end=\"10250\">Keep personal commitments separate from financial investments.<\/strong> A football club, cultural project or family property needs its own objective.<\/p>\n<p data-start=\"10330\" data-end=\"10479\"><strong data-start=\"10330\" data-end=\"10370\">Plan liquidity around real spending.<\/strong> Foundations need cash for programmes, staff and new commitments even when most wealth sits in listed shares.<\/p>\n<p data-start=\"10481\" data-end=\"10595\"><strong data-start=\"10481\" data-end=\"10542\">Review concentration even when the company is doing well.<\/strong> A successful asset can still dominate the portfolio.<\/p>\n<p data-start=\"10597\" data-end=\"10766\" data-is-last-node=\"\" data-is-only-node=\"\"><strong data-start=\"10597\" data-end=\"10636\">Give the next board real authority.<\/strong> Successors who are responsible for the wealth need permission to change decisions the founder made under different circumstances.<br><br><i>The article picture was created by AI.<\/i><\/p><\/div><\/div><\/div><\/div><div class=\"z-0 flex min-h-[46px] justify-start\"><br><\/div><br>","protected":false},"excerpt":{"rendered":"<p>Klaus-Michael K\u00fchne s'est constitu\u00e9 une fortune de 36 milliards d'euros en misant sur des investissements cibl\u00e9s ; apr\u00e8s son d\u00e9c\u00e8s, la question la plus \u00e9pineuse est de savoir quelles participations sa fondation devrait conserver.<\/p>","protected":false},"author":2,"featured_media":1046,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[19],"tags":[],"class_list":["post-1047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-preservation"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-150x150.png","medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-300x200.png","medium_large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-768x512.png","large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-1024x683.png","1536x1536":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22.png","2048x2048":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22.png","trp-custom-language-flag":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-18x12.png","colormag-highlighted-post":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-392x272.png","colormag-featured-post-medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-390x205.png","colormag-featured-post-small":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-130x90.png","colormag-featured-image":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-800x445.png","colormag-default-news":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-150x150.png","colormag-featured-image-large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-1200x600.png"},"magazineBlocksPostAuthor":{"name":"William","avatar":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"Klaus-Michael K\u00fchne built a \u20ac36 billion fortune around concentrated bets; after his death, the harder question is which holdings his foundation should still own.","magazineBlocksPostCategories":["Wealth Preservation"],"magazineBlocksPostViewCount":859,"magazineBlocksPostReadTime":9,"magazine_blocks_featured_image_url":{"full":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22.png",1200,800,false],"medium":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-300x200.png",300,200,true],"thumbnail":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/09\/rotharia_image_20260914_be4a22-150x150.png",150,150,true]},"magazine_blocks_author":{"display_name":"William","author_link":"https:\/\/www.rotharia.com\/fr\/author\/william\/"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g","magazine_blocks_category":"<a href=\"https:\/\/www.rotharia.com\/fr\/category\/wealth-management\/wealth-preservation\/\">Wealth Preservation<\/a>","videoUrl":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Founder Built The Portfolio. 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