By Giulio Piovaccari

MILAN, March 24 (Reuters) - Exor EXOR.AS, the investment firm of Italy's powerful Agnelli family, is in no rush to spend its 3.5 billion euro ($4.1 billion) war chest as the Iran conflict and disruption from artificial intelligence stoke volatility, its CEO said.

John Elkann, who oversees the group's investments ranging from the Juventus soccer club to the Fiat owner Stellantis STLAM.MI, told Reuters that having cash in hand was a strength in a "fragile and uncertain" world - reflecting caution displayed by businesses and investors in the face of the Iran war and surging energy prices.

TIME FOR PATIENCE

"This is a moment for patience and prudence," said Elkann, the grandson of late industrialist Gianni Agnelli. "We really want to reassess what's happening in the world, and make sure that we're able to be prepared and play offensive."

Exor, whose investments also include Ferrari RACE.MI and shoe brand Christian Louboutin, said on Monday it had more than 3.5 billion euros in cash available after a string of asset disposals aimed at simplifying its portfolio.

The firm is targeting a significant new investment "similar in scale and ambition" to the 15% stake in Dutch electronics group Philips PHG.AS it bought in 2023 for 2.6 billion euros, it said.

But Elkann, 49, who is also chairman of Stellantis and Ferrari, said Exor may keep its powder dry this year.

"There is no urgency for us to invest," he said. "There's no doubt for us that today, being able to be in a position of having liquidity is a position of strength."

'EVERYONE IS CAUTIOUS'

Elkann pointed to Warren Buffett's Berkshire Hathaway BRKa.N and Li Ka-shing's Cheung Kong as examples of other global investors building financial resources rather than rushing into deals.

"Patience is an important virtue," he said, adding the Middle East conflict was impacting daily business activity and creating a prudent mood among corporate leaders and investors. "Everyone is cautious."

The AI boom, as well as shifting trade rules and regulatory fragmentation, were also increasing uncertainty.

"How does AI really impact the overall business environment? We don't have today full comprehension of to what extent this technology ... is going to be applicable," Elkann said.

Exor controls companies including luxury sports car maker Ferrari, machine maker CNH CNH.N and Serie A soccer team Juventus JUVE.MI, while it is the single largest investor in Philips, where it now holds a 19% stake, and Stellantis.

Exor-owned independent management firm Lingotto has invested in chip companies TSMC, Nvidia NVDA.O and ASML >, which Elkann described as AI technology "key enablers", as well as in U.S. software company Databricks, specialising in a platform for data analytics and artificial intelligence.

($1 = 0.8618 euros)

(Reporting by Giulio Piovaccari; Editing by Adam Jourdan and Tomasz Janowski)

((giulio.piovaccari@thomsonreuters.com))