Pershing Square Share Discussion Threads

[mozy123] 08/4/2024 12:25

Lots of press and ATH's helping it get some attention at last.

[arja] 08/4/2024 12:24

PSH has really come to life today and wonder if it will challenge the ATH soon :)

[speedsgh] 07/4/2024 09:31

PSH also included as one of the picks in this article...

Peel Hunt: Seven big trust bargains for when the storm abates -

[speedsgh] 07/4/2024 09:11

MIDAS SHARE TIPS UPDATE: Pershing Square keeps getting better -

[arja] 28/3/2024 13:57

glad I did not as now struggling to recover and hope the party is not over after so long :) . nice easter to all

[arja] 25/3/2024 14:56

some profit taking I guess as US indices struggle today - tempting to add a few more :)

[arja] 25/3/2024 08:49

it has just hit an ATH and seems likely to continue onward and upward :)

[jellypbean] 23/3/2024 15:00

The other thing that has occurred to me is that, whilst PSH can be purchased by US investors, it cannot be marketed to them

A US listing of a very similar company would basically overcome that problem, even if it were quite small.


But really, it's not that helpful to speculate. The performance has been enough reason to hold, discount narrowing from here would clearly be very nice too.

[rickyl1] 23/3/2024 13:59

Very interesting points. Time will tell as usual.

[donald pond] 23/3/2024 11:32

I just wonder whether he might introduce a facility for investors in PSH to convert to PSUS shares at NAV. It doesn't make a huge amount of sense to run 2 very similar funds.

Practically speaking as well, how does he invest the monies that come into PSUS? Let's say he raises £20bn+. Does he go out and more or less replicate the existing PSH portfolio plus add in a couple of new positions? Would he seriously say that he would buy into CMG today rather than a smaller restaurant group like say CAVA if he was starting from scratch?

If he sees a new position that he likes, how does he choose whether to put it into PSUS, PSH or both? If one fund underperforms the other, will he get sued (in the US, everyone gets sued). The more I think about it, the less sense I see in PSH continuing in the current form. It could potentially turn into a feeder fund solely invested in the US fund. But I can't see why he'd run 2 slightly differentiated portfolios side by side.

[rickyl1] 23/3/2024 10:44

It wouldn't make sense for me to sell PSH at discount and buy PSUS at nav though I'd be interested to see the holdings and maybe invest alongside. The other touted Asymmetric Hedge fund sounds interesting as an actual hedge for both funds.

[donald pond] 23/3/2024 09:40

Also interesting that buybacks stopped around the time they mentioned PSUS but discount has continued to narrow.

[donald pond] 23/3/2024 09:36

PSH will remain listed but PSUS is a new entity along similar line that has filed for a US listing. What we don't know is how that will affect PSH (other than through the mechanism to reduce fees). If PSUS trades at NAV then I would expect at some point either PSH moves to NAV through arbitrage or the buyback accelerate. But it is inconceivable that there could be 2 very similar funds trading with very different discounts for long. A lot depends on how much PSUS raises. If it dwarfs PSH then it would make sense to wind PSH down

[smidge21] 23/3/2024 06:23

"During 2023, the Board and the Investment Manager thoroughly examined the options for obtaining a U.S. listing for PSH with the goal of increasing the number of investors who could own PSH. After encountering numerous restrictions, limitations and issues relating to inter alia the Investment Company Act of 1940, adverse tax considerations, and challenging structuring requirements, the Board and the Investment Manager decided a U.S. listing was not viable and that PSH will remain a publicly-traded closed-end fund over the long term." (Page 8, Annual Report)

[donald pond] 22/3/2024 20:49

No idea. It seems that he has filed for consent to list but there doesn't seem to be any specific timescale anywhere

[olliemagern] 22/3/2024 15:06

When is the US option, epic PSUS being launched?

[riskvsreward] 22/3/2024 09:44

For those critical of buybacks this is one good example where buyback has worked greatly for its investors.

When one has invested in the right company, buyback is good. When buyback is not good it is simply because one has invested in the wrong and overpriced company, so both oneself and the company have mis-valued the business when they buy its shares at that price.

[donald pond] 22/3/2024 09:31

I wonder if the market is starting to think discount will move towards zero as US option is launched?

[arja] 22/3/2024 08:16

just how long is that piece of string :) . I thought there might be profit taking after big move yestersday but I was wronhg again !

[arja] 21/3/2024 12:12

spot on sport and now at a new ATH .

[mozy123] 20/3/2024 11:16

Google helping also.

PSH looking to break out.

[donald pond] 20/3/2024 08:19

CMG announced a 50 for 1 stock split and up 6% on the news.

[jellypbean] 16/3/2024 10:08

Ah. I have possibly answered my own question. The FCA rule has a problem with it. For other closed ended funds to invest in PSH, PSH must have a policy that 'it will not invest more than 15% of its assets in other close ended funds'. Not that 'it will not invest more than 15% of its assets in other closed ended funds unless said close ended funds have a policy not to invest more than their 15% of their assets in other closed ended funds'.

Possibly someone somewhere has seen the flaw in the FCA rules and wants to make sure they don't fall foul of it. AVI maybe?

[jellypbean] 16/3/2024 09:54

Why have they made their cross-holding policy more restrictive, when the FCA rule to which it pertains would appear to still permit the original version of their policy?