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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Pershing Square Holdings Ltd | PSH | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -156.00 | -3.91% | 3,838.00 | 16:35:28 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 3,950.00 | 3,812.00 | 3,972.00 | 3,838.00 | 3,994.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 23/3/2024 15:00 by jellypbean The other thing that has occurred to me is that, whilst PSH can be purchased by US investors, it cannot be marketed to themA 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. |
Posted at 23/3/2024 11:32 by donald pond 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. |
Posted at 23/3/2024 06:23 by smidge21 "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) |
Posted at 22/3/2024 09:44 by riskvsreward 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. |
Posted at 20/2/2024 08:36 by donald pond There are quite a few potential factors at play here atm. US market is looking choppy which could throw up opportunities that Bill is adept at exploiting. The SPARC must do something soon surely. The new US fund is likely to reduce fees at PSH materially but will it cause selling, as US investors buy their home fund, or buying, as the discount gets arbitraged away? And finally, any reform of the cost disclosure rules that have caused significant selling in the sector could materially increase the flows from IFAs and wealth managers. |
Posted at 19/2/2024 14:49 by riverman77 Thanks Arja - don't use charts but glad that it's looking positive from a chart perspective. My sense is, the discount could continue to narrow if the new US listed fund gains traction. Assuming this trades on a much tighter discount (or even premium), investors will then start to view PSH as an arbitrage opportunity. |
Posted at 08/2/2024 12:30 by rickyl1 Uk investors also avoid stamp duty and fx costs by going with PSH rather than PSUS.If you hold long term it's not much but shorter term trading saves a few quid. Not sure I'd buy PSUS unless there were some attractive elements not available to PSH. Let's see. |
Posted at 01/2/2024 11:26 by rickyl1 The investor meeting in a week's time should tell us of any pf changes and hedges which could spark more interest and more upside...or not, who knows. |
Posted at 08/1/2024 16:26 by wirralowl PSH one of the Ideas of The Year in Investors Chronicle - not sure if that's a good or bad thing! :-)"...On balance, it’s hard to overlook the combination of cheapness, quality and growth on offer here." |
Posted at 09/12/2023 19:27 by arja saw this but I will buy a few if it breaks through 3270 next week .Massive discount As is usual with hedge funds, there are charges involved, with an annual investment fee of 1.5% and a performance fee of 16%. This high fee structure could be a reason why the fund trades at a whopping 36% discount to its net asset value (NAV). Additionally, the complex financial instruments involved are seen as high-risk by some, as is the portfolio’s extreme concentration. These are all issues for investors to consider |
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