Pershing Square Share Discussion Threads

[raj k] 30/6/2024 11:31

I have been a PSH holder for a number of years and im wondering if it would be sensible to also invest in PSUS at launch. I can imagine the stock going to a premium soon after due to it just being Ackman. On the other hand carrying on investing in PSH as its still at a sizeable discount and that could close on launch of PSUS? To people envisage the portoflio to be the same as PSH?

Are others considering investing in PSUS?

[williamcooper104] 29/6/2024 14:54

Yep - no problems owning a merged PSH listed in the US Carl Icahn's listed fund used to trade at huge premiums to NAV

[riverman77] 29/6/2024 11:36

The 2026 IPO is referring to the fund management company that Ackman plans to list. This is separate from the new investment company (ie the US version of PSH) which I understand will list very soon. It is the latter which is most relevant to PSH holders and could potentially close the discount - if this trades at a premium, then the big discount on PSH will surely get arbitraged away.

[affemoose] 29/6/2024 11:14

IPO date is disappointing tbh, need something a bit closer to today than 'maybe 2026' but I hold here anyway so i'm in for the ride.

But... this should invite the smarter potential US investor to look at assets in the UK fund and say 'discount' - this should help the Discount narrow over time.

On another note - I would not be surprised if he closed the UK/Amsterdam fund and just converted it all to the US one. With our blessings of course. I mean - why keep it? We know the frustration he has had in trying to deal with the discounts here.

If NY doesnt have these stupid dicounts then i'm all for it - but that is a 'wish' or a guess and nothing more atm.

[rickyl1] 15/6/2024 14:34

May transparency report showing cash as £2.3bn. Dated at May 31st which is after Bill revealed they had 2 new fullish positions. I wonder if this report was drawn up prior to the new positions or whether the cash is result of more sales. Time will tell I suppose.

[2wild] 06/6/2024 18:14

Nice rice here today. Up to over £42 ,again.

[jellypbean] 04/6/2024 20:12

Actually, most the reports such as the one you cited have oversimplified it. Detail is here.

hxxps://www.businesswire.com/news/home/20240603875090/en/Pershing-Square-Capital-Management-L.P.-Announces-Sale-of-10-Common-Equity-Interest-for-1.05-Billion-to-Strategic-Investors.

They created another holding co to hold PSCM, then sold 10% of that.

The bit that doesn't make sense (I used the word ludicrous, based on my understanding, which is undoubtedly I complete), it how a PSCM, with 18Bn AUM, gets a valuation of 10Bn. But maybe it does hold capital itself, I couldn't find that out.

I imagine PSH may continue to do well.

[affemoose] 04/6/2024 14:19

And as if by magic - I stumble on an article about the sale: hxxps://citywire.com/wealth-manager/news/ackman-raises-1bn-with-10-sale-of-pershing-square-capital/a2443634

[donald pond] 04/6/2024 13:49

Totally agree. Bill excels in finding great companies at good prices and then holding for the long term. I don't see any reason why that strategy won't continue to work

[affemoose] 04/6/2024 13:11

Oh - and I for one am not intending on going anywhere with this share. I occasionally slice out to keep a portfolio balance and de-risk, but once PSUS is launched there will naturally be more attention on this share PSH, as it will be very similar, and attract US investors to but here for arbitage.

[affemoose] 04/6/2024 13:09

It's not that confusing once you ignore the media screwing the names up.

PSH Trust - this trust, the PLC, remains the same. It is managed by Pershing Square Capital Management (PSCM)

PSCM was the private company owned by the exec in Pershing Square and who managed the PSH fund, this is where managemnet fees and performance fees went when PSH paid them. This money then either stayed in the Management company or was paid to the shareholders - the exec. One can only assume there are Tax benefits for managing their earnings this way.

PSCM has sold 10% of it's shares to various funds for $1bn which values the fund at $10Bn. They have mooted that PSCM may IPO and float - a great way for the ageing management team to get cash now and also provide a clear exit route when they give up and go and enjoy their money in retirement.

PSCM have stated that they intend to use some of the $1Bn raised (approx half) to underpin a new, as yet to be launched, US Fund (PS US). The documents for which have been submitted to US Securities commission and it is proposed it will launch 'later' in 2024. The PS US fund will look very similar to PSH. I assume that the initial float of PSUS will raise many billion $ more that will go into the war chest.

PSH is not an Investment Company as it has, does and will use complex financial derivatives to 'bet' on Macro events - not so much atm but i am sure it will again. It hasn't shorted for years but it's done well out of interest rate derivatives etc etc in the past.

[rickyl1] 04/6/2024 09:30

I agree about the twitter noise, very annoying but I'm sticking with my investment here. Maybe he should have a seperate account just for PSH news.

[jellypbean] 03/6/2024 20:46

None of the commentaries on this really make much sense. The 1B was for PSCM (or rather a new Holdco which owns a 100% stake in PSCM). They refer to it as a hedge fund, but PSCM is an investment manager not, I think, a fund, and the investment values it at 10Bn, with 18 Bn AUM under management, which is ludicrous. Mind you the official release from PSCM on BA's twitter feeds as they shorten Pershing Square Holdco L.P. to 'Pershing Square'. I guess this is fine within the release, but then the media reports just repeat the term 'Pershing Square' without redefining which Pershing Square, so no one knows what the hell is going on.

Anyway, I've sold out as I'm fed up with trawling through his social media noise in case I'm going to miss anything relevant about investments.

There was a 10 year lockup for the share owners of PSCM in Oct 2014, when PSH was launched, so it seems they've got others to boost the valuation just before that ends.

Time for small cap. to outperform anyway, surely?

[donald pond] 03/6/2024 10:10

I believe it's the PS management company that are looking to raise cash. The PSUS launch has gone quiet but sometimes these IPOs are announced just before they actually happen. If he can raise a decent amount it surely makes sense to launch the fund and increase the AUM before selling the business

[speedsgh] 31/5/2024 20:32

Pershing Square’s Ackman prepares to back Trump, buys two stocks -

Star US fund manager is reportedly considering endorsing Donald Trump in the US election despite the Republican candidate’s historic criminal conviction in a ‘hush money’ trial...

[jellypbean] 31/5/2024 20:26

Can't actually figure out which of the many Pershing Squares is raising cash.

Anyhow, I was looking for a chance to take profits and exit, so was happy to have got >4.2. All a bit too much noise around BA for my liking these days; I wanted a buy and forget investment.

[gadolinium64] 31/5/2024 12:57

Seems to be excitement over Ackman's US IPO announcement, though it's not immediately clear how that would affect existing holders of the London-listed shares.

[mozy123] 31/5/2024 12:22

Looks to be breaking out!

[rickyl1] 30/5/2024 12:59

*remove 'take' from that sentence

[rickyl1] 29/5/2024 17:23

Also said that recent volatility had allowed them to take buy and that they'd been watching them for some time.

[rickyl1] 29/5/2024 17:19

Two new positions but won't reveal them until possibly next quarter, so may have to wait another 4 weeks minimum to find out. He said they were close to full positions so maybe still buying ?

[rambutan2] 28/5/2024 20:25

First quarter investor call tmrro afternoon.

[rambutan2] 27/5/2024 20:11

Probably the kiss of death, but worth a read for the dedicated:

Fitch Ratings - Chicago - 24 May 2024: Fitch Ratings has affirmed Pershing Square Holdings, Ltd.'s (PSH) Long-Term Issuer Default Rating (IDR) and senior unsecured debt rating at 'BBB'. The Rating Outlook has been revised to Positive from Stable.




And the PSUS filing, from Feb: