Pershing Square Share Discussion Threads

[donald pond] 21/9/2021 21:42

Well I bought this afternoon for precisely that reason. Nice uplift to NAV and some press coverage should be a decent double whammy. Bill manages to do something very smart every now and again and the universal deal has likely bagged a year's profit in one swoop.

[rickyl1] 21/9/2021 21:31

At 26% of the pf we should have risen a lot more than 5% on the back of a 35% rise in umg. If umg sustains its opening price and the market holds steady we should see some progress from here.

[riverman77] 21/9/2021 17:12

Wouldn't surprise me if this got tipped over the next few days. Very unusual to see a discount anything like this level on what is a high quality US equity portfolio. Once the Universal story gets a bit of coverage I can see the discount coming in quite sharply, but we'll see.

[donald pond] 21/9/2021 17:00

I bought in for the first time today. Would be good to see discount narrow, but I'm not banking on it. For some reason PSH is always unloved. Would be nice if the Universal news woke some people up (as it did me) but the overall PF diversifies my other holdings nicely and looks a robust blend of high quality businesses. It's managed 29% pa annualised since the start of 2018, amazing that such performance isn't on a premium!

[bmel] 21/9/2021 12:36

Adding UGM is an excellent move AND it removes the uncertainty about the SPAC (which I think kept a lot of funds away).

We are now a portfolio stuffed with USA based high quality, very well established consumer brands - most of which benefit from the post-covid recovery in the US.

I think the discount will reduce significantly - there have been some chunky buys already today. I expect there will be more.....and more. Another £1 takes us to an all time high.

[wish i wasnt in rbs] 21/9/2021 12:14

Hopefully this will raise the profile of PSH and lead to a narrowing of the discount gap.

[riverman77] 21/9/2021 12:01

Ackman played another blinder here with Universal soaring 35% on debut. It's not easy to keep track of the latest PSH portfolio but I understand that Universal now makes up around a quarter of the fund. Insane that you can get such a high quality portfolio managed by one of the best investors on the planet at a 30% discount.

[bmel] 20/9/2021 08:38

Comment on front page of this morning’s FT that UGM could become worth 100 Bn, three times the float valuation.

Interesting day tomorrow.

[rickyl1] 16/9/2021 14:49

Hope so, we've been stuck in quite a narrow channel for some time now.

[bmel] 16/9/2021 12:46

Getting closer to the UGM listing in Amsterdam.

Wonder if that is what is driving the current upwards move. Looking forward to see what happens after that listing. Hopefully will draw increased interest and decreased price discount.

[lomax99] 01/9/2021 22:41

Https://citywire.co.uk/investment-trust-insider/news/bill-ackman-universal-s-a-great-big-royalty-on-streaming/a1546011?re=88727&ea=1746813&utm_source=BulkEmail_Investment+Trust+Insider+Daily&utm_medium=BulkEmail_Investment+Trust+Insider+Daily&utm_campaign=BulkEmail_Investment+Trust+Insider+Daily

[rambutan2] 11/8/2021 21:17

The first half of the Tontine/UMG presentation sets out the pro case comprehensively:

[rambutan2] 11/8/2021 21:09

I'm just very happy that it has all ended up with PSH rather than with the SPAC. Should prove to be a super acquisition:

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) today announced that Pershing Square Holdings Ltd., Pershing Square L.P., and Pershing Square International Ltd., through an affiliated entity, have acquired 128,555,017 Ordinary Shares of Universal Music Group (UMG), representing 7.1% of the company from Vivendi S.E. for approximately $21.78 per share (or EUR18.58 per share at today's exchange rate). The total cash consideration of $2.8 billion represents an equity value for UMG of EUR33 billion. PSH's share of the cash consideration is approximately $2.5 billion.

PSH and its affiliates have the right to acquire up to an additional 2.9% of UMG's Ordinary Shares at the same price per share by September 9, 2021, which right Pershing Square intends to exercise.

[bmel] 11/8/2021 08:34

So now we own 7.1% of UMG.

This lists on teh Amserdam stock exchange on 21 Sept. Interesting to see what that does for our NAV. Also interesting to see if it impacts the discount as this ends teh SPAC 'uncertainty'.



hxxps://www.musicbusinessworldwide.com/bill-ackmans-pershing-square-buys-7-1-of-universal-music-group/

[arja] 29/7/2021 11:53

not such a good looking chart and glad I exited a while ago but I am mainly a trader .
Perhaps in time long term holders will be rewarded as still quite a discount to NAV although it has narrowed recently /

[rickyl1] 23/7/2021 08:46

This fund also tends to ride out pullbacks in the market quite well after initial drops.For a fairly volatile fund it does have defensive qualities and with Bill's ability in derivatives and now spacs (still unproven) plus the large discount to nav I feel this will remain a large part of my pf.

[bmel] 22/7/2021 22:26

Agreed - i am just waiting for the discount to melt bit by bit. The greater the increase in the major holdings the better.

For all that this is seen as a 'hedge fund' the holdings are remarkably 'boring' inhotels and restaurants etc - and now some 'big music'.

This is one for the more patient.....but a circa 25% discount is very attractive add on to th eperformance over the last 12-18 months.

[ceaserxzy] 22/7/2021 19:28

Believe Ackman started buying DPZ a few months back at around $330 ish. Really good timing.

[bmel] 22/7/2021 15:10

Chipotle plus 12% yesterday, Domino's plus 9% today.

[bmel] 21/7/2021 11:15

Yes indeed.

Also watching as results come out for some of the companies hled. Chipotle announced after close last night and are 5% up on pre-market. I suspsect several others will follow this pattern as US consumaers are rapidly accelerating towards pre-pandemic levels of expenditure.

Perhaps the (now) certainty on UMG and US consumer recovery will see a material reduction in the discount.

[thruxie] 21/7/2021 10:34

A nice rebound today. So the market has digested the UMG news and thinks it's not so bad for PSH after all? Let's face it we will still own UMG plus whatever new company PSTH finds.

[bmel] 19/7/2021 19:47

Ackman on CNBC this morning (New York time).

[kinbasket] 19/7/2021 07:57

Long term still good for PSH. UMG price feels cheap to me and PSH will benefit. Agree PSTH may bounce but who knows in these markets.

[grahamg8] 19/7/2021 07:38

Didn't see that one coming. Looks like Bill didn't either. As some said on this board the deal was too complex, and the SEC agreed. Also unintended consequences disadvantaged some PSTH shareholders. I assume PSTH share price will bounce back, and possibly PSH will go down. Two way pull: UMC unloved by the Yanks who don't like us pesky furriners vs rising PSTH share price benefits PSH as well.

[arja] 01/7/2021 16:45

I did not say S&P thruxie but share price ( share price) - quite funny ! ( smile ) .
But actually I like to buy shares at or near all time higher as most times they will go higher based on " the trend is your friend " . I sometimes wait for a pullback and then enter when starts to head higher again towards previous ATH . Works well most of the time . It would not work so well with an investment trust as needs too much patience . good luck with PSH and I see it did hit 2710 after closing auction.