Pershing Square Share Discussion Threads

[rickyl1] 20/10/2021 14:59

Same here.

[rickyl1] 20/10/2021 11:01

https://finance.yahoo.com/news/activist-investor-billionaire-bill-ackman-131155551.html

[nimbo1] 18/10/2021 17:21

does anyone know the exact underlying holdings at the mo? I can use whale wisdom but its a few months delayed.

[bmel] 18/10/2021 17:19

Seems to be breaking clear of the trading range is has been in since April.

Expecting good quarterly results from the portfolio companies to boost the NAV.

[winski] 15/10/2021 10:51

Bill Ackman stated in his reports he wants to narrow the discounts and that's why he introduced a small dividend but he is more about growth and utilising the income. PSH have bought shares back on occasions. A lot of their investors are institutional or seriously wealthy in the US. In the UK i think a big problem on demand of shares from retail is the charging structure, which is about 1.5% ongoing but with a performance fee. Hargreaves show the fund a ongoing charges of over 11% per annum which will put off an awful lot of investors who don't look deeper. Personally I don't mind and I take comfort the directors have considerable assets in the fund, unlike another of my inv. trusts SCIN. This is long term form me.

[donald pond] 15/10/2021 06:39

Discounts are weird things. You can understand it when underlying assets are illiquid, but in the case of PSH? I tweeted last week about the Asia income section where HFEL has the highest costs, worst performance, but because it has the highest yield it is also on the lowest discount. Literally makes no sense.I know some would say that if PSH committed to a 4 or 5% dividend that would narrow the discount. Who knows?

[rachael777] 14/10/2021 23:26

and yet the discount to nav remains stubbornly and consistently around the 27% mark - anyone would think the underlying assets and their values were fake - i ahall remain a holder until such time as the discount narrows to at least 15%

[bmel] 14/10/2021 21:17

Just checked the prices on the portfolio holdings…..every one green atm.

Hope is well for the morning, but markets are a bit bonkers just now so who knows.

Main thing is the quality of the businesses held….outstanding.

[rambutan2] 14/10/2021 15:16

Agree:

PSH NAV per share as of close of business on 12 October 2021 was 52.38 USD / 38.54 GBP and year-to-date performance was 15.9%.

[bmel] 14/10/2021 12:27

New highs. Very good.

[rambutan2] 23/9/2021 02:00

Noted:

PSH NAV per share as of close of business on 14 September 2021 was 48.77 USD / 35.32 GBP and year-to-date performance was 7.7%.

PSH NAV per share as of close of business on 21 September 2021 was 52.12 USD / 38.15 GBP and year-to-date performance was 15.3%.

[f56] 22/9/2021 18:27

What I am trying to say is if they try to sue the SEC instead they might actually stand a chance of making some money out of nothing.

[f56] 22/9/2021 17:47

Yes I believe an illegal case was brought against PSH. But the source of that illegal case could soon be brought into jeopardy. I think the originators of the Tontine case were not suing for damages therefore it is as I see it an illegal case founded on false premises.

[grahamg8] 22/9/2021 17:38

Even PSH doesn't have unlimited resources. The UMG deal should have gone through the Tontine SPAC which would have brought in new investors, but that deal was scuppered. So Bill found a new route by offloading some shares into PSVII and selling Agilent Holdings to fund the rest. The share price discount is almost identical pre and post UMG, I don't see it changing any time soon.

He's already looking forward with the planned new bond issue and needs to settle the legal case against Tontine. Then it's full steam ahead.

[bmel] 22/9/2021 16:52

f56

Indeed fat fingers there

Not impossible that given the portfolio now this could go to a premium in the USA post covid recovery

[f56] 22/9/2021 16:46

Bmel .. the discount has still to narrow down to 0%.

[killing_time] 22/9/2021 16:37

The 6.25% was the percentage of how much PSH owns UMG. I didn't make it clear in statement above.

[bmel] 22/9/2021 16:31

f56

As i recall because the (very very complicated) SPAC deal went sideways he had to use whatever vehilce was available to meet his committment to buy 10%/

Personally I think it will be just fine for PSH - we have done well on this and the discount has still

[f56] 22/9/2021 16:25

You mean 62.5%. But that is a lot when you consider it takes up a large ~30% of PSH. You have to consider the portfolio risk. Usually Ackman doesn’t risk more than 25% in a single holding.

[killing_time] 22/9/2021 16:00

So that's down to 6.25% if only $2.5b

[killing_time] 22/9/2021 15:56

Ok, my mistake taking Bill Ackman buying 10% to mean PSH.

[f56] 22/9/2021 15:54

According to the RNS 11 aug the 7.1% stake was also split between PSH and it’s affiliates. Third line of the first paragraph states that PSH contributed 2.5 billion dollars.

[rambutan2] 22/9/2021 15:46

On 10/08 this trust ie PSH, acquired 128.55m ordinary shares in Universal Music Group, a 7.1% stake for approximately $21.78 (€18.58) per share, for a total cash consideration of $2.8bn.

On 31/08 another Ackman vehicle, separate to PSH, called PSVII acquired 52.76m ordinary shares in Universal, representing 2.9% of the company, for approximately $21.78 (€18.40) per share.

So, to be clear, PSH owns a 7.1% stake.