Pershing Square Share Discussion Threads

[shareman1111] 11/12/2021 18:40

Extract from a Barron’s article below, we aren’t the only ones who think the NAV gap is crazy and a good buy Donald…


Pershing Square Holdings is favored by Bryn Torkelson, the chief investment officer of Matisse Capital. Matisse runs the Matisse Discounted Closed-End Fund Strategy (MDCEX), which invests in cheaply valued closed-end funds. Pershing Square Holdings is the largest investment in the $350 million fund that has returned about 20% so far in 2021.

“Ackman is a premier manager and he gets a 27% discount. It’s kind of crazy,” Torkelson says. Ackman is coming off two phenomenal years in 2019 and 2020, when Pershing Square Holdings returned 70% in 2020 based on its NAV after gaining 58% in 2019.

[donald pond] 10/12/2021 08:15

It is weird for what is, for most of the time, a focused mega cap fund. The fee structure puts some people off, obviously. But these discounts usually arrive when underlying assets are illiquid (eg private equity funds) or the whole company is so weird the market has given up on it (Tetragon springs to mind). I have no idea why this one is at more than a 5% discount but equally I've no idea what would cause that discount to close other than a significant buy back campaign. There are signs of increased awareness of its existence at least, and that may over time help.

[shareman1111] 09/12/2021 21:29

I’ve been looking at various other funds and most are between 10-0% discount to NAV.

Why is PSH such a huge discount to NAV, I’m a big fan, any views ????

[ceaserxzy] 09/12/2021 07:32

A 6% increase in NAV from £40.8 to £43.3 in a week, really impressive.

[shareman1111] 07/12/2021 16:52

Lots of catching up to do

PSH PF doing very well and will in Q1

[donald pond] 07/12/2021 15:07

Added at 3055 on the basis that the US is looking very good atm and PSH has a lot of catching up to do

[bmel] 07/12/2021 15:03

PSH portfolio recovering well today UGM, Chipotle and Restaurant Group all up over 4% at the moment.

[shareman1111] 01/12/2021 16:25

UMG flying

[shareman1111] 30/11/2021 21:28

hxxps://www.fool.com/investing/2021/11/30/why-shares-of-fannie-mae-and-freddie-mac-are-risin/

[shareman1111] 30/11/2021 15:26

FNMA up over 10% today

[shareman1111] 30/11/2021 14:06

Harsh that we drop at all with a 27% NAV discount already !!!!

Can Bill work his magic to close this somehow ?

[thruxie] 30/11/2021 13:53

And back up she goes to 2950. I love this game.

[thruxie] 30/11/2021 12:49

Bill and PSH have a great track record managing recent volatile markets. Having the hedge also certainly makes me feel better about investing here. Another advantage is he can use cheap leverage to buy more quality in the event of a sale.

I have been guilty of top slicing PSH several times but it's been a mistake every time as it's inevitably bounced back stronger. Now my strategy is to save up cash and add more on the dips and if it drops...add more. :)

[rickyl1] 30/11/2021 12:42

Umg gets a lot of its income through online streaming etc. Obviously live events were hit by covid but online is where the real money is.

[shareman1111] 30/11/2021 12:20

What are the defensive parts of our PF:

- Dominoes
- Lowes (DIY)
- Rate hedge
- Chipotles (takeaway was a huge success)

Others ?

I think it will bounce hard when it does

[bmel] 30/11/2021 12:09

If you are going to pick some up best do it very soon - USA futures have started to turn upwards


Oversold is due to the nature of our portfolio - a covid scare threatens hotels and eateries particularly hard on threat of 'lockdown'. Personally I think the threat is overstated in mirroring Delta but not considering the huge number of people who have been vaccinated in the interim. I do not think we will see anything like the previous restriction. (But i would not be buying an airline stock any time soon).

[shareman1111] 30/11/2021 12:05

It’s a big % of my PF now too !

[thruxie] 30/11/2021 12:04

Sold off some TIPS and added here on todays fall @2903 this is now making up 26% of my portfolio. I'll be more than happy to add more on the dips but will wait another week to let the schizophrenic market play out some more.

[rickyl1] 30/11/2021 11:41

Psh seems to get oversold for some reason and the discount then widens until its bought up again.

[rickyl1] 30/11/2021 11:40

Me too !Still think this omicron panic is overblown.

[scottishfield] 30/11/2021 11:26

Have some more?

[shareman1111] 30/11/2021 11:17

Bummer, I bought a load more PSH yesterday, wish I had waited !

[shareman1111] 30/11/2021 11:12

Bummer, I bought a load more PSH yesterday, wish I had waited !

[donald pond] 30/11/2021 10:59

This from Jeffries weekly round up, suggests upside for PSH?Pershing Square Holdings (PSH, Buy) - Pershing Square SPARC Holdings, an affiliate of Pershing Square Tontine, has filed a registration statement with the SEC, listing PSH as a sponsor, thereby sharing in the sponsor warrant.