Pershing Square Share Discussion Threads

[jellypbean] 26/7/2023 16:17

Right, I don't know what this means, but, from SEC filings PSH had built up a holding of 33.5% of HHC by the end of June. HHC is now restructuring as a holding company (from mid August).

[mozy123] 26/7/2023 09:29

Hope he still has google mcdoogle!

[rickyl1] 26/7/2023 09:10

I noticed increased cash and equivalents in the June transparency report. Going from 192m to 745m. Sale of assets perhaps ?

[donald pond] 26/7/2023 07:56

Good results at Google yesterday will help

[jellypbean] 13/7/2023 21:06

There's always one holding in my portfolio that I keep thinking, should I sell? PSH it it. However whenever I've sold it in past I've regretted it. Besides if I sell it I'll just start worrying about another holding. BAs tweets often bother me, but I tell myself he's building a following amongst possible buyers of a future US-listed PSH. Fees are high, but it's a complex macro environment ATM, and they've been very good at macro hedges recently. Discount is nuts; AGT puts up with it because of good performance, but I imagine they'll keep pushing in the long run.

[mozy123] 04/7/2023 13:24

Whats moving this today then?

[mozy123] 16/6/2023 11:19

Yeah, 8-10 names + fannie and freddie and usually some sort of macro bet using options or swaps when asymmetric risk return is favourable.

DPZ looks to be moving off the bottom now. Was sold a way back but I'm looking to add this personally to my portfolio.

[riverman77] 15/6/2023 15:48

Fully agree about the factsheets - they are awful and give absolutely no information or commentary. Just reinforces the perception that it's some sort of murky black box, when in actual fact it's a pretty vanilla portfolio of blue chip names.

[bmel] 15/6/2023 15:40

Buying at a discount is good.

Unhappily we have been at a big discount for a very long time.

[mozy123] 15/6/2023 09:24

Buying things at a 34% discount is good business. Helps the NAV as well as the discount.

Really this should be listed in the states. That would close the discount here due to arbitrage opportunities on the two exchanges.

The other thing he should do is a standard fact sheet like all investment trusts do. With the top 10 positions and a commentary each month.

Anyway - keeping the faith in the hope the discount closes in the short to medium term.

[jellypbean] 14/6/2023 14:50

Looks like the buyback is aiming to increase NAV rather than necessarily reducing the discount. Probably makes sense if they do have an alternative way to narrow the discount in future. The Icahn vehicle trades at 2xNAV, but that's a rather odd setup IMO.

[rickyl1] 25/5/2023 12:59

I'm surprised he didn't mention closing the discount in the investor call yesterday.

[riverman77] 24/5/2023 22:23

High performance fees seem to be the main factor from what I can tell, but the discount clearly ridiculous - Ackman will surely take action to address it before too long - either a US listing or simply take it private.

[edwardt] 24/5/2023 21:16

Insiders own 28% - I guess fear of closed company status will stop buy backs? Anyone else explain the extent of the discount? Genuine question as seems odd

[rickyl1] 15/5/2023 23:02

New holding in Google $1.2B in Q1 according to 13f filings.

[thruxie] 12/5/2023 15:15

Sold out after 3+ years of ownership and 80+% profit. Gradually been moving into Gilts and 20+year Treasury's hedged to Sterling.

Reasons: inflation coming down in the US and interest rates going up in the UK will mean weaker US dollar. Possible recession looming so Gilts and Treasury's heading up with flight to safety. Interest rates coming down from next year will add at least 10-20% value to government bonds.

If I'm wrong I'm happy to collect the 4% coupons while I wait for interest rates to come down. Portfolio now at 40/60 in favour of bonds the highest percentage its ever been so pessimistic outlook currently.

Happy to buy back in on significant weakness. PSH has been a cracking investment for me.

[pol123] 10/5/2023 16:17

getting cheaper, but need a vehicle to unlock NAV. Thats the key

[rickyl1] 09/5/2023 11:43

This must be getting towards bargain territory now.

[donald pond] 26/4/2023 16:01

Chipotle up bigly though at least

[apollocreed1] 09/4/2023 15:49

UMG results were very disappointing on Friday, and it seems rash for Ackmann to have put 25% of the entire fund in their shares.

[ch3riton] 01/4/2023 09:17

Rambutan - I had myself already looked at the report. As so often it is not at all easy to follow all the various provisions, lots of verbiage which makes it hard to be sure you have picked up all points.
Which is why I wanted to see if any posters more intelligent than me had put some effort into understanding the manager's remuneration.
And perhaps wondered why the list of major shareholders shows how the fund is shunned by so many serious asset managers.
One interesting point is that when co-workers invest in PSH shares they are refunded these extortionate performance fees on their shareholdings. It doesn't look good if employees and fund managers do not invest in their own product. In this case they have to be bribed to do so.
I think shareholders need to consider very carefully how far these fees - as far as I can see an overall management fee, plus 16% (SIXTEEN PER CENT) of all gains - tilt the market risk against the investor.

[apollocreed1] 31/3/2023 04:54

@Rambutan2 - Thanks for the analysis - makes the case for holding it much clearer.

[rambutan2] 30/3/2023 20:54

Hedges down a bit this year ie 1 Jan to 21 March 2023 (pg16), but of course the great saviour in 2022.

Pg111 shows that they comprise of some currency calls/puts and forwards. Some energy options. And the interest rate swaptions which have been so lucrative previously, but which also now include a chunk in JPY.