Pershing Square Share Discussion Threads

[donald pond] 23/3/2024 09:40

Also interesting that buybacks stopped around the time they mentioned PSUS but discount has continued to narrow.

[donald pond] 23/3/2024 09:36

PSH will remain listed but PSUS is a new entity along similar line that has filed for a US listing. What we don't know is how that will affect PSH (other than through the mechanism to reduce fees). If PSUS trades at NAV then I would expect at some point either PSH moves to NAV through arbitrage or the buyback accelerate. But it is inconceivable that there could be 2 very similar funds trading with very different discounts for long. A lot depends on how much PSUS raises. If it dwarfs PSH then it would make sense to wind PSH down

[smidge21] 23/3/2024 06:23

"During 2023, the Board and the Investment Manager thoroughly examined the options for obtaining a U.S. listing for PSH with the goal of increasing the number of investors who could own PSH. After encountering numerous restrictions, limitations and issues relating to inter alia the Investment Company Act of 1940, adverse tax considerations, and challenging structuring requirements, the Board and the Investment Manager decided a U.S. listing was not viable and that PSH will remain a publicly-traded closed-end fund over the long term." (Page 8, Annual Report)

[donald pond] 22/3/2024 20:49

No idea. It seems that he has filed for consent to list but there doesn't seem to be any specific timescale anywhere

[olliemagern] 22/3/2024 15:06

When is the US option, epic PSUS being launched?

[riskvsreward] 22/3/2024 09:44

For those critical of buybacks this is one good example where buyback has worked greatly for its investors.

When one has invested in the right company, buyback is good. When buyback is not good it is simply because one has invested in the wrong and overpriced company, so both oneself and the company have mis-valued the business when they buy its shares at that price.

[donald pond] 22/3/2024 09:31

I wonder if the market is starting to think discount will move towards zero as US option is launched?

[arja] 22/3/2024 08:16

just how long is that piece of string :) . I thought there might be profit taking after big move yestersday but I was wronhg again !

[arja] 21/3/2024 12:12

spot on sport and now at a new ATH .

[mozy123] 20/3/2024 11:16

Google helping also.

PSH looking to break out.

[donald pond] 20/3/2024 08:19

CMG announced a 50 for 1 stock split and up 6% on the news.

[jellypbean] 16/3/2024 10:08

Ah. I have possibly answered my own question. The FCA rule has a problem with it. For other closed ended funds to invest in PSH, PSH must have a policy that 'it will not invest more than 15% of its assets in other close ended funds'. Not that 'it will not invest more than 15% of its assets in other closed ended funds unless said close ended funds have a policy not to invest more than their 15% of their assets in other closed ended funds'.

Possibly someone somewhere has seen the flaw in the FCA rules and wants to make sure they don't fall foul of it. AVI maybe?

[jellypbean] 16/3/2024 09:54

Why have they made their cross-holding policy more restrictive, when the FCA rule to which it pertains would appear to still permit the original version of their policy?

[rambutan2] 14/3/2024 22:54

Holding $1.7bn cash at end Feb:

[bmel] 07/3/2024 10:38

NAV at cob Tuesday 5 March £52.67.

[donald pond] 29/2/2024 10:37

Big move at UMG post results. Offsets weakness at GOOG.

[arja] 26/2/2024 12:00

I think it will pick up soon to challenge previous high point after consolidating

[riskvsreward] 22/2/2024 18:37

Thanks Rickyl1.

[rickyl1] 22/2/2024 07:57

It's usually on their website from about 9.30pm on Wednesdays.

[riskvsreward] 22/2/2024 07:44

psh used to announce NAV weekly on Thursday. Have not seen such announcement for a few weeks now. Anyone knows why?

[donald pond] 20/2/2024 08:36

There are quite a few potential factors at play here atm. US market is looking choppy which could throw up opportunities that Bill is adept at exploiting. The SPARC must do something soon surely. The new US fund is likely to reduce fees at PSH materially but will it cause selling, as US investors buy their home fund, or buying, as the discount gets arbitraged away? And finally, any reform of the cost disclosure rules that have caused significant selling in the sector could materially increase the flows from IFAs and wealth managers.

[arja] 20/2/2024 08:29

probably depends of it it is the same vehicle so to speak Riverman . RIO losted in Uk always trades at quite a big discount to it's USA counterpart but BHP does not but used to I think. PSH has been consolidating for a few days after the pullback and could go either way in short term and pullback to 3600 chart support or more likely about £40 again and hit a new ATH . But always expect the unexpected in markets I guess :)

[riverman77] 19/2/2024 14:49

Thanks Arja - don't use charts but glad that it's looking positive from a chart perspective. My sense is, the discount could continue to narrow if the new US listed fund gains traction. Assuming this trades on a much tighter discount (or even premium), investors will then start to view PSH as an arbitrage opportunity.

[arja] 19/2/2024 11:39

Incidentaally I like the few dual listed stocks which are NO SD such as S32 where lead market is in OZ and can quite often make easy money as a good idea in advance what it is likely to trade at in UK and sometimes can get a bargain by buying in opening auction when market not efficient.( not in last week or so ). VMUK is another one but UK is lead market for that one .