Pershing Square Share Discussion Threads

[donald pond] 04/6/2024 13:49

Totally agree. Bill excels in finding great companies at good prices and then holding for the long term. I don't see any reason why that strategy won't continue to work

[affemoose] 04/6/2024 13:11

Oh - and I for one am not intending on going anywhere with this share. I occasionally slice out to keep a portfolio balance and de-risk, but once PSUS is launched there will naturally be more attention on this share PSH, as it will be very similar, and attract US investors to but here for arbitage.

[affemoose] 04/6/2024 13:09

It's not that confusing once you ignore the media screwing the names up.

PSH Trust - this trust, the PLC, remains the same. It is managed by Pershing Square Capital Management (PSCM)

PSCM was the private company owned by the exec in Pershing Square and who managed the PSH fund, this is where managemnet fees and performance fees went when PSH paid them. This money then either stayed in the Management company or was paid to the shareholders - the exec. One can only assume there are Tax benefits for managing their earnings this way.

PSCM has sold 10% of it's shares to various funds for $1bn which values the fund at $10Bn. They have mooted that PSCM may IPO and float - a great way for the ageing management team to get cash now and also provide a clear exit route when they give up and go and enjoy their money in retirement.

PSCM have stated that they intend to use some of the $1Bn raised (approx half) to underpin a new, as yet to be launched, US Fund (PS US). The documents for which have been submitted to US Securities commission and it is proposed it will launch 'later' in 2024. The PS US fund will look very similar to PSH. I assume that the initial float of PSUS will raise many billion $ more that will go into the war chest.

PSH is not an Investment Company as it has, does and will use complex financial derivatives to 'bet' on Macro events - not so much atm but i am sure it will again. It hasn't shorted for years but it's done well out of interest rate derivatives etc etc in the past.

[rickyl1] 04/6/2024 09:30

I agree about the twitter noise, very annoying but I'm sticking with my investment here. Maybe he should have a seperate account just for PSH news.

[jellypbean] 03/6/2024 20:46

None of the commentaries on this really make much sense. The 1B was for PSCM (or rather a new Holdco which owns a 100% stake in PSCM). They refer to it as a hedge fund, but PSCM is an investment manager not, I think, a fund, and the investment values it at 10Bn, with 18 Bn AUM under management, which is ludicrous. Mind you the official release from PSCM on BA's twitter feeds as they shorten Pershing Square Holdco L.P. to 'Pershing Square'. I guess this is fine within the release, but then the media reports just repeat the term 'Pershing Square' without redefining which Pershing Square, so no one knows what the hell is going on.

Anyway, I've sold out as I'm fed up with trawling through his social media noise in case I'm going to miss anything relevant about investments.

There was a 10 year lockup for the share owners of PSCM in Oct 2014, when PSH was launched, so it seems they've got others to boost the valuation just before that ends.

Time for small cap. to outperform anyway, surely?

[donald pond] 03/6/2024 10:10

I believe it's the PS management company that are looking to raise cash. The PSUS launch has gone quiet but sometimes these IPOs are announced just before they actually happen. If he can raise a decent amount it surely makes sense to launch the fund and increase the AUM before selling the business

[speedsgh] 31/5/2024 20:32

Pershing Square’s Ackman prepares to back Trump, buys two stocks -

Star US fund manager is reportedly considering endorsing Donald Trump in the US election despite the Republican candidate’s historic criminal conviction in a ‘hush money’ trial...

[jellypbean] 31/5/2024 20:26

Can't actually figure out which of the many Pershing Squares is raising cash.

Anyhow, I was looking for a chance to take profits and exit, so was happy to have got >4.2. All a bit too much noise around BA for my liking these days; I wanted a buy and forget investment.

[gadolinium64] 31/5/2024 12:57

Seems to be excitement over Ackman's US IPO announcement, though it's not immediately clear how that would affect existing holders of the London-listed shares.

[mozy123] 31/5/2024 12:22

Looks to be breaking out!

[rickyl1] 30/5/2024 12:59

*remove 'take' from that sentence

[rickyl1] 29/5/2024 17:23

Also said that recent volatility had allowed them to take buy and that they'd been watching them for some time.

[rickyl1] 29/5/2024 17:19

Two new positions but won't reveal them until possibly next quarter, so may have to wait another 4 weeks minimum to find out. He said they were close to full positions so maybe still buying ?

[rambutan2] 28/5/2024 20:25

First quarter investor call tmrro afternoon.

[rambutan2] 27/5/2024 20:11

Probably the kiss of death, but worth a read for the dedicated:

Fitch Ratings - Chicago - 24 May 2024: Fitch Ratings has affirmed Pershing Square Holdings, Ltd.'s (PSH) Long-Term Issuer Default Rating (IDR) and senior unsecured debt rating at 'BBB'. The Rating Outlook has been revised to Positive from Stable.




And the PSUS filing, from Feb:

[srichardson8] 11/5/2024 17:26

Bill Ackman 58 today

[donald pond] 09/5/2024 08:02

Nav over $70 for the first time

[yf23_1] 08/5/2024 13:36

..oh and there is no way to remove the tab bar from normal view. I think something changed on last update.
ANyway it doesn't ask me anymore, must have dropped a cookie.

[yf23_1] 08/5/2024 13:01

I got it now, something to do with Firefox tab bar pushing the thing off the page, worked on full page view.

[yf23_1] 08/5/2024 12:53

I can't get past the 'accept the terms disclaimer' on that site as there's nowhere to click the accept button which doesn't seem to exist.
???

[speedsgh] 08/5/2024 12:38

Updates are available via their website -

You can also sign up to be notified of important updates (not sure if this includes the monthly updates). See Register For Alerts form here -

[yf23_1] 08/5/2024 10:11

Why aren't they doing the weekly NAV RNS's anymore ?
Quite a discount to NAV.

[jellypbean] 01/5/2024 08:17

Hi Grim.
Those data will be lifted from the sec filings, which don't include non-US stocks. Hence doesn't contain UMG, which is, I think, PSH's largest holding.

Looking at the condensed schedule of investments in the latest annual report, UMG and it's affiliates is over 27% of the gross portfolio.

[grim] 30/4/2024 22:14

Chrysalis99 you recently asked about current portfolio holdings. I also was curious. I've found this: