Pershing Square Share Discussion Threads

[williamcooper104] 25/7/2024 09:01

Good results but not if you are at 50+ PE and priced for perfection Growth slowed in half

[bagpuss67] 25/7/2024 08:55

Comments on UMG results look OK... Why the fall?

[foetus in your brain] 25/7/2024 08:46

UMG opened down 30%.

[bagpuss67] 24/7/2024 21:44

Chipotle reported second-quarter sales that beat Wall Street’s estimates as limited-time offers and speedy service helped to keep diner traffic high

[dimknaf] 23/7/2024 12:13

I love PSH and Ackman, and as long as internally it produces returns the discount is a + and a margin of safety. I am happy even if the gap does not narrow.

By the way a friend will present the company in the London Value Investing Club this Thursday.

[foetus in your brain] 23/7/2024 09:35

I would have thought it would be a matter of weeks. They've had approval, now need to raise funds. Given that the launch was first raised 5 months ago you wouldn't expect the roadshow to be a long process

[affemoose] 15/7/2024 14:15

Thank You Donald.

Whilst this doesn't state a date for the IPO it does suggest that it will be within the next 12 months. Purely based on the process they are going through now.

I am not wise enough to judge if it is this year or next though.

Like some here I am at a loss as to how PSUS and PSH can have similar investments yet different fees. This will drive PSH down as the fees are higher for the same NAV. I do not comprehend.

[donald pond] 10/7/2024 09:22

Forgot link. https://www.tastylive.com/news-insights/bill-ackman-pershing-square-fund-seeks-25-billion-ipo

[donald pond] 10/7/2024 09:21

Aiming for $25bnNot sure how it will work alongside PSH. There will be no fees at PSUS for first year, and unless fees between PSH and PSUS are equalised then you would expect the one with higher fees to be on a higher discount Common sense suggests that is PSH are Bills best ideas then it would make more sense for PSUS to buy PSH (perhaps at a 10% discount to NAV) rather than replicate the underlying holdings. Or give an offer to exchange PSH for PSUS.

[rickyl1] 09/7/2024 14:02

Interesting times coming up in several situations involving Pershing Square.

[donald pond] 09/7/2024 11:57

The ipo roadshow for PSUS has started.

[jellypbean] 04/7/2024 08:56

The Icahn vehicle trades at a premium because it preferentially distributes more capital to the c.15% of unit holders who are not Icahn, than to Icahn himself (who takes units at market value in lieu).

Therefore there is an odd degree of rationality to paying a high premium to NAV for the Icahn units, though there is no guarantee on how long the excess distributions will continue.

Presumably the quid qo pro on that was that he could then borrow cheaply against the inflated value of his units, and also the cost to him was previously largely covered by sale of new warrants at c.2x NAV.

They also make a big deal about Icahn not charging a fee to run it. PSUS will have a 2% AMC.

But then, if Ackman garners a strong fan base, as he seems to be doing, PSUS could be very popular.

[raj k] 01/7/2024 15:52

I have seen mention from the like of Morningstar and others that this IPO of PSUS will be in 2025 or 2026 however are they all confusing it with the intended IPO of the Pershing Square Management Company. Can't for the life of me see anywhere where it says PSUS will launch this year? Anyone else red a credible source saying this IPO is happening sometime soon?

[affemoose] 01/7/2024 11:21

Thx Riverman. I missed the IPO date difference. I'd love some more concrete data on when they are planning PSUS

[riverman77] 30/6/2024 21:37

US investors can be a lot more bullish and these type of things can trade at premiums (the Carl Ichan vehicle for one - I'm sure there are others). Will be interesting to see how it goes either way.

[rickyl1] 30/6/2024 20:48

I'd need to see the detail so it's impossible to say for definite but it's certainly of interest to me. I don't envisage selling psh to buy psus so I'd look to see if it's worth holding both.

[raj k] 30/6/2024 11:31

I have been a PSH holder for a number of years and im wondering if it would be sensible to also invest in PSUS at launch. I can imagine the stock going to a premium soon after due to it just being Ackman. On the other hand carrying on investing in PSH as its still at a sizeable discount and that could close on launch of PSUS? To people envisage the portoflio to be the same as PSH?

Are others considering investing in PSUS?

[williamcooper104] 29/6/2024 14:54

Yep - no problems owning a merged PSH listed in the US Carl Icahn's listed fund used to trade at huge premiums to NAV

[riverman77] 29/6/2024 11:36

The 2026 IPO is referring to the fund management company that Ackman plans to list. This is separate from the new investment company (ie the US version of PSH) which I understand will list very soon. It is the latter which is most relevant to PSH holders and could potentially close the discount - if this trades at a premium, then the big discount on PSH will surely get arbitraged away.

[affemoose] 29/6/2024 11:14

IPO date is disappointing tbh, need something a bit closer to today than 'maybe 2026' but I hold here anyway so i'm in for the ride.

But... this should invite the smarter potential US investor to look at assets in the UK fund and say 'discount' - this should help the Discount narrow over time.

On another note - I would not be surprised if he closed the UK/Amsterdam fund and just converted it all to the US one. With our blessings of course. I mean - why keep it? We know the frustration he has had in trying to deal with the discounts here.

If NY doesnt have these stupid dicounts then i'm all for it - but that is a 'wish' or a guess and nothing more atm.

[rickyl1] 15/6/2024 14:34

May transparency report showing cash as £2.3bn. Dated at May 31st which is after Bill revealed they had 2 new fullish positions. I wonder if this report was drawn up prior to the new positions or whether the cash is result of more sales. Time will tell I suppose.

[2wild] 06/6/2024 18:14

Nice rice here today. Up to over £42 ,again.

[jellypbean] 04/6/2024 20:12

Actually, most the reports such as the one you cited have oversimplified it. Detail is here.

hxxps://www.businesswire.com/news/home/20240603875090/en/Pershing-Square-Capital-Management-L.P.-Announces-Sale-of-10-Common-Equity-Interest-for-1.05-Billion-to-Strategic-Investors.

They created another holding co to hold PSCM, then sold 10% of that.

The bit that doesn't make sense (I used the word ludicrous, based on my understanding, which is undoubtedly I complete), it how a PSCM, with 18Bn AUM, gets a valuation of 10Bn. But maybe it does hold capital itself, I couldn't find that out.

I imagine PSH may continue to do well.

[affemoose] 04/6/2024 14:19

And as if by magic - I stumble on an article about the sale: hxxps://citywire.com/wealth-manager/news/ackman-raises-1bn-with-10-sale-of-pershing-square-capital/a2443634