PERSHING SQUARE HOLDINGS: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for December 2023

TIDMPSH 
 
 

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) today released the following regular monthly Net Asset Value (NAV) and Performance Report for the month of December 2023. The information has also been posted to the PSH website, www.pershingsquareholdings.com. Monthly net asset value and performance are calculated at the close of business on the last business day of the month.

 
 
                                            PERSHING SQUARE HOLDINGS, 
 PERSHING SQUARE CAPITAL MANAGEMENT, L.P.   LTD. 
                                            Portfolio Update 
                                            December 31, 2023 
 
 
 
 Summary Results (1)                        Number of Positions (2) 
                December   YTD 2023 
 Gross 
  Performance   11.0%      31.8%            Long         11 
 Net 
  Performance   9.3%       26.7%            Short        0 
 NAV/Share (in 
  USD)          $65.04                      Total        11 
 NAV/Share (in 
 GBP)           GBP51.02 
 
 
 
 Equity & Debt Exposure Composition By      Portfolio Composition by 
 Market Cap (3) (4)                         Sector (5) 
                Net 
                Portfolio  Long  Short 
 
 Large Cap      90%        90%   0%         Financials   Retail 
 
                                                         Special Purpose 
 Mid Cap        12%        12%   0%         Hospitality  Rights Company 
 
 Small Cap      0%         0%    0%         Media        Technology 
 
 Total          102%       102%  0%         RE Corp.     Transportation 
 Note: Large Cap >= $5b; Mid Cap >= $1b; 
 Small Cap < $1b                            Restaurant 
 
                                            Notional Credit Default Swap 
 Assets Under Management                    Exposure 
 Pershing Square 
  Holdings, Ltd. AUM(6)*   $     14,725.9M 
                                            Single Name 
                                            and 
 Total Core Strategy                        Sovereign 
  AUM(7)*                  $     16,810.7M  CDS          $     0.0M 
 Total Firm AUM (Includes 
  PS VII)(8)*              $     18,330.2M 
 *Includes bond proceeds 
  of $1.8 billion and 
  EUR500 million 
 
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All 
investments involve the possibility of profit and the risk of loss, 
including the loss of principal. This document does not constitute an offer 
to sell or the solicitation of an offer to purchase any security or 
investment product. All information is current as of the date hereof and is 
subject to change in the future. 
(1) Performance results are presented on a gross and net-of-fees basis. Net 
returns reflect the deduction of, among other expenses, management fees, 
brokerage commissions, administrative fees, and accrued and/or crystallized 
performance fees, if any, and include the reinvestment of all dividends, 
interest, and capital gains from our underlying portfolio companies. Net 
returns reflect the performance of Pershing Square Holdings, Ltd.'s (the 
"Company") Public Shares. Depending on the timing of an individual 
investor's specific investment, net performance for an individual investor 
may vary from the net performance as stated herein. Gross returns reflect 
the performance of the Company's shares in the aggregate and are presented 
before the deduction of management fees and performance fees, if any. The 
Company has periodically engaged in share repurchases whereby its buyback 
agent has repurchased Public Shares subject to certain limitations. Any 
positive impact on performance due to these share buybacks is reflected 
herein. Performance data and other information contained herein are 
estimated and unaudited. Performance is based on the dollar return for the 
specific period, including any and all dividends paid by the Company, 
calculated from the beginning of such period to the end of such period. (2) 
Reflects the number of positions in issuers in which the Company has 
previously publicly disclosed an investment, which occurs after the Company 
has completed its accumulation. Cash, cash equivalents, direct or indirect 
currency or other hedges and income/expense items are excluded. Multiple 
financial instruments (for example, common stock and derivatives on common 
stock) associated with one (1) issuer count as one (1) position. A position 
that is included in the number of positions will be removed from the table 
only if the investment becomes 0.0% of the portfolio. (3) For the purpose 
of determining the equity and debt exposures, investments are valued as 
follows: (a) equity or debt is valued at market value, (b) options 
referencing equity or debt are valued at market value, (c) long call 
options and short put options (or vice-versa, short call options and long 
put options) held on the same underlying issuer and with the same strike 
and same expiry are grouped together and treated as synthetic equity 
positions, and are valued at the market value of the equivalent long equity 
position (or vice-versa, the equivalent short equity position), and (d) 
swaps or forwards referencing equity or debt are valued at the market value 
of the notional equity or debt underlying the swaps or forwards. Whether a 
position is deemed to be long or short is determined by whether an 
investment has positive or negative exposure to price increases or 
decreases. For example, long puts are deemed to be short exposure. (4) 
Includes all issuer equity, debt, and derivatives related to issuer equity 
and debt, and associated currency hedges. Cash, cash equivalents, direct or 
indirect currency or other hedges and income/expense items are excluded. 
The market values of associated currency hedges are included as part of the 
associated investment. In the event that there is a change in market cap 
category with respect to any non-publicly disclosed position, this 
information is not updated until such position is publicly disclosed. (5) 
Portfolio composition is reflective of the publicly disclosed portfolio 
positions as of the date of this report. A position in an issuer is only 
assigned to a sector once it has been publicly disclosed. (6) "Pershing 
Square Holdings, Ltd. AUM" equals the net assets of Pershing Square 
Holdings, Ltd. calculated in accordance with GAAP without deducting amounts 
attributable to accrued performance fees, while adding back the principal 
value of the Company's debt outstanding ($1.8 billion and EUR500 million 
translated into USD at the prevailing exchange rate at the reporting date, 
1.10). Any performance fees crystallized as of the end of the year will be 
reflected in the following period's AUM. (7) "Total Core Strategy AUM" 
equals the net assets of Pershing Square, L.P., Pershing Square 
International, Ltd. and Pershing Square Holdings, Ltd. (collectively, the 
"Core Funds") calculated in accordance with GAAP without deducting amounts 
attributable to accrued performance fees, while adding back the principal 
value of the Company's debt outstanding ($1.8 billion and EUR500 million 
translated into USD at the prevailing exchange rate at the reporting date, 
1.10). Redemptions effective as of the end of any period (including 
redemptions attributable to crystallized performance fees, if any) will be 
reflected in the following period's AUM. (8) "Total Firm AUM" equals "Total 
Core Strategy AUM" as defined in footnote 7, plus the net assets of PS VII 
Master, L.P. and PS VII A International, L.P. (together, the "PSVII Funds") 
calculated in accordance with GAAP, without double counting investments 
made by any Core Fund in the PSVII Funds. The PSVII Funds operate as 
co-investment vehicles investing primarily in securities of (or otherwise 
seeking to be exposed to the value of securities issued by) Universal Music 
Group N.V. 
Note: Each Public Share in the Company carries at all times one vote per 
share. The total voting rights in the Company ("Total Voting Rights") may 
vary over time given the capital and voting structure of the Company. As of 
December 31, 2023, Total Voting Rights were 371,665,623. There are 
185,461,146 Public Shares and 1 Special Voting Share (held by VoteCo) 
outstanding (the share classes have 1 vote and 186,204,477 votes per share, 
respectively). In addition, the Company currently holds 25,495,604 Public 
Shares in Treasury; these Public Shares are not eligible to vote. In 
connection with the payment of a dividend on December 15, 2023, the high 
water mark per share has been adjusted to $56.23. 
Under the Dutch Financial Supervision Act (Wet op het financieel toezicht), 
anyone who, directly or indirectly, acquires or disposes of shares in the 
Company and holds voting rights reaching, exceeding or falling below 
certain thresholds (including 3%, 5% and 10%) of the Total Voting Rights is 
required to notify the Netherlands Authority for the Financial Markets 
(Stichting Autoriteit Financële Markten). In addition, under the 
Company's Articles of Incorporation, a person is required to notify the 
Company of the number of the Public Shares it holds or is deemed to hold 
(through such person's direct or indirect holding of financial instruments) 
if this number reaches, exceeds or falls below 3%, 4%, 4.25%, 4.50%, 4.75% 
or 5% of the total number of outstanding Public Shares. 
As of the date of the placing of the Public Shares, the total offset 
amount, which is part of the performance fee calculation, was $120M. As of 
December 31, 2023, the offset amount has been reduced in the aggregate by 
approximately $84.4M to $35.6M. The performance fee that may be charged 
from time to time on fee-bearing shares equals 16% of NAV appreciation 
minus the "additional reduction." The additional reduction is equal to 20% 
of the aggregate performance allocations/fees earned by the investment 
manager on the gains of certain other funds managed by the investment 
manager plus any amount of additional reduction carried forward from the 
previous period ($0.0M as of December 31, 2023), and is calculated after 

giving effect to the offset amount. The offset amount offsets the 
additional reduction until it is fully reduced to zero. As of the date of 
the placing, the total offset amount was set by reference to the sum of the 
fees and other costs of the placing and admission of the Public Shares, as 
well as commissions paid to placement agents and other formation and 
offering expenses prior to admission that had been borne by the investment 
manager. 
 

About Pershing Square Holdings, Ltd.

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) is an investment holding company structured as a closed-ended fund.

Category: (PSH:MonthlyNAV)

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Camarco

Ed Gascoigne-Pees / Julia Tilley [phone], [e-mail]

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Pershing Square Holdings, Ltd.

 
    SOURCE: Pershing Square Holdings, Ltd. 
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