PERSHING SQUARE HOLDINGS: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for April 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 April 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 
 
 
                                             April 30, 2023 
 
 
 
 Summary Results (1)                         Number of Positions (2) 
                April      YTD 2023 
 Gross 
  Performance   0.7%       4.8%              Long         10 
 Net 
  Performance   0.6%       4.3%              Short        0 
 NAV/Share (in 
  USD)          $53.88                       Total        10 
 NAV/Share (in 
 GBP)           GBP42.87 
 
 
 
 Equity & Debt Exposure Composition By       Portfolio Composition by 
 Market Cap (3) (4)                          Sector (5) 
                Net 
                Portfolio  Long  Short 
 
 Large Cap      109%       109%  0%          Financials   Restaurant 
 
 Mid Cap        12%        12%   0%          Hospitality  Retail 
 
 Small Cap      0%         0%    0%          Media        Transportation 
 
 Total          121%       121%  0%          RE Corp.     Undisclosed 
 Note: Large Cap >= $5b; Mid Cap >= $1b; 
  Small Cap < $1b 
 
                                             Notional Credit Default Swap 
 Assets Under Management                     Exposure 
                                             Single Name 
                                             and 
 Pershing Square                             Sovereign 
  Holdings, Ltd. AUM(6)*   $     12,578.1M   CDS          $    0.0M 
 Total Core Strategy 
  AUM(7)*                  $     14,390.1M 
 Total Firm AUM (Includes 
  PS VII)(8)*              $     15,534.4M 
 *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. Since May 10, 2022, the 
Company has 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 April 
30, 2023, Total Voting Rights were 380,377,687. There are 189,808,466 Public 
Shares and 1 Special Voting Share (held by VoteCo) outstanding (the share 
classes have 1 vote and 190,569,221 votes per share, respectively). In 
addition, the Company currently holds 21,148,284 Public Shares in Treasury; 
these Public Shares are not eligible to vote. In connection with the payment 
of a dividend on March 17, 2023, the high water mark per share has been 
adjusted to $56.60. 
 
 
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 March 31, 
2023, the offset amount has been reduced in the aggregate by approximately 
$78.4M to $41.6M. 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 ($0.01M as of 
March 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)

Media

Camarco

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20230501005699/en/

 
    CONTACT: 

Pershing Square Holdings, Ltd.

 
    SOURCE: Pershing Square Holdings, Ltd. 
Copyright Business Wire 2023 
 

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May 02, 2023 02:00 ET (06:00 GMT)