PERSHING SQUARE HOLDINGS: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for May 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 May 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 CAPITAL MANAGEMENT, L.P.    PERSHING SQUARE HOLDINGS, LTD. 
 
                                             Portfolio Update 
 
                                             May 31, 2023 
 
 
 Summary Results (1)                         Number of Positions (2) 
                May        YTD 2023 
 Gross 
  Performance   -1.6%      3.1%              Long         10 
 Net 
  Performance   -1.8%      2.5%              Short        0 
 NAV/Share (in 
  USD)          $52.94                       Total        10 
 NAV/Share 
 (in GBP)       GBP42.55 
 
 
 
 Equity & Debt Exposure Composition By       Portfolio Composition by Sector 
 Market Cap (3) (4)                          (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        Technology 
 Total          121%       121%   0%         RE Corp.     Transportation 
 Note: Large Cap >= $5b; Mid Cap >= $1b; 
 Small Cap < $1b 
 
                                             Notional Credit Default Swap 
 Assets Under Management                     Exposure 
                                             Single Name 
                                             and 
 Pershing Square Holdings, Ltd.              Sovereign 
  AUM(6)*                        $12,382.4M  CDS                          $0.0M 
 Total Core Strategy AUM(7)*     $14,163.7M 
 Total Firm AUM (Includes PS 
  VII)(8)*                       $15,213.1M 
 *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, 1.07). 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, 1.07). 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 May 31, 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)

Camarco

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20230601006054/en/

 
    CONTACT: 

Pershing Square Holdings, Ltd.

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

(END) Dow Jones Newswires

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