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PSH Pershing Square Holdings Ltd

4,078.00
28.00 (0.69%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pershing Square Holdings Ltd LSE:PSH London Ordinary Share GG00BPFJTF46 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  28.00 0.69% 4,078.00 4,076.00 4,080.00 4,104.00 4,028.00 4,086.00 154,425 16:29:28
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty -934.6M -1.17B -6.1502 -8.39 9.83B

Pershing Square Hldg Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for August 2018

05/09/2018 7:00am

UK Regulatory


 
TIDMPSH 
 
 

Pershing Square Holdings, Ltd. (LN:PSH) (NA:PSH) today released the following regular monthly Net Asset Value (NAV) and Performance Report for the month of August 2018. 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 
                                                                                                           August 31, 2018 
   Summary Results(1)                                                                                      Number of Positions (2) 
                                                              August              YTD 2018 
   Gross Performance                                          3.2%                15.4%                    Long                                                10 
   Net Performance                                            3.1%                14.4%                    Short                                               0 
   NAV/Share (in USD)                                         $19.92                                       Total                                               10 
   NAV/Share (in GBP)                                         GBP15.36 
   Equity & Debt Exposure Composition By Market Cap(3)  (4)                                               Portfolio Composition by Sector(5) 
                                                              Net Portfolio       Long     Short 
   Large Cap                                                            97%       97%      0%              Business Services      Restaurant 
   Mid Cap                                                              10%       10%      0%              Financials             Retail 
   Small Cap                                                            0%        0%       0%              Industrials/Chemicals  Undisclosed 
   Total                                                                107%      107%     0%              RE Corp. 
   Note: Large Cap >= $5b; Mid Cap >= $1b; Small Cap < $1b 
   Assets Under Management                                                                                 Notional Credit Default Swap Exposure 
   Pershing Square Holdings, Ltd. AUM(6)                                                $  4,411.8M        Single Name & Sovereign CDS          $              0.0M 
   Total Strategy AUM(7)                                                                $  7,531.8M 
   Total Firm AUM(8)                                                                    $  8,249.7M        Total CDS                            $              0.0M 
 
 
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.  Net returns reflect the performance of the Company's 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. In May 2018, the Company purchased and  cancelled 22,271,714 Public Shares pursuant to the tender offer  announced 
on April 25, 2018 (the "Tender Offer"). The positive  impact on performance of the Tender Offer is reflected herein.  Performance data and 
other information contained herein are  estimated and unaudited. Net performance is a geometrically  linked, time-weighted calculation. 
(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 assets under  management of Pershing Square Holdings, Ltd. Any 
performance fees  crystallized as of the end of the year will be reflected in the  following period's AUM. 
(7) "Total Strategy AUM" equals the aggregate assets under  management of Pershing Square, L.P., Pershing Square 
International, Ltd., Pershing Square II, L.P. and Pershing Square  Holdings, Ltd. (collectively, the 
"Core Funds"). Redemptions  effective as of the end of any period (including redemptions  attributable 
to crystallized performance fees/allocations, if any)  will be reflected in the following period's AUM. 
(8) "Total Firm AUM" is the aggregate of Total Strategy AUM and  the assets under management of Pershing 
Square VI Master, L.P.  which operates as a co-investment vehicle investing primarily in 
securities of (or otherwise seeking to be exposed to the value of  securities issued by) Automatic 
Data Processing, Inc. ("PSVI")  without double counting investments by any Core Fund in PSVI. 
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 August 31, 2018, Total Voting Rights were  443,896,018. After giving effect to a conversion from Public Shares  to Management Shares by 
certain management shareholders (as provided  in Pershing Square Holdings, Ltd.'s Articles of Incorporation)  effective as of August 31, 2018, there are 188,029,152 Public  Shares, 
31,278,075 Management Shares and 1 Special Voting Share  (held by VoteCo) outstanding (the share classes have 1 vote, 1.0702  votes and 222,391,905 votes per share, respectively). 
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 June 30, 2018, the offset 
amount was reduced by approximately  $19.2M to $100.8M. 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 ($2.9M as of June 
30,  2018), 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. The investment 
management agreement between PSH  and the investment manager was amended on December 1, 2016 to remove  any accretion in the computation of the offset amount. 
 
 

About Pershing Square Holdings, Ltd.

 

Pershing Square Holdings, Ltd. (LN:PSH) (NA:PSH) is an investment holding company structured as a closed-end fund that makes concentrated investments principally in North American companies.

 

MEDIAMaitlandSeda Ambartsumian/Sam Turvey, +44 20 7379 5151Media-pershingsquareholdings@maitland.co.uk

 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20180904005935/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

September 05, 2018 02:00 ET (06:00 GMT)

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