Pershing Square Hldg Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for April 2019

 
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 2019. 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 
                                                                                                          April 30, 2019 
   Summary Results(1)                                                                                     Number of Positions (2) 
                                                             April               YTD 2019 
   Gross Performance                                         2.1%                40.1%                    Long                                                    10 
   Net Performance                                           2.0%                39.6%                    Short                                                   0 
   NAV/Share (in USD)                                        $24.06                                       Total                                                   10 
   NAV/Share (in GBP)                                        GBP18.45 
   Equity & Debt Exposure Composition By Market Cap(3)  (4)                                               Portfolio Composition by Sector(5) 
                                                             Net Portfolio       Long     Short 
   Large Cap                                                           108%      108%     0%              Business Services  RE Corp. 
   Mid Cap                                                             7%        7%       0%              Financials         Restaurant 
   Small Cap                                                           0%        0%       0%              Hospitality        Retail 
   Total                                                               115%      115%     0%              Industrials 
   Note: Large Cap >= $5b; Mid Cap >= $1b; Small Cap < $1b 
   Assets Under Management                                                                                Notional Credit Default Swap Exposure 
   Pershing Square Holdings, Ltd. AUM(6)                                               $  5,330.9M        Single Name & Sovereign CDS          $                  0.0M 
   Total Strategy AUM(7)                                                               $  7,449.8M 
   Total Firm AUM(8)                                                                   $  8,296.1M        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. 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 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. 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 April 30, 2019, Total Voting Rights were  444,101,056. There are 216,583,999 Public Shares, 
4,656,363  Management Shares and 1 Special Voting Share (held by VoteCo)  outstanding (the share classes have 1 vote, 1.0786 votes and  222,494,629 votes 
per share, respectively). In connection with the  payment of a dividend on March 22, 2019, the high water mark per  share has been adjusted to $26.26. 
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, 2019, 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 ($3.0M as of March 
31,  2019), 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) (LN:PSHD) (NA:PSH) is an investment holding company structured as a closed-end fund that makes concentrated investments principally in North American companies.

MediaCamarcoEd Gascoigne-Pees / Hazel Stevenson [phone], [e-mail]

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May 02, 2019 02:00 ET (06:00 GMT)