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 Shares Traded Last Trade
  15.00 0.6% 2,530.00 85,854 16:26:50
Bid Price Offer Price High Price Low Price Open Price
2,520.00 2,530.00 2,530.00 2,515.00 2,525.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 1,644.77 737.45 3.6 5,480
Last Trade Time Trade Type Trade Size Trade Price Currency
17:06:10 O 614 2,525.076 GBX

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Date Time Title Posts
11/6/202117:40PSH trust379
29/3/200609:24PSH with Charts & News6
16/12/200517:43A Pearl Amongst the Tiddlers ......35

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Pershing Square Daily Update: Pershing Square Holdings Ltd is listed in the General Financial sector of the London Stock Exchange with ticker PSH. The last closing price for Pershing Square was 2,515p.
Pershing Square Holdings Ltd has a 4 week average price of 2,515p and a 12 week average price of 2,485p.
The 1 year high share price is 2,845p while the 1 year low share price is currently 1,802p.
There are currently 216,616,094 shares in issue and the average daily traded volume is 106,764 shares. The market capitalisation of Pershing Square Holdings Ltd is £5,480,387,178.20.
thruxie: I think the PSTH UMG Remainco PSTH2 deal is complex for some in the market to fathom, they don't seem to like uncertainty. However, I'm also convinced in years to come many will be kicking themselves they didn't buy. I've bought more PSH today, much as I like PSTH I like the discount to NAV through PSH more. :)
kinbasket: I bought some Tontine today. I decided I wanted some direct interest outside of PSH. I think the downside is limited as UMG at 14.75 seems cheap. Goldmans has already put a higher value on it and I don't think I'll get a better chance to own a blue chip like UMG at this price. Plus I get the future optionality on all Bills deals at the same price he pays. Feels a bit like a thing I might regret not buying in a few years so I bought a few to tuck away.
rickyl1: Quite bullish actually. Sentiment starting to change and hopefully starts to translate in PSH terms soon, depending on market outlook overall obviously.
grahamg8: kinbasket, you've been on the Vivendi site haven't you? Lots of information on the deal there. My take is that the Tencent consortium bought 20%, Tontine will have 10%, Vivendi retain 10% with lock in clause, and 60% shares are distributed to the Vivendi shareholders. Then Tontine distribute their 10% to their own shareholders leaving a cash shell SPAC/SPARC available to do another deal. With a newly listed 35bn Euro company from September the price action is likely to start then as fund managers try to buy into a must have share. Possible future dual listing in New York?
ntv: Nett assets near all time but share price not
thruxie: Kinbasket - thanks, food for thought. A saving grace for PSH is that it's closed end, in liquid stocks and has a hedge in place. Personally I wouldn't touch ARK with a bargepole however last time I checked I'm 21.7% PSH. I'm also concerned generally about market valuations ATM so I've gradually gone from 100% stocks to 60% now. On successful completion of the SPAC I might trim PSH back but I reckon there's still some covid recovery play before the market completely tanks....but who knows!
livingstone20: Sadly spend evening reviewing PSH and Tontine. 1)Feb shareholder call showed Tontine as contributing 13% of the $4bn gains ins 2020 & August shareholder letter showed that it is marked to market with some details - estimate value in portfolio today is about 5% and $500m, which is pretty good on $65m warrant investment. 2)Shareholder call stated ‘very unlikely’ to require more than $5bn (which includes only min $1bn from PSH) 3) Warrants give PSH right to buy 1.5-2% of target at just 20% premium to IPO price 4) Tontine I seems close, Bill described last week as ‘big’ and last night tweeted 3 times in manner that looks to be trying to support PSTH price post imminent announcement 5)Tontine II legal formed and Bill confirmed Tontine I long holders would get priority - which should held limit ‘sell on the deal’ exodus 6) A right to buy 2% at IPO +20% could be worth nothing at worst, but at best really attractive. eg. If took $5bn of a $50bn Stripe and it doubled PSH would gain $2bn of NAV with limited downside when adding the return on commitment. 7) Much of the SPAC risk is to those buying them rather than selling them. If the sold Tontine structure is the winner it looks then deal flow of SPACs could be a great enhancer if the core PSH recovery portfolio returns. All in all I think there is a decent chance of a 10-20% NAV increase in PSH in next 2 months as this all becomes more visible to market. As ever welcome more views.
kinbasket: AIUI and I´m happy to be corrected, Tontine is a nominal holding in that PSH only holds all the warrants at the moment. ($65m cost). This is the only investment to date. PSH has a forward commitment of $1bn and an option of a further $2bn when the target is bought. If I understand it correctly, this means PSH gets up to $3bn of the new company at par. i.e. $20 per share. So when a target is identified and completed we get to buy in at an effective discount assuming the new company is priced above par by the market. Hope that makes sense. Like I said happy to be corrected.
boozey: arja from the company profile: Investec PLC is an international, specialist bank & asset manager that provides a range of financial products & services to a select client base in the UK. Its business divisions includes Asset Management, Wealth and Investment and Specialist Banking. It split off its core asset management arm ''ninety one'' about a year ago but still maintains a significant holding in it. The share price of INVP is driven by its NAV (although has become detached from it in recent times). I am invested is PSH and INV because of the discount to NAV and opportunities they present.
davebowler: Liberum; Pershing Square Holdings Record year for NAV performance in 2019 Mkt Cap £3,031m | Prem/(disc) -36.1% | Div yield 2.3% Event Pershing Square Holdings delivered a NAV total return of 58.1% during 2019, the highest return generated by the manager since inception of the strategy in 2004. This compared to the S&P 500, which increased 31.5% over the same period. From 1 January to 31 March 2020, the company's NAV has increased 3.3% compared to a 19.6% decline in the S&P 500. NAV performance in 2019 was driven by particularly strong share price performance from Chipotle (+93.9%) and Hilton (+55.5%), which were both relatively large positions in the portfolio. During the year, PSH made new investments in Agilent Technologies and Berkshire Hathaway and exited its positions in Automatic Data Processing, Platform Specialty Products and United Technologies. It also exited its position in Starbucks in January 2020, although has since made a new investment in the company following the decline in share price caused by the outbreak of Covid-19. Over the course of 2019 the company approved share buyback programmes totalling $300m. An additional $100m buyback programme has been announced today. During the year $174m of shares were repurchased at an average discount to NAV of 28%, which contributed 1.9% to NAV accretion. In total, since 2017 PSH has repurchased $671m of shares and the manager has purchased a further $540m, reducing the free float by 32.9% since IPO. Following the outbreak of coronavirus in 2020, the manager made the decision to enter into hedging transactions in early March. Two weeks later the company unwound these hedges, generating proceeds of $2.1bn for the fund. These proceeds have been largely redeployed, adding to its investments in Agilent, Berkshire Hathaway, Hilton, Lowe’s and Restaurant Brands. The company currently has c.18% in cash. Liberum view 2019 represented a record year of returns for PSH and this out-performance vs the S&P 500 has continued in 2020 to-date. The hedging strategy, in the form of credit protection on global investment grade and high yield credit indices, contributed 37.7% to NAV growth in the two weeks they were held. A large proportion of the net proceeds from the sale of the hedges were used to invest $432m in a secondary share offering by Howard Hughes. Management and its affiliates have been purchasing shares during the year and now own more than 22% of the total shares outstanding, ensuring alignment of interests with shareholders. Despite the strong performance of the fund, substantial buybacks and introduction of a dividend, PSH continues to trade on a 36.1% discount to NAV, which we believe is attractive.
Pershing Square share price data is direct from the London Stock Exchange
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