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PSH Pershing Square Holdings Ltd

3,774.00
-46.00 (-1.20%)
26 Jul 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 Shares Traded Last Trade
  -46.00 -1.20% 3,774.00 306,786 16:35:01
Bid Price Offer Price High Price Low Price Open Price
3,770.00 3,774.00 3,880.00 3,722.00 3,870.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty USD 3.14B USD 2.49B USD 13.0449 3.73 7.28B
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:08 AT 153 3,774.00 GBX

Pershing Square (PSH) Latest News

Pershing Square (PSH) Discussions and Chat

Pershing Square Forums and Chat

Date Time Title Posts
26/7/202415:27PSH trust1,073
29/3/200609:24PSH with Charts & News6
27/3/200617:29Why?88
16/12/200517:43A Pearl Amongst the Tiddlers ......35

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Pershing Square (PSH) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-07-26 15:35:083,774.001535,774.22AT
2024-07-26 15:35:013,774.0019,127721,852.98UT
2024-07-26 15:31:313,758.00275.16O
2024-07-26 15:31:303,758.00137.58O
2024-07-26 15:29:593,772.272007,544.53O

Pershing Square (PSH) Top Chat Posts

Top Posts
Posted at 26/7/2024 09:20 by Pershing Square Daily Update
Pershing Square Holdings Ltd is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker PSH. The last closing price for Pershing Square was 3,820p.
Pershing Square currently has 190,576,264 shares in issue. The market capitalisation of Pershing Square is £9,271,535,244.
Pershing Square has a price to earnings ratio (PE ratio) of 3.73.
This morning PSH shares opened at 3,870p
Posted at 25/7/2024 18:04 by jellypbean
I got to 27.5%+, because, as well as its 25% direct holding, PSH also holds 2.5% indirectly, through PSH VII Master LP.

See p115 & 116 of the 2023 Annual Report.
Posted at 25/7/2024 11:12 by jellypbean
OK. From 2023 annual report (311223), UMG was 27.5% of PSH net assets (including 2.5% held through a subsidiary).

Since then. Net assets have increased from 12Bn to 12.6Bn (5%), and UMG share price had (b4 today) increased from 25.33 to 28.38 (12%).

So that makes UMG c.29.5% of PSH NAV b4 todays fall, by my reckoning.
Posted at 25/7/2024 10:45 by jdh1602
gowkirk, PSH holds a large chunk of UMG, and UMG just dropped 28% due to a large unexpected drop in their revenues. Hence, PSH has been hit too! That's always the risk of a high-conviction portfolio of fewer stocks. But we're not sure exactly How much of UMG is held in PSH...see above.
Posted at 25/7/2024 10:16 by jellypbean
So. yesterday's UMG market cap looks to have been 56.4Bn USD.

As of 311023 Ackman held 10.26% of UMG

Latest NAV of PSH was 12.6Bn

What I can't recall is what proportion of Ackmans's holding in UMG was outwith PSH.
Posted at 15/7/2024 14:15 by affemoose
Thank You Donald.

Whilst this doesn't state a date for the IPO it does suggest that it will be within the next 12 months. Purely based on the process they are going through now.

I am not wise enough to judge if it is this year or next though.

Like some here I am at a loss as to how PSUS and PSH can have similar investments yet different fees. This will drive PSH down as the fees are higher for the same NAV. I do not comprehend.
Posted at 10/7/2024 09:21 by donald pond
Aiming for $25bnNot sure how it will work alongside PSH. There will be no fees at PSUS for first year, and unless fees between PSH and PSUS are equalised then you would expect the one with higher fees to be on a higher discount Common sense suggests that is PSH are Bills best ideas then it would make more sense for PSUS to buy PSH (perhaps at a 10% discount to NAV) rather than replicate the underlying holdings. Or give an offer to exchange PSH for PSUS.
Posted at 30/6/2024 11:31 by raj k
I have been a PSH holder for a number of years and im wondering if it would be sensible to also invest in PSUS at launch. I can imagine the stock going to a premium soon after due to it just being Ackman. On the other hand carrying on investing in PSH as its still at a sizeable discount and that could close on launch of PSUS? To people envisage the portoflio to be the same as PSH?

Are others considering investing in PSUS?
Posted at 29/6/2024 11:36 by riverman77
The 2026 IPO is referring to the fund management company that Ackman plans to list. This is separate from the new investment company (ie the US version of PSH) which I understand will list very soon. It is the latter which is most relevant to PSH holders and could potentially close the discount - if this trades at a premium, then the big discount on PSH will surely get arbitraged away.
Posted at 04/6/2024 13:09 by affemoose
It's not that confusing once you ignore the media screwing the names up.

PSH Trust - this trust, the PLC, remains the same. It is managed by Pershing Square Capital Management (PSCM)

PSCM was the private company owned by the exec in Pershing Square and who managed the PSH fund, this is where managemnet fees and performance fees went when PSH paid them. This money then either stayed in the Management company or was paid to the shareholders - the exec. One can only assume there are Tax benefits for managing their earnings this way.

PSCM has sold 10% of it's shares to various funds for $1bn which values the fund at $10Bn. They have mooted that PSCM may IPO and float - a great way for the ageing management team to get cash now and also provide a clear exit route when they give up and go and enjoy their money in retirement.

PSCM have stated that they intend to use some of the $1Bn raised (approx half) to underpin a new, as yet to be launched, US Fund (PS US). The documents for which have been submitted to US Securities commission and it is proposed it will launch 'later' in 2024. The PS US fund will look very similar to PSH. I assume that the initial float of PSUS will raise many billion $ more that will go into the war chest.

PSH is not an Investment Company as it has, does and will use complex financial derivatives to 'bet' on Macro events - not so much atm but i am sure it will again. It hasn't shorted for years but it's done well out of interest rate derivatives etc etc in the past.
Posted at 23/3/2024 09:36 by donald pond
PSH will remain listed but PSUS is a new entity along similar line that has filed for a US listing. What we don't know is how that will affect PSH (other than through the mechanism to reduce fees). If PSUS trades at NAV then I would expect at some point either PSH moves to NAV through arbitrage or the buyback accelerate. But it is inconceivable that there could be 2 very similar funds trading with very different discounts for long. A lot depends on how much PSUS raises. If it dwarfs PSH then it would make sense to wind PSH down
Pershing Square share price data is direct from the London Stock Exchange

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