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
  50.00 2.03% 2,510.00 225,779 16:35:01
Bid Price Offer Price High Price Low Price Open Price
2,510.00 2,520.00 2,540.00 2,485.00 2,485.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 1,644.77 737.45 3.6 5,437
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:01 UT 43,328 2,510.00 GBX

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Date Time Title Posts
01/3/202108:45PSH trust290
29/3/200608:24PSH with Charts & News6
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
2021-03-01 16:35:012,510.0043,3281,087,532.80UT
2021-03-01 16:27:312,515.0036905.40AT
2021-03-01 16:27:302,515.003869,707.90AT
2021-03-01 16:27:302,515.0014352.10AT
2021-03-01 16:27:302,515.001263,168.90AT
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Pershing Square (PSH) Top Chat Posts

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 2,460p.
Pershing Square Holdings Ltd has a 4 week average price of 2,400p and a 12 week average price of 2,380p.
The 1 year high share price is 2,765p while the 1 year low share price is currently 1,124p.
There are currently 216,616,094 shares in issue and the average daily traded volume is 266,317 shares. The market capitalisation of Pershing Square Holdings Ltd is £5,437,063,959.40.
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: Last report i saw had wts at $83 I think. likewise I´m not sure how they get there, I haven´t tried to model it yet. If PSH go in at $3bn and the Newco trades at a 25% premium (Less than the current PSTH premium) that´s a $750m mark to market gain on day one. I´m not really in PSH for the SPAC, although it´s a bonus if it works. I like the rest of the portfolio in a post Covid rebound. They are quality big names in middle income spending. When people start going out, Burger King, Starbucks, Tim Hortons, Hilton, are good names to be in. Lowes will also continue to benefit from home improvements. The resolution for Freddie and Fannie look further away under Biden but you never know. It´s a solid portfolio at a significant discount
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.
riverman77: How much exposure does PSH actually have to the SPAC? I thought it was only a few percent of the fund but could be a bit more. In any case PSH would be a rather indirect way of getting exposure to the SPAC. That aside, PSH still looks great value on 25% plus discount.
livingstone20: Strangely quiet on here when the Tontine SPAC is so feverishly talked about in the US. Given we were guided to a Q1 announcement, the Feb investor call only said they liked to keep their promises but the timeline was in hands of target there seems a high probability of an announcement in the 4-8 weeks timeframe. That offers a decent chance of a NAV jump and discount narrowing, but more interesting angle for me is then the what next. With their sensible structure and a track record this could then become a SPAC machine with 1 a year. As an entry as UK SPAC serial founder it is well hidden at 20 per cent plus discount hidden from most US investors who are clammering for the Tontine at 45 per cent premium. A Tontine a year at entry prices could be a great kicker for long term performance in PSH - we could be adding a 5-10 per cent stake in a new company regularly at attractive entry points. Fingers crossed that the first one delivers!! Thoughts on PSH as a serial SPAC play?
rachael777: I only raised the dividend issue as i just went back and read through the last few financials and the directors just seem to repeat the mantra of why is our share price as such a discount to NAV, what can we do ? I would like to think that raising the quantum of div from 40c to 80c wouldnt have any huge objection from Ackman given the underlying growth in NAV from when the divi was introduced - after all do you expect it to stay at 40c ad infinitum ? Its not like ackman wont still have a huge wedge of cash at his disposal if he is of a mind to pull off another smart move if and when we get the inevitable market sell off
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.
thruxie: I wouldn't expect any big jumps in share price unless there's news from the SPAC. However once the SPAC is announced expect fireworks... "The stock market is a device for transferring money from the impatient to the patient." - Warren Buffett.
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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