NY PERSHING SQUARE: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for February 2021

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 February 2021. 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 HOLDINGS, LTD. 
 
                                              Portfolio Update 
 PERSHING SQUARE CAPITAL MANAGEMENT, L.P.     February 28, 2021 
 
 
 
 Summary Results (1)                         Number of Positions (2) 
               February   YTD 2021 
 Gross 
  Performance  9.4%       8.1%               Long               10 
 Net 
  Performance  8.0%       6.6%               Short              0 
 NAV/Share 
  (in USD)     $48.45                        Total              0 
 NAV/Share 
 (in GBP)      GBP34.77 
 
 
 
 Equity & Debt Exposure Composition By 
 Market Cap (3) (4)                          Portfolio Composition by Sector (5) 
               Net 
               Portfolio  Long  Short 
 
 Large Cap     106%       106%  0%           Financials         Restaurant 
 
 Mid Cap       0%         0%    0%           Hospitality        Retail 
 
                                                                Special Purpose 
                                             Life Science       Acquisition 
 Small Cap     0%         0%    0%           Tools/Industrials  Company 
 
 Total         106%       106%  0%           RE Corp. 
 Note: Large Cap >= $5b; Mid Cap >= $1b; 
 Small Cap < $1b 
 
                                             Notional Credit Default Swap 
 Assets Under Management                     Exposure 
 Pershing Square 
  Holdings, Ltd.                             Single Name and 
  AUM(6)*                  $     11,860.6M   Sovereign CDS      $ 52.2M 
 Total Strategy AUM(7)*    $     13,377.6M 
 Total Strategy AUM + 
  PSTH(8)*                 $     17,377.6M 
 *Includes $2.1B Bond 
  Proceeds 
 
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 
from our underlying portfolio companies. 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. Since June 20, 2019, the Company has 
engaged in share repurchases whereby its buyback agent has repurchased Public 
Shares subject to certain limitations. Any positive impact on performance due to 
these share buybacks is reflected herein. 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, except for positions referencing Pershing Square Tontine Holdings, Ltd 
("PSTH"), which are valued at market value. 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 net assets of Pershing Square 
Holdings, Ltd. calculated in accordance with GAAP without deducting amounts 
attributable to accrued performance fees, while adding back the Company's value of 
its debt outstanding ($2.1 billion). 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 net assets of Pershing Square, L.P., Pershing Square 
International, Ltd. and Pershing Square Holdings, Ltd. (collectively, the "Core 
Funds") calculated in accordance with GAAP without deducting amounts attributable 
to accrued performance fees, while adding back the Company's value of its debt 
outstanding ($2.1 billion). 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 Strategy AUM + 
PSTH" equals the total strategy AUM as defined in footnote 7, plus $4 billion 
raised in the IPO of PSTH, a Delaware corporation, which is a newly organized 
blank-check company formed for the purpose of effecting a merger, capital stock 
exchange, asset acquisition, stock purchase, reorganization or similar business 
combination with one or more businesses. 
 
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 February 28, 2021, Total 
Voting Rights were 399,039,844.  There are 199,120,882 Public Shares and 1 Special 
Voting Share (held by VoteCo) outstanding (the share classes have 1 vote and 
199,918,962 votes per share, respectively). In addition, the Company currently 
holds 11,835,868 Public Shares in Treasury; these Public Shares are not eligible to 
vote.  Following the crystallization event on December 31, 2020, the high water 
mark per Public Share has been set at $45.46. 
 
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 December 31, 2020, the 
offset amount has been reduced in the aggregate by approximately $67.6M to $52.4M. 
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 ($0.0M as of December 31, 2020), 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. 
 

About Pershing Square Holdings, Ltd.

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

Category: (PSH:MonthlyNAV)

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    SOURCE: Pershing Square Holdings, Ltd. 
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March 02, 2021 02:00 ET (07:00 GMT)