NY PERSHING SQUARE: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for May 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 May 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.     May 31, 2021 
 
 
 
 Summary Results (1)                         Number of Positions (2) 
               May        YTD 2021 
 Gross 
  Performance  -2.0%      12.2%              Long               10 
 Net 
  Performance  -1.9%      9.7%               Short              0 
 NAV/Share 
  (in USD)     $49.76                        Total              10 
 NAV/Share 
 (in GBP)      GBP35.03 
 
 Equity & Debt Exposure Composition By       Portfolio Composition by Sector 
 Market Cap (3) (4)                          (5) 
               Net 
               Portfolio  Long  Short 
 
 Large Cap     104%       104%  0%           Financials         Restaurant 
 
 Mid Cap       0%         0%    0%           Hospitality        Retail 
 
                                                                Special 
                                                                Purpose 
                                             Life Science       Acquisition 
 Small Cap     0%         0%    0%           Tools/Industrials  Company 
 
 Total         104%       104%  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)*                 $     12,175.9M    Sovereign CDS      $   52.2M 
 Total Strategy AUM(7)*   $     13,629.2M 
 Total Strategy AUM + 
  PSTH(8)*                $     17,629.2M 
 *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 principal value of the Company's 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 principal value 
of the Company's 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 May 31, 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. In connection with the payment of a dividend on March 19, 
2021, the high water mark per share has been adjusted to $45.37. 
 
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, 
2021, the offset amount has been reduced in the aggregate by approximately 
$67.9M to $52.1M. 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 ($0.1M as of 
March 31, 2021), 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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Ed Gascoigne-Pees / Hazel Stevenson [phone], [e-mail]

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Pershing Square Holdings, Ltd.

 
    SOURCE: Pershing Square Holdings, Ltd. 
Copyright Business Wire 2021 
 

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June 02, 2021 02:00 ET (06:00 GMT)