PERSHING SQUARE HOLDINGS: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for June 2022

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 June 2022. 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, 
 PERSHING SQUARE CAPITAL MANAGEMENT, L.P.     LTD. Portfolio Update 
 
 
                                              June 30, 2022 
 
 
 
 Summary Results (1)                          Number of Positions (2) 
                June       YTD 2022 
 Gross 
  Performance   -9.3%      -25.3%             Long         11 
 Net 
  Performance   -9.5%      -26.0%             Short        0 
 NAV/Share (in 
  USD)          $42.19                        Total        11 
 NAV/Share (in 
 GBP)           GBP34.66 
 
 
 
 Equity & Debt Exposure Composition By        Portfolio Composition by 
 Market Cap (3) (4)                           Sector (5) 
                Net 
                Portfolio  Long  Short 
 
 Large Cap      107%       107%  0%           Financials   Restaurant 
 
 Mid Cap        11%        11%   0%           Hospitality  Retail 
 
                                                           Special Purpose 
                                                           Acquisition 
 Small Cap      0%         0%    0%           Media        Company 
 
 Total          118%       118%  0%           RE Corp.     Transportation 
 Note: Large Cap >= $5b; Mid Cap >= $1b; 
  Small Cap < $1b 
 
                                              Notional Credit Default Swap 
 Assets Under Management                      Exposure 
                                              Single Name 
                                              and 
 Pershing Square                              Sovereign 
  Holdings, Ltd. AUM(6)*   $     10,652.1M    CDS          $    0.0M 
 Total Core Strategy 
  AUM(7)*                  $     12,249.1M 
 Total Firm AUM (Includes 
  PS VII)(8)*              $     13,274.2M 
 Total Firm AUM + 
  PSTH(9)*                 $     17,274.2M 
 *Includes bond proceeds 
  of $1.8 billion and 
  EUR500 million 
 
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 Pershing Square Holdings, Ltd.'s (the 
"Company") 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 May 10, 
2022, 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 ($1.8 billion and 
EUR500 million translated into USD at the prevailing exchange rate at the 
reporting date, 1.05). Any performance fees crystallized as of the end of the 
year will be reflected in the following period's AUM. (7) "Total Core 
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 ($1.8 billion and EUR500 million 
translated into USD at the prevailing exchange rate at the reporting date, 
1.05). Redemptions effective as of the end of any period (including 
redemptions attributable to crystallized performance fees, if any) will be 
reflected in the following period's AUM. (8) "Total Firm AUM" equals "Total 
Core Strategy AUM" as defined in footnote 7, plus the net assets of PS VII 
Master, L.P. and PS VII A International, L.P. (together, the "PSVII Funds") 
calculated in accordance with GAAP, without double counting investments made 
by any Core Fund in the PSVII Funds. The PSVII Funds operate as co-investment 
vehicles investing primarily in securities of (or otherwise seeking to be 
exposed to the value of securities issued by) Universal Music Group N.V. (9) 
"Total Firm AUM + PSTH" equals the "Total Firm AUM" as defined in footnote 8, 
plus $4 billion raised in the IPO of PSTH, a Delaware corporation, which is a 
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 
June 30, 2022, Total Voting Rights were 395,526,417. There are 197,367,682 
Public Shares and 1 Special Voting Share (held by VoteCo) outstanding (the 
share classes have 1 vote and 198,158,735 votes per share, respectively). In 
addition, the Company currently holds 13,589,068 Public Shares in Treasury; 
these Public Shares are not eligible to vote. In connection with the payment 
of a dividend on June 17, 2022, the high water mark per share has been 
adjusted to $57.02. 
 
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 June 30, 

2022, the offset amount has been reduced in the aggregate by approximately 
$78.4M to $41.6M. 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 
June 30, 2022), 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.

Category: (PSH:MonthlyNAV)

Media

Camarco

Ed Gascoigne-Pees / Julia Tilley [phone], [e-mail]

View source version on businesswire.com: https://www.businesswire.com/news/home/20220701005448/en/

 
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Pershing Square Holdings, Ltd.

 
    SOURCE: Pershing Square Holdings, Ltd. 
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July 04, 2022 02:00 ET (06:00 GMT)