PERSHING SQUARE HOLDINGS: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for December 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 December 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 
 
 
                                              December 31, 2022 
 
 
 
 Summary Results (1)                          Number of Positions (2) 
                December   YTD 2022 
 Gross 
  Performance   -4.1%      -7.4%              Long         9 
 Net 
  Performance   -4.2%      -8.8%              Short        0 
 NAV/Share (in 
  USD)          $51.76                        Total        9 
 NAV/Share (in 
 GBP)           GBP42.82 
 
 
 
 Equity & Debt Exposure Composition By        Portfolio Composition by 
 Market Cap (3) (4)                           Sector (5) 
                Net 
                Portfolio  Long  Short 
 
 Large Cap      96%        96%   0%           Financials   Restaurant 
 
 Mid Cap        11%        11%   0%           Hospitality  Retail 
 
 Small Cap      0%         0%    0%           Media        Transportation 
 
 Total          107%       107%  0%           RE Corp. 
 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)*   $     12,215.2M    CDS          $    0.0M 
 Total Core Strategy 
  AUM(7)*                  $     14,061.7M 
 Total Firm AUM (Includes 
  PS VII)(8)*              $     15,325.1M 
 *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. 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, 1.07). 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, 1.07). 
 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. 
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 December 31, 2022, Total Voting Rights were 382,481,848. There are 
 190,858,442 Public Shares and 1 Special Voting Share (held by VoteCo) 
 outstanding (the share classes have 1 vote and 191,623,406 votes per 
 share, respectively). In addition, the Company currently holds 20,098,308 
 Public Shares in Treasury; these Public Shares are not eligible to vote. 
 In connection with the payment of a dividend on December 16, 2022, the 
 high water mark per share has been adjusted to $56.74. 
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, 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 ($0.01M as of December 31, 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)

Camarco

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20230103005826/en/

 
    CONTACT: 

Pershing Square Holdings, Ltd.

 
    SOURCE: Pershing Square Holdings, Ltd. 
Copyright Business Wire 2023 
 

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January 04, 2023 02:00 ET (07:00 GMT)