PERSHING SQUARE HOLDINGS: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for August 2023

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 August 2023. 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 
 
 
                                             August 31, 2023 
 
 Summary Results (1)                         Number of Positions (2) 
               August     YTD 2023 
 Gross 
  Performance  -2.5%      14.8%              Long         10 
 Net 
  Performance  -2.2%      13.0%              Short        0 
 NAV/Share 
  (in USD)     $58.25                        Total        10 
 NAV/Share 
 (in GBP)      GBP45.99 
 
 
 
 Equity & Debt Exposure Composition By       Portfolio Composition by 
 Market Cap (3) (4)                          Sector (5) 
               Net 
               Portfolio  Long  Short 
 
 Large Cap     104%       104%  0%           Financials   Restaurant 
 
 Mid Cap       12%        12%   0%           Hospitality  Retail 
 
 Small Cap     0%         0%    0%           Media        Technology 
 
 Total         116%       116%  0%           RE Corp.     Transportation 
 Note: Large Cap >= $5b; Mid Cap >= $1b; 
  Small Cap < $1b 
 
                                             Notional Credit Default Swap 
 Assets Under Management                     Exposure 
                                             Single Name 
 Pershing Square                             and 
  Holdings, Ltd.                             Sovereign 
  AUM(6)*                 $     13,363.0M    CDS          $    0.0M 
 Total Core Strategy 
  AUM(7)*                 $     15,229.5M 
 Total Firm AUM 
  (Includes PS VII)(8) 
  *                       $     16,545.9M 
 *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. The 
Company has periodically 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, 1.08). 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, 1.08). 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 
August 31, 2023, Total Voting Rights were 376,907,106. There are 188,076,646 
Public Shares and 1 Special Voting Share (held by VoteCo) outstanding (the 
share classes have 1 vote and 188,830,460 votes per share, respectively). In 
addition, the Company currently holds 22,880,104 Public Shares in Treasury; 
these Public Shares are not eligible to vote. In connection with the payment 
of a dividend on June 16, 2023, the high water mark per share has been 
adjusted to $56.47. 
 
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, 
2023, 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 
June 30, 2023), 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 Contact

Camarco

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20230901817045/en/

 
    CONTACT: 

Pershing Square Holdings, Ltd.

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

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September 04, 2023 02:00 ET (06:00 GMT)