Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for April 2024
May 01 2024 - 5:26PM
Business Wire
Regulatory News:
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 April 2024. 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 CAPITAL MANAGEMENT, L.P. PERSHING SQUARE HOLDINGS,
LTD.Portfolio Update
April 30, 2024
Summary Results (1) Number of Positions (2)
April YTD 2024 Gross Performance
-1.4%
6.9%
Long
10
Net Performance
-1.3%
5.4%
Short
0
NAV/Share (in USD)
$68.38
Total
10
NAV/Share (in GBP)
£54.73
Equity & Debt Exposure Composition By Market Cap (3)
(4) Portfolio Composition by Sector (5) Net
Portfolio Long Short Large Cap
98%
98%
0%
Financials Restaurant
Mid Cap
10%
10%
0%
Hospitality Special Purpose Rights Company
Small Cap
0%
0%
0%
Media Technology
Total
108%
108%
0%
RE Corp. Transportation Note: Large Cap >= $5b; Mid Cap
>= $1b; Small Cap < $1b
Assets Under Management
Pershing Square Holdings, Ltd. AUM(6)* $ 15,035.3M Total Core
Strategy AUM(7)* $ 17,013.6M Total Firm AUM (Includes PS VII)(8)* $
18,607.1M *Includes bond proceeds of $1.8 billion and €500 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 €500 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 €500 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 April 30, 2024, Total Voting Rights were
368,742,220. There are 184,002,368 Public Shares and 1 Special
Voting Share (held by VoteCo) outstanding (the share classes have 1
vote and 184,739,852 votes per share, respectively). In addition,
the Company currently holds 26,954,382 Public Shares in Treasury;
these Public Shares are not eligible to vote. In connection with
the payment of a dividend on March 15, 2024, the high water mark
per share has been adjusted to $64.90. 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. The
Company pays a performance fee to the investment manager of 16% of
the NAV appreciation on fee-bearing shares above a high water mark,
less an “additional reduction”. The additional reduction is equal
to 20% of the aggregate performance allocations/fees and management
fees (on non-performance fee paying funds) earned by the investment
manager on certain other funds managed by the investment manager
during the calculation period, plus any amount of additional
reduction carried forward from previous calculation periods ($0.0M
as of April 30, 2024).
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)
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Media Contact Camarco Ed Gascoigne-Pees / Julia
Tilley +44 (0)20 3781 8339,
media-pershingsquareholdings@camarco.co.uk