PSH Pershing Square Holdings Ltd

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 September 2020. 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. 
 
 PERSHING SQUARE CAPITAL MANAGEMENT, L.P.     Portfolio Update 
 
 
                                             September 30, 2020 
 
 
 
 Summary Results (1)                         Number of Positions (2) 
               September  YTD 2020 
 Gross 
  Performance  1.1%       57.1%              Long               10 
 Net 
  Performance  0.9%       46.9%              Short              0 
 NAV/Share 
  (in USD)     $39.26                        Total              0 
 NAV/Share 
 (in GBP)      GBP30.43 
 
 
 
 Equity & Debt Exposure Composition By       Portfolio Composition by Sector 
 Market Cap (3) (4)                          (5) 
               Net 
               Portfolio  Long  Short 
 
 Large Cap     89%        89%   0%           Financials         Restaurant 
 
 Mid Cap       12%        12%   0%           Hospitality        Retail 
 
                                                                Special 
                                                                Purpose 
                                             Life Science       Acquisition 
 Small Cap     0%         0%    0%           Tools/Industrials  Company 
 
 Total         101%       101%  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)*                 $     9,875.7M     Sovereign CDS      $   0.0M 
 Total Strategy AUM(7)*   $     11,542.6M 
 Total Strategy AUM + 
  PSTH(8)*                $     15,542.6M 
 *Includes $1.6B 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 Company's value of its debt outstanding ($1.6 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 Company's value of its debt outstanding ($1.6 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 
September 30, 2020, Total Voting Rights were 398,792,198. There are 
192,944,999 Public Shares, 5,160,225 Management Shares and 1 Special Voting 
Share (held by VoteCo) outstanding (the share classes have 1 vote, 1.1729 
votes and 199,794,891 votes per share, respectively). In addition, the Company 
currently holds 18,011,751 Public Shares in Treasury; these Public Shares are 
not eligible to vote. In connection with the payment of a dividend on 
September 18, 2020, the high water mark per share has been adjusted to 
$26.69. 
 
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 September 
30, 2020, the offset amount has been reduced in the aggregate by approximately 
$39.6M to $80.4M. 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 ($2.5M as of 
September 30, 2020), 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-end fund that makes concentrated investments principally in North American companies.

Category: (PSH:MonthlyNAV)

Media

Camarco

Ed Gascoigne-Pees / Hazel Stevenson +44 020 3757 4989, media-pershingsquareholdings@camarco.co.uk

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    CONTACT: 

Pershing Square Holdings, Ltd.

 
    SOURCE: Pershing Square Holdings, Ltd. 
Copyright Business Wire 2020 
 

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October 02, 2020 02:00 ET (06:00 GMT)

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