TIDMPSH
Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value
and Performance Report for November 2020
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 November 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
November 30, 2020
Summary Results (1) Number of Positions (2)
November YTD 2020
Gross
Performance 15.2% 76.7% Long 10
Net Performance 13.4% 62.8% Short 0
NAV/Share (in
USD) $43.57 Total 0
NAV/Share (in
GBP) GBP32.68
Equity & Debt Exposure Composition By Market
Cap (3) (4) Portfolio Composition by Sector (5)
Net
Portfolio Long Short
Large Cap 92% 92% 0% Financials Restaurant
Mid Cap 7% 7% 0% Hospitality Retail
Special Purpose
Life Science Acquisition
Small Cap 0% 0% 0% Tools/Industrials Company
Total 99% 99% 0% RE Corp.
Note: Large Cap >= $5b; Mid Cap >= $1b; Small
Cap < $1b
Notional Credit Default Swap
Assets Under Management Exposure
Pershing Square Holdings, Single Name and
Ltd. AUM(6)* $ 11,394.6M Sovereign CDS $ 0.0M
Total Strategy AUM(7)* $ 13,073.9M
Total Strategy AUM +
PSTH(8)* $ 17,073.9M
*Includes $2.1B
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 ($2.1 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 ($2.1 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 November 30, 2020, Total Voting
Rights were 398,967,874. 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, 1.1899 votes and 199,882,905 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 Contact
Camarco
Ed Gascoigne-Pees / Hazel Stevenson +44 020 3757 4989,
media-pershingsquareholdings@camarco.co.uk
View source version on businesswire.com:
https://www.businesswire.com/news/home/20201201006222/en/
CONTACT:
Pershing Square Holdings, Ltd.
SOURCE: Pershing Square Holdings, Ltd.
Copyright Business Wire 2020
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December 02, 2020 02:00 ET (07:00 GMT)
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