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 December 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. 
 
                                                 Portfolio Update 
 PERSHING SQUARE CAPITAL MANAGEMENT, L.P.        December 31, 2020 
 
 
 
 
 
 Summary Results (1)                            Number of Positions (2) 
                   December   YTD 2020 
 Gross 
  Performance      5.2%       85.8%             Long               10 
 Net Performance   4.6%       70.2%             Short              0 
 NAV/Share (in 
  USD)             $45.46                       Total              0 
 NAV/Share (in 
 GBP)              GBP33.24 
 
 
 
 Equity & Debt Exposure Composition By Market 
 Cap (3) (4)                                    Portfolio Composition by Sector (5) 
                   Net 
                   Portfolio  Long  Short 
 
 Large Cap         93%        93%   0%          Financials         Restaurant 
 
 Mid Cap           7%         7%    0%          Hospitality        Retail 
 
                                                                   Special Purpose 
                                                Life Science       Acquisition 
 Small Cap         0%         0%    0%          Tools/Industrials  Company 
 
 Total             100%       100%  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)*                 $     11,844.7M  Sovereign CDS      $ 52.2M 
 Total Strategy AUM(7)*        $     13,602.0M 
 Total Strategy AUM + 
  PSTH(8)*                     $     17,602.0M 
 *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 December 31, 2020, Total 
Voting Rights were 399,039,844.  There are 199,120,882 Public Shares and 1 Special 
Voting Share (held by VoteCo) outstanding (the share classes have 1 vote and 
199,918,962 votes per share, respectively). In addition, the Company currently holds 
11,835,868 Public Shares in Treasury; these Public Shares are not eligible to vote. In 
connection with the payment of a dividend on December 18, 2020, the high water mark 
per share has been adjusted to $26.63. 
 
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, 2020, the 
offset amount has been reduced in the aggregate by approximately $67.6M to $52.4M. 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 ($0.0M as of 
December 31, 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

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

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Pershing Square Holdings, Ltd.

 
    SOURCE: Pershing Square Holdings, Ltd. 
Copyright Business Wire 2021 
 

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