Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for July 2024
01 Agosto 2024 - 4:16PM
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 July 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
July 31, 2024
Summary Results (1) Number of Positions (2)
July
YTD 2024
Gross Performance
-5.4%
1.7%
Long
13
Net Performance
-4.7%
0.7%
Short
0
NAV/Share (in USD)
$65.20
Total
13
NAV/Share (in GBP)
£50.72
Equity & Debt Exposure Composition By Market Cap (3)
(4) Portfolio Composition by Sector (5) Net
Portfolio Long Short Large Cap
107%
107%
0%
Financials Restaurant
Mid Cap
12%
12%
0%
Hospitality Special Purpose Rights Company
Small Cap
0%
0%
0%
Leisure & Hospitality Technology
Total
119%
119%
0%
Media Transportation Note: Large Cap >= $5b; Mid Cap
>= $1b; Small Cap < $1b RE Corp. Undisclosed
Assets Under
Management Pershing Square Holdings, Ltd. AUM(6)* $ 14,352.8M
Total Core Strategy AUM(7)* $ 16,188.8M Total Firm AUM (Includes PS
VII)(8)* $ 17,483.4M *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. 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, 1.08). 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 €500 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 July 31, 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 June 14, 2024, the high water mark per
share has been adjusted to $64.77. 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 June 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 Camarco Ed Gascoigne-Pees / Julia Tilley +44
(0)20 3781 8339, media-pershingsquareholdings@camarco.co.uk