NY PERSHING SQUARE: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for September 2020
02 Octubre 2020 - 1:00AM
UK Regulatory
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.
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