PERSHING SQUARE HOLDINGS: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for July 2022
02 August 2022 - 4:00PM
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 July 2022. 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,
PERSHING SQUARE CAPITAL MANAGEMENT, L.P. LTD. Portfolio Update
July 31, 2022
Summary Results (1) Number of Positions (2)
July YTD 2022
Gross
Performance 10.3% -17.7% Long 9
Net
Performance 10.2% -18.4% Short 0
NAV/Share (in
USD) $46.51 Total 9
NAV/Share (in
GBP) GBP38.19
Equity & Debt Exposure Composition By Portfolio Composition by
Market Cap (3) (4) Sector (5)
Net
Portfolio Long Short
Large Cap 101% 101% 0% Financials Restaurant
Mid Cap 11% 11% 0% Hospitality Retail
Small Cap 0% 0% 0% Media Transportation
Total 112% 112% 0% RE Corp.
Note: Large Cap >= $5b; Mid Cap >= $1b;
Small Cap < $1b
Notional Credit Default Swap
Assets Under Management Exposure
Single Name
and
Pershing Square Sovereign
Holdings, Ltd. AUM(6)* $ 11,435.3M CDS $ 0.0M
Total Core Strategy
AUM(7)* $ 13,133.2M
Total Firm AUM (Includes
PS VII)(8)* $ 14,293.7M
*Includes
bond
proceeds of
$1.8 billion
and EUR500
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. Since May 10,
2022, 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. 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 EUR500 million
translated into USD at the prevailing exchange rate at the reporting date,
1.02). 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 EUR500 million translated into
USD at the prevailing exchange rate at the reporting date, 1.02). 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, 2022, Total Voting Rights were 393,165,567. There are 196,189,618
Public Shares and 1 Special Voting Share (held by VoteCo) outstanding (the
share classes have 1 vote and 196,975,949 votes per share, respectively). In
addition, the Company currently holds 14,767,132 Public Shares in Treasury;
these Public Shares are not eligible to vote. In connection with the payment
of a dividend on June 17, 2022, the high water mark per share has been
adjusted to $57.02.
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 June 30,
2022, the offset amount has been reduced in the aggregate by approximately
$78.4M to $41.6M. 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
June 30, 2022), 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-ended fund.
Category: (PSH:MonthlyNAV)
Media
Camarco
Ed Gascoigne-Pees / Julia Tilley +44 (0)20 3781 8339,
media-pershingsquareholdings@camarco.co.uk
View source version on businesswire.com:
https://www.businesswire.com/news/home/20220801005825/en/
CONTACT:
Pershing Square Holdings, Ltd.
SOURCE: Pershing Square Holdings, Ltd.
Copyright Business Wire 2022
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