PERSHING SQUARE HOLDINGS: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for May 2023
02 June 2023 - 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 May 2023. 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
May 31, 2023
Summary Results (1) Number of Positions (2)
May YTD 2023
Gross
Performance -1.6% 3.1% Long 10
Net
Performance -1.8% 2.5% Short 0
NAV/Share (in
USD) $52.94 Total 10
NAV/Share
(in GBP) GBP42.55
Equity & Debt Exposure Composition By Portfolio Composition by Sector
Market Cap (3) (4) (5)
Net
Portfolio Long Short
Large Cap 109% 109% 0% Financials Restaurant
Mid Cap 12% 12% 0% Hospitality Retail
Small Cap 0% 0% 0% Media Technology
Total 121% 121% 0% RE Corp. Transportation
Note: Large Cap >= $5b; Mid Cap >= $1b;
Small Cap < $1b
Notional Credit Default Swap
Assets Under Management Exposure
Single Name
and
Pershing Square Holdings, Ltd. Sovereign
AUM(6)* $12,382.4M CDS $0.0M
Total Core Strategy AUM(7)* $14,163.7M
Total Firm AUM (Includes PS
VII)(8)* $15,213.1M
*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, 1.07). 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, 1.07). 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 May 31, 2023, Total
Voting Rights were 380,377,687. There are 189,808,466 Public Shares and 1 Special
Voting Share (held by VoteCo) outstanding (the share classes have 1 vote and
190,569,221 votes per share, respectively). In addition, the Company currently
holds 21,148,284 Public Shares in Treasury; these Public Shares are not eligible
to vote. In connection with the payment of a dividend on March 17, 2023, the high
water mark per share has been adjusted to $56.60.
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 March 31,
2023, 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 ($0.01M as of March 31, 2023), 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)
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/20230601006054/en/
CONTACT:
Pershing Square Holdings, Ltd.
SOURCE: Pershing Square Holdings, Ltd.
Copyright Business Wire 2023
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