NY PERSHING SQUARE: Pershing Square Holdings, Ltd. Releases Communication to Shareholders, Weekly Net Asset Value and Year-To...
10 March 2020 - 6:00PM
UK Regulatory
TIDMPSH
Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) today
released weekly Net Asset Value ("NAV") and performance returns on
its website,
https://www.pershingsquareholdings.com/company-reports/weekly-navs/.
The NAV and returns were computed as of the close of business on
Monday, 9 March 2020. PSH NAV per share as of close of business on
9 March 2020 was 27.70 USD / 21.13 GBP and its year-to-date
performance was 2.8%.
PSH also released the following communication to shareholders
from the investment manager:
Dear PSH Shareholder,
We are reporting our NAV today so that shareholders are informed
of the materially positive impact on NAV of various hedges that we
previously acquired to protect the portfolio from downward market
volatility. As we explained in our March 3, 2020 communication, we
have acquired large notional hedges with asymmetric payoff
characteristics which will help to mitigate portfolio losses in
severe market declines, while reducing the portfolio's upside
potential if markets recover. While recent market declines have
caused the market values of our portfolio companies to decline
substantially, the increased value of our hedges has more than
compensated for these losses as you will note from today's reported
results.
We expect the capital markets and our portfolio to continue to
be volatile. If markets recover, our hedges will become less
valuable, and our portfolio companies will likely rise in value.
Despite recent market declines, we believe that equity and credit
markets have not sufficiently discounted the economic risks of
coronavirus.
The NAV released today will be the only NAV provided this week.
We will go back to our normal NAV and performance reporting
schedule next week by reporting PSH NAV and performance as of
Tuesday night's close on Wednesday evening.
Sincerely,
William A. Ackman
In the ordinary course, weekly net asset value ("NAV") is
calculated as of the close of business on each Tuesday and posted
on the following business day. In the event that Tuesday is not a
business day, the Company will calculate the close-of-business NAV
as of the business day immediately preceding that Tuesday. The
end-of-month NAV is calculated as of the close of business on the
last day of the month and posted on the following business day. For
weeks that include a month-end NAV report, PSH will provide only
the month-end NAV and not report the Tuesday NAV. Monthly NAVs are
published in accordance with the Decree on Conduct of Business
Supervision of Financial Undertakings under the Wft (Besluit
Gedragstoezicht financiële ondernemingen Wft).
Performance is presented on a net-of-fees basis and reflects the
deduction of, among other expenses: management fees, brokerage
commissions, administrative fees and accrued performance fees, if
any. The performance figure includes the reinvestment of all
dividends, interest and capital gains. Depending on the timing of a
specific investment, net performance for an individual investor may
vary from the net performance as stated herein. Net performance is
a geometrically linked time weighted calculation.
Past performance is not necessarily indicative of future
results. All investments involve risk including the loss of
principal.
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 that
makes concentrated investments principally in North American
companies.
Media
Camarco
Ed Gascoigne-Pees / Hazel Stevenson +44 020 3757 4989,
media-pershingsquareholdings@camarco.co.uk
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200310005265/en/
CONTACT:
Pershing Square Holdings, Ltd.
SOURCE: Pershing Square Holdings, Ltd.
Copyright Business Wire 2020
(END) Dow Jones Newswires
March 10, 2020 03:00 ET (07:00 GMT)
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