PERSHING SQUARE HOLDINGS: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for December 2022
04 January 2023 - 6:00PM
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 December 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
December 31, 2022
Summary Results (1) Number of Positions (2)
December YTD 2022
Gross
Performance -4.1% -7.4% Long 9
Net
Performance -4.2% -8.8% Short 0
NAV/Share (in
USD) $51.76 Total 9
NAV/Share (in
GBP) GBP42.82
Equity & Debt Exposure Composition By Portfolio Composition by
Market Cap (3) (4) Sector (5)
Net
Portfolio Long Short
Large Cap 96% 96% 0% Financials Restaurant
Mid Cap 11% 11% 0% Hospitality Retail
Small Cap 0% 0% 0% Media Transportation
Total 107% 107% 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)* $ 12,215.2M CDS $ 0.0M
Total Core Strategy
AUM(7)* $ 14,061.7M
Total Firm AUM (Includes
PS VII)(8)* $ 15,325.1M
*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 December 31, 2022, Total Voting Rights were 382,481,848. There are
190,858,442 Public Shares and 1 Special Voting Share (held by VoteCo)
outstanding (the share classes have 1 vote and 191,623,406 votes per
share, respectively). In addition, the Company currently holds 20,098,308
Public Shares in Treasury; these Public Shares are not eligible to vote.
In connection with the payment of a dividend on December 16, 2022, the
high water mark per share has been adjusted to $56.74.
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
December 31, 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 ($0.01M as of December 31, 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)
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/20230103005826/en/
CONTACT:
Pershing Square Holdings, Ltd.
SOURCE: Pershing Square Holdings, Ltd.
Copyright Business Wire 2023
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