NY PERSHING SQUARE: Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for March 2020
April 02 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 March 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 Portfolio Update
March 31, 2020
Summary Results (1) Number of Positions (2)
March YTD 2020
Gross
Performance 11.9% 4.3% Long 10
Net
Performance 11.1% 3.3% Short 0
NAV/Share
(in USD) $27.72 Total 0
NAV/Share
(in GBP) GBP22.32
Equity & Debt Exposure Composition By
Market Cap (3) (4) Portfolio Composition by Sector (5)
Net
Portfolio Long Short
Large Cap 92% 92% 0% Financials RE Corp.
Mid Cap 14% 14% 0% Hospitality Restaurant
Small Cap 0% 0% 0% Industrials/Insurance Retail
Life Science
Total 106% 106% 0% Tools/Industrials
Note: Large Cap >= $5b; Mid Cap >= $1b;
Small Cap < $1b
Notional Credit Default Swap
Assets Under Management Exposure
Pershing Square Single Name &
Holdings, Ltd. AUM(6) $ 5,773.4M Sovereign CDS $ 0.0M
Total Strategy AUM(7) $ 7,277.4M Total CDS $ 0.0M
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. 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 assets under management of Pershing
Square Holdings, Ltd. 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 aggregate assets under management of Pershing Square, L.P.,
Pershing Square International, Ltd. and Pershing Square Holdings, Ltd.
(collectively, the "Core Funds"). 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.
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 March
31, 2020, Total Voting Rights were 414,877,471. There are 201,314,607 Public
Shares, 5,160,225 Management Shares and 1 Special Voting Share (held by
VoteCo) outstanding (the share classes have 1 vote, 1.1064 votes and
207,853,613 votes per share, respectively). In addition, the Company currently
holds 9,642,143 Public Shares in Treasury; these Public Shares are not
eligible to vote. In connection with the payment of a dividend on March 20,
2020, the high water mark per share has been adjusted to $26.83.
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,
2020, the offset amount has been reduced in the aggregate by approximately
$37.5M to $82.5M. 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 ($0.2M as of
March 31, 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.
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.
Copyright Business Wire 2020
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