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 June 2021. 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 CAPITAL MANAGEMENT, L.P. Portfolio Update
June 30, 2021
Summary Results (1) Number of Positions (2)
June YTD 2021
Gross
Performance -2.5% 9.4% Long 10
Net Performance -2.2% 7.3% Short 0
NAV/Share (in
USD) $48.56 Total 10
NAV/Share (in
GBP) GBP35.11
Equity & Debt Exposure Composition By Market
Cap (3) (4) Portfolio Composition by Sector (5)
Net
Portfolio Long Short
Large Cap 99% 99% 0% Financials Restaurant
Mid Cap 5% 5% 0% Hospitality Retail
Special Purpose
Life Science Acquisition
Small Cap 0% 0% 0% Tools/Industrials Company
Total 104% 104% 0% RE Corp.
Note: Large Cap >= $5b; Mid Cap >= $1b; Small
Cap < $1b
Notional Credit Default Swap
Assets Under Management Exposure
Pershing Square Holdings, Single Name and
Ltd. AUM(6)* $ 11,895.1M Sovereign CDS $ 0.0M
Total Strategy AUM(7)* $ 13,322.2M
Total Strategy AUM +
PSTH(8)* $ 17,322.2M
*Includes $2.1B
Bond Proceeds
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.
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, except for positions referencing Pershing Square Tontine
Holdings, Ltd ("PSTH"), which are valued at market value. 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 ($2.1 billion). 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 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 ($2.1 billion). 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.
(8) "Total Strategy AUM + PSTH" equals the total strategy AUM as
defined in footnote 7, plus $4 billion raised in the IPO of PSTH, a
Delaware corporation, which is a newly organized blank-check
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses.
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 June 30, 2021, Total Voting Rights
were 399,039,844. There are 199,120,882 Public Shares and 1 Special
Voting Share (held by VoteCo) outstanding (the share classes have 1
vote and 199,918,962 votes per share, respectively). In addition,
the Company currently holds 11,835,868 Public Shares in Treasury;
these Public Shares are not eligible to vote. In connection with
the payment of a dividend on June 18, 2021, the high water mark per
share has been adjusted to $45.28.
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, 2021, the offset amount has been reduced
in the aggregate by approximately $68.1M to $51.9M. 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, 2021), 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 that
makes concentrated investments principally in North American
domiciled companies.
Category: (PSH:MonthlyNAV)
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/20210701005949/en/
CONTACT:
Pershing Square Holdings, Ltd.
SOURCE: Pershing Square Holdings, Ltd.
Copyright Business Wire 2021
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