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 September 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 CAPITAL MANAGEMENT, L.P.
PERSHING SQUARE HOLDINGS, LTD.
September 30, 2020
Summary Results (1)
Number of Positions (2)
NAV/Share (in USD)
NAV/Share (in GBP)
Equity & Debt Exposure Composition By Market Cap (3) (4)
Portfolio Composition by Sector (5)
Life Science Tools/Industrials
Special Purpose Acquisition Company
Note: Large Cap >= $5b; Mid Cap >= $1b; Small Cap < $1b
Assets Under Management
Notional Credit Default Swap Exposure
Pershing Square Holdings, Ltd. AUM(6)*
Single Name and Sovereign CDS
Total Strategy AUM(7)*
Total Strategy AUM + PSTH(8)*
*Includes $1.6B 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. 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.
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 September 30, 2020, Total Voting Rights were 398,792,198. There are 192,944,999 Public Shares, 5,160,225 Management Shares and 1 Special Voting Share (held by VoteCo) outstanding (the share classes have 1 vote, 1.1729 votes and 199,794,891 votes per share, respectively). In addition, the Company currently holds 18,011,751 Public Shares in Treasury; these Public Shares are not eligible to vote. In connection with the payment of a dividend on September 18, 2020, the high water mark per share has been adjusted to $26.69.
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 September 30, 2020, the offset amount has been reduced in the aggregate by approximately $39.6M to $80.4M. 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 ($2.5M as of September 30, 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.
Ed Gascoigne-Pees / Hazel Stevenson +44 020 3757 4989, firstname.lastname@example.org
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Pershing Square Holdings, Ltd.