LONDON--(BUSINESS WIRE)--Regulatory News:
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 2019. 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.|
June 30, 2019
|Summary Results (1)||Number of Positions (2)|
|NAV/Share (in USD)||$24.92||Total||0|
|NAV/Share (in GBP)||£19.63|
|Equity & Debt Exposure Composition By Market Cap (3) (4)||Portfolio Composition by Sector (5)|
|Large Cap||114||%||114||%||0%||Business Services||Restaurant|
|Note: Large Cap >= $5b; Mid Cap >= $1b; Small Cap < $1b|
|Assets Under Management||Notional Credit Default Swap Exposure|
|Pershing Square Holdings, Ltd. AUM(6)||$||5,516.8M||Single Name & Sovereign CDS||$||0.0M|
|Total Strategy AUM(7)||$||7,711.8M|
|Total Firm AUM(8)||$||8,563.0M||Total CDS||$||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
(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. On June 20, 2019, the Company began its share
buyback program whereby its buyback agent began to repurchase
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
(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
(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.
(8) “Total Firm AUM” is the aggregate of Total Strategy AUM and the assets under management of Pershing Square VI Master, L.P. which operates as a co-investment vehicle investing primarily in securities of (or otherwise seeking to be exposed to the value of securities issued by) Automatic Data Processing, Inc. (“PSVI”) without double counting investments by any Core Fund in PSVI.
|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, 2019, Total Voting Rights were 443,561,970. There are 216,197,854 Public Shares, 4,754,338 Management Shares and 1 Special Voting Share (held by VoteCo) outstanding (the share classes have 1 vote, 1.0810 votes and 222,224,547 votes per share, respectively). In connection with the payment of a dividend on June 21, 2019, the high water mark per share has been adjusted to $26.15.|
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).
|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, 2019, the offset amount was reduced by approximately $19.2M to $100.8M. 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 ($3.1M as of June 30, 2019), 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. The investment management agreement between PSH and the investment manager was amended on December 1, 2016 to remove any accretion in the computation of the offset amount.|
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.