Pershing Square Holdings, Ltd. publishes monthly net asset value and performance report for September 2021


LONDON, 01 October 2021– (COMMERCIAL THREAD) – Regulatory news:

Pershing Square Holdings, Ltd. (LN: PSH) (LN: PSHD) (NA: PSH) today published the regular monthly report on the net asset value (NAV) and performance for the month of September 2021. The information has also been published on the website PSH Internet, www.pershingsquareholdings.com. The monthly net asset value and performance are calculated at the close of business on the last working day of the month.

PERSHING SQUARE CAPITAL MANAGEMENT, SEC

PERSHING SQUARE HOLDINGS, LTD.

Portfolio update

September 30, 2021

Summary of Findings (1)

Number of posts (2)

September

Year-to-date 2021

Gross yield

5.0%

15.7%

Long

ten

Net return

4.2%

12.2%

Short

0

NAV / Share (in USD)

$ 50.69

Total

ten

NAV / Share (in GBP)

£ 37.62

Composition of exposure to equities and debt by market capitalization (3) (4)

Portfolio composition by sector (5)

Net portfolio

Long

Short

Large cap

101%

101%

0%

Finance

Restaurant

Average capitalization

13%

13%

0%

Hospitality

Retail

Small cap

0%

0%

0%

Media

Ad hoc acquisition company

Total

114%

114%

0%

RE Corp.

Note: large cap> = $ 5; Mid Cap> = $ 1 billion; Small cap

Assets under management

Notional exposure to credit default swap

Management of assets under management of Pershing Square Holdings, Ltd.(6) *

$

13,312.3 million

Sovereign Single Name CDS

$

0.0M

Total assets under management of the core strategy(7) *

$

15,296.2 million

Total assets under management of the company (including PS VII) (8) *

$

16,591.8 million

Total assets under firm management + PSTH(9) *

$

20,591.8 million

* Includes bond proceeds of $ 2.43 billion and € 500 million

PREVIOUS PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All investments involve the possibility of profit and the risk of loss, including loss of principal. This document does not constitute an offer to sell or the solicitation of an offer to buy 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 basis and net of costs. Net returns reflect the deduction of, among other expenses, management fees, brokerage commissions, administrative fees and performance fees accrued and / or crystallized, as applicable, and include the reinvestment of all dividends, interest and capital gains of our underlying portfolio companies. Net returns reflect the performance of the public shares of Pershing Square Holdings, Ltd. (the society “). Depending on the timing of an individual investor’s specific investment, the net performance for an individual investor may differ from the net performance as set forth herein. Gross returns reflect the overall performance of the Company’s shares and are presented before the deduction of management fees and performance fees, if any. Performance data and other information contained in this document are estimated and unaudited. Performance is based on the dollar return for the specific period, including all dividends paid by the Company, calculated from the start of that period to the end of that 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 currencies or other hedges and income / expense items are excluded. Multiple financial instruments (for example, common stocks 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 deleted from the table only if the investment becomes 0.0% of the portfolio.

(3) For the purpose of determining equity and debt exposures, investments are valued as follows: (a) shares or debt are valued at their market value, (b) options referring to shares or debts are marked to market, (c) 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 financial year and the same expiry date are grouped and treated as synthetic positions in equities, and are valued at the market value of the equivalent long position in equities (or vice versa, the equivalent short position in equities), and (d ) equity swaps or futures or debt are marked-to-market of the shares or notional debt underlying the swaps or futures, except for positions referencing Pershing Square Tontine Holdings, Ltd (“PSTH ”), Which are marked to market. Whether a position is considered long or short is determined by the positive or negative exposure of an investment to rising or falling prices. For example, long put options are considered short exposure.

(4) Includes all issuer equity, debt and derivatives related to equity and issuer debt, as well as associated currency hedges. Cash, cash equivalents, direct or indirect currencies or other hedges and income / expense items are excluded. The market values ​​of the associated currency hedges are included in the associated investment. In the event of a change in market capitalization category from an undisclosed position, this information is not updated until that position is publicly disclosed.

(5) The composition of the portfolio reflects the portfolio positions made public at the date of this report. A position in an issuer is not assigned to a sector until it has been made public.

(6) “Pershing Square Holdings, Ltd. AUM” is equal to the net assets of Pershing Square Holdings, Ltd. calculated in accordance with GAAP without deduction of amounts attributable to accrued performance fees, while adding the principal value of the outstanding debt of the Company ($ 2.43 billion euros and 500 million euros converted to USD at the rate of changes in effect on the balance sheet date). Any performance fees crystallized at the end of the year will be reflected in the assets under management for the following period.

(7) “Total Core Strategy AUM” corresponds to the net assets of Pershing Square, LP, Pershing Square International, Ltd. and Pershing Square Holdings, Ltd. (collectively, the “Core Funds”) calculated in accordance with GAAP without deduction of the amounts attributable to the cumulative performance fees, while adding the principal value of the outstanding debt of the Company (2.43 billion euros and 500 million euros converted into USD at the exchange rate in effect on the closing date). Redemptions effective at the end of any period (including redemptions attributable to crystallized performance fees / allocations, if applicable) will be reflected in assets under management for the following period.

(8) The “total assets under management of the company” is equal to the “total assets under management of the basic strategy” as defined in footnote 7, plus the net assets of PS VII Master , LP (“PSVII”) calculated in accordance with GAAP, without double counting of investments made by a Fund in PSVII. PSVII operates as a co-investment vehicle investing primarily in securities of (or seeking to be otherwise exposed to the value of securities issued by) Universal Music Group BV

(9) “Total Business Assets Under Management + PSTH” equals “Total Business Assets Under Management” as defined in Footnote 8, plus $ 4 billion raised in the IPO of PSTH, a Delaware corporation, which is a blank check company incorporated for the purpose of effecting a merger, stock exchange, asset acquisition, share purchase, reorganization or a similar business combination with one or more businesses.

Note: Each public share of the company carries one vote per share at all times. The total voting rights of the Company (“Total voting rights”) may vary over time taking into account the capital and voting structure of the Company. As of September 30, 2021, the total voting rights were 399,039,844. There are 199,120,882 public shares and 1 share with special voting rights (held by VoteCo) outstanding (the categories of shares have respectively 1 vote and 199,918,962 votes per share). In addition, the Company currently holds 11,835,868 treasury shares; these public shares do not give voting rights. In connection with the payment of a dividend on September 17, 2021, the high water mark per share has been adjusted to $ 45.18.

Under the Dutch Financial Supervision Act (Wet op het financieel toezicht), any person who directly or indirectly acquires or disposes of Company shares and holds voting rights reaching, exceeding or falling below certain thresholds (including 3%, 5% and 10%) of the total voting rights must inform the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financële Markten).

In addition, under the Articles of Association of the Company, a person is required to inform the Company of the number of Public Shares that he or she holds or is deemed to hold (through the direct or indirect holding of financial instruments by that person) if this number reaches, exceeds or falls below 3%, 4%, 4.25%, 4.50%, 4.75% or 5% of the total number of public shares in circulation.

On the date of the placement of the public shares, the total amount of compensation, which is part of the performance fee calculation, was $ 120 million. As at September 30, 2021, the amount of compensation has been reduced in total from approximately $ 68.2 million to $ 51.8 million. The performance fee that may be deducted from time to time on paid shares is equal to 16% of the appreciation of the net asset value less the “additional reduction”. The additional reduction is equal to 20% of the cumulative performance allowances / fees received by the investment manager on the earnings of certain other funds managed by the investment manager plus any additional reduction amount carried over from the previous period (0, $ 0M as of September 30, 2021), and is calculated after taking into account the amount of compensation. The offset amount compensates for the additional reduction until it is fully reduced to zero. On the date of the placement, the total amount of compensation was set by reference to the sum of the costs and other costs of placing and admitting the Public Shares, as well as the commissions paid to the placement agents and other training costs and pre-admission offers that had been supported 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.

Category: (PSH: monthly NAV)

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211001005746/en/

Contacts

Camarco
Ed Gascoigne-Pees / Julia Tilley +44 (0) 20 3781 8339, [email protected]


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