Pershing Square Holdings, Ltd. publishes monthly report on net asset value and performance for August 2021
Pershing Square Holdings, Ltd. (LN: PSH) (LN: PSHD) (NA: PSH) today published the following regular monthly report on the net asset value (NAV) and performance for the month of August 2021. The information has also been published on PSH’s website, 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.
August 31, 2021
(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 exposure to equities and debts, investments are valued as follows: (a) equities or debts are valued at market value, (b) options referring to equities or debt 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 at the equity or notional debt underlying the swaps or futures, except for positions referencing Pershing Square Tontine Holdings, Ltd ( “PSTH”), which are valued at market value. 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) The “assets under management of Pershing Square Holdings, Ltd. ”Correspond to the net assets of Pershing Square Holdings, Ltd. calculated in accordance with GAAP without deducting amounts attributable to accrued performance fees, while adding the principal value of the Company’s outstanding debt ($ 2.1 billion). Any performance fees crystallized at the end of the year will be reflected in the assets under management for the following period.
(7) “Core Strategy Total Assets Under Management” corresponds to the net assets of Pershing Square, LP, Pershing Square International, Ltd. and Pershing Square Holdings, Ltd. (collectively, the “base funds”) calculated in accordance with GAAP without deducting amounts attributable to accrued performance fees, while adding back the principal value of the outstanding debt of the Company ($ 2.1 billion). 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.
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.
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.
Source: Pershing Square Holdings, Ltd.