Pershing Square Holdings, Ltd. publishes monthly NAV and performance report for November 2021
Pershing Square Holdings, Ltd. (LN: PSH) (LN: PSHD) (NA: PSH) today released the following regular monthly report on net asset value (NAV) and performance for the month of November 2021. Information has also been released on the PSH 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.
(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 items of income / expenditure are excluded. Several financial instruments (for example, common stocks and derivatives on common stocks) 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) equity or debts are valued at their market value, (b) options referring to equities or debts are marked-to-market, (c) long-term 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 maturity are grouped together 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) swaps or futures contracts referring to shares or debt are marked-to-market for the shares or notional debt underlying the swaps or forwards, except for positions referencing to Pershi ng Square Tontine Holdings, Ltd (âPSTHâ), 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 items of income / expenditure are excluded. The market values ââof 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) âThe assets under management of Pershing Square Holdings, Ltd. âCorrespond 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) âTotal Core Strategy AUMâ corresponds to the net assets of Pershing Square, LP, Pershing Square International, Ltd. and Pershing Square Holdings, Ltd. (collectively, the âbase fundsâ) calculated in accordance with GAAP without deducting 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 into USD at the exchange rate in effect on the closing date, 1.13). 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 âtotal assets under management of the companyâ equals the âtotal assets under management of the basic strategyâ as defined in footnote 7, plus the net assets of PS VII Master, LP and PS VII A International, LP (together, the âPSVII Fundsâ) calculated in accordance with GAAP, without double counting of investments made by a base fund in the PSVII funds. PSVII Funds operate as co-investment vehicles investing primarily in securities of (or seeking to be otherwise exposed to the value of securities issued by) Universal Music Group NV
(9) The âtotal business assets under management + PSTHâ equals âtotal business assets under managementâ as defined in footnote 8, plus $ 4 billion raised during 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.
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 FinancÃ«le 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.
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.