AMSTERDAM--(BUSINESS WIRE)--Regulatory News:
Pershing Square Holdings, Ltd. (ticker: PSH) today released the following regular monthly Net Asset Value (NAV) and Performance Report for the month of October 2014. The information has also been posted to the PSH website, www.pershingsquareholdings.com. Monthly net asset value and performance are calculated as of the close of business on the last business day of the month.
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PERSHING SQUARE
Portfolio Update
October 2014 |
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| Summary Results | Number of Positions > 0.5% | |||||||||||||
| October | YTD 2014 | |||||||||||||
| Gross Performance | 1.8% | 43.4% | Long | 10 | ||||||||||
| Net Performance(1) | 1.4% | 35.0% | Short | 1 | ||||||||||
| NAV/Share | $25.35 | Total | 11 | |||||||||||
| Equity & Debt Exposure Composition By Market Cap (2) | Portfolio Composition by Sector (3) | |||||||||||||
| Net Portfolio |
Long |
Short | ||||||||||||
| Large Cap | 85% | 85% | 0% | Consumer Products |
RE Corp. |
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| Mid Cap | 0% | 6% | -6% | Financials |
Restaurant |
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| Small Cap | 0% | 0% | 0% | Healthcare |
Transportation |
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| Total | 85% | 91% | -6% | Industrials/Chemicals |
Undisclosed Position |
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| Note: Large Cap >= $5b; Mid Cap >= $1b; Small Cap < $1b | ||||||||||||||
| Assets Under Management | Notional Credit Default Swap Exposure | |||||||||||||
| Pershing Square Holdings, Ltd. AUM | $ | 6,301.1M | Single Name & Sovereign CDS |
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$ 85.3M |
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| Total Strategy AUM(4) | $ |
17,540.6M |
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| Total Firm AUM(5) | $ | 18,046.1M | Total CDS |
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$ 85.3M |
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PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All investments involve risk 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.
(1) Performance results are presented on a net-of-fees basis and reflect the deduction of, among other expenses: management fees, brokerage commissions, administrative fees, and accrued performance fee, if any. Net performance includes the reinvestment of all dividends, interest, and capital gains. Depending on the timing of a specific investment, net performance for an individual investor may vary from the net performance as stated herein. Performance data and other information contained herein are estimated and unaudited. Net performance is a geometrically linked time weighted calculation.
(2) Includes equity and debt securities and derivatives (including swaps and options) relating to equity and debt securities. The market cap category of non-publicly disclosed positions is not updated until the position becomes publicly disclosed.
(3) Portfolio composition is reflective of the portfolio as of the date of this report, but is not necessarily indicative of the composition of the portfolio in the future.
(4) “Total Strategy AUM” is the aggregate assets under management of Pershing Square, L.P., Pershing Square International, Ltd., Pershing Square II, L.P. and Pershing Square Holdings, Ltd., net of any capital redemptions effective as of the date of this report.
(5) “Total Firm AUM” is the aggregate of the Total Strategy AUM and the assets under management of PS V, L.P., PS V International, Ltd. and affiliated entities (collectively, “PSV”), less amounts invested in PSV by the entities listed above (as applicable), net of any capital redemptions effective as of the date of this report.
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 October 31, 2014, Total Voting Rights were 519,391,206. There are 250,253,351 Public Shares, 8,500,796 Management Shares and 5,000,000,000 Class B Shares (held by VoteCo) outstanding (the share classes have 1 vote, 1.0497 votes and 0.0520 votes per share respectively).
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 will have to notify the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financële Markten).
In addition, under the Company’s Articles of Incorporation, a person will have to notify the Company of the percentage of the public shares it holds or is deemed to hold (through such person’s direct or indirect holding of financial instruments) if this percentage reaches, exceeds or falls below 3%, 4%, 4.25%, 4.50%, 4.75% or 5% of the total number of outstanding public shares.
About Pershing Square Holdings, Ltd.
Pershing Square Holdings, Ltd. is a concentrated, research-intensive, fundamental value investor in the public markets in long and occasionally short positions in equity or debt securities of U.S. and non-U.S. issuers (including securities convertible into equity or debt securities), derivative instruments and other financial instruments. The Company invests in a portfolio of investments, either directly or through one or more subsidiaries or affiliates, in a manner that generally is (subject to certain exceptions) side-by-side with the other core funds managed by Pershing Square Capital Management.