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Pershing Square Holdings (PSH)
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Old Jock
Posted: 29 March 2022 13:41:52(UTC)
#185

Joined: 04/06/2018(UTC)
Posts: 382
On performance fee, see post no 55 on a similar titled thread "Pershing Square Holdings" (i.e. without the PSH at the end).

I don't think the HL number is accurate, and it's not as bad as 2 + 20.

On Netflix, I also think the product is tosh and would never buy it, but I'm not sure that makes it a bad investment. Apparently lots of DVLA staff enjoyed it enormously during lockdown, according to a recent Times investigation.
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Alanis M
Posted: 29 March 2022 13:42:15(UTC)
#186

Joined: 26/02/2018(UTC)
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Sigh. I don't care about fees I care about absolute performance and the role / purpose of a holding in my portfolio.
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Big boy on 29/03/2022(UTC), Mr GL on 29/03/2022(UTC)
Raj K
Posted: 29 March 2022 13:45:43(UTC)
#187

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Remember PSH often does engage with some of the companies to add value so it is more akin to an activist mandate. Many private equity firms charge the same fees, HG Capital for example? As long as the performance is much better than the market then I will give them their fees. Ackmans vehicle has given close to 17 pa since he started it in the early 2000 . If that continues over the long term or there about s, I’m a happy chappy.
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Big boy on 29/03/2022(UTC), Old Jock on 29/03/2022(UTC), Mr GL on 29/03/2022(UTC)
Raj K
Posted: 29 March 2022 13:55:03(UTC)
#182

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Mr GL;215876 wrote:
I just sold the last of my PSH at 3000 ... unchanged on the year.... and I want a relaxing holiday...


Surprised you sold this as given the uncertainty around inflation and interest rates would have thought Pershing, with the type of companies it holds, would have been one of the better vehicles for long equity exposure.
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Mr GL on 29/03/2022(UTC)
Keith Cobby
Posted: 29 March 2022 13:55:06(UTC)
#188

Joined: 07/03/2012(UTC)
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The annual fee is 1.56% and performance fee is 16% (less Additional Reduction, whatever that means), giving a total fee of 11.67% (AIC Charges). A nice little earner for Bill, which of course is how hedgies become so wealthy. Performance over 3/5 years has been good.
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Bulldog Drummond on 29/03/2022(UTC), Strangways on 31/03/2022(UTC)
Mr GL
Posted: 29 March 2022 14:01:15(UTC)
#184

Joined: 18/10/2020(UTC)
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Raj K;215885 wrote:
Mr GL;215876 wrote:
I just sold the last of my PSH at 3000 ... unchanged on the year.... and I want a relaxing holiday...


Surprised you sold this as given the uncertainty around inflation and interest rates would have thought Pershing, with the type of companies it holds, would have been one of the better vehicles for long equity exposure.


I am still medium term expecting to see lower lows and PSH was sold hard to the lows of below £2500 on 8th march... its had a very strong recovery top be now unchanged on the year... I have been buying RIT as it has lagged the recovery... and I am going on family holiday for 2+ weeks in a couple of days... I HOPE I get to buy back into PSH lower (or even the same if relative performance versus RCP goes the way I hope)...
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Raj K on 29/03/2022(UTC), Strangways on 31/03/2022(UTC)
Raj K
Posted: 29 March 2022 18:08:00(UTC)
#189

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Mr GL on 29/03/2022(UTC), Bardolph on 29/03/2022(UTC)
Bardolph
Posted: 29 March 2022 21:39:38(UTC)
#190

Joined: 08/06/2020(UTC)
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Raj K;215937 wrote:
Annual report now live
https://assets.pershings...-2021-Annual-Report.pdf

I wouldn’t be surprised if this had some impact on the discount too (p.15).
Quote:
We have also on a few rare occasions engaged in the “noisiest” form of activism, activist short selling, although this has been limited to two high-profile activist short engagements. Despite our limited participation in this investment strategy, it has generated enormous media attention for Pershing Square. In addition to massive amounts of media hits, our two short activist investments managed to inspire a book and a movie. Fortunately for all of us, and as importantly for our reputation as a supportive constructive owner, we have permanently retired from this line of work.
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Tim D on 30/03/2022(UTC), Auric on 30/03/2022(UTC)
Phil 2
Posted: 30 March 2022 06:28:32(UTC)
#191

Joined: 20/07/2018(UTC)
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Two RNSs today, including link to figures as mentioned above:

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) today released its Net Asset Value (“NAV”) and performance returns on its website,

https://pershingsquareho...any-reports/weekly-navs

The NAV and returns were computed as of the close of business on 29 March 2022.

PSH NAV per share as of close of business on 29 March 2022 was 57.49 USD /43.89 GBP and year-to-date performance was 0.5%.
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Raj K on 30/03/2022(UTC)
Mr GL
Posted: 30 March 2022 07:41:57(UTC)
#183

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Raj K;215885 wrote:
Mr GL;215876 wrote:
I just sold the last of my PSH at 3000 ... unchanged on the year.... and I want a relaxing holiday...


Surprised you sold this as given the uncertainty around inflation and interest rates would have thought Pershing, with the type of companies it holds, would have been one of the better vehicles for long equity exposure.


reads the annual report last night - thanks for the link... changed my mind...
Pershing Square PSH Global Value 2.2%
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3 users thanked Mr GL for this post.
Phil 2 on 30/03/2022(UTC), Big boy on 30/03/2022(UTC), Raj K on 30/03/2022(UTC)
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