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Pershing Square Holdings (PSH)
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Bulldog Drummond
Posted: 01 May 2021 09:29:50(UTC)
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Any thoughts on this one? Good long term performance, liquid and 25% discount. But horrendous fees & charges of 6%.
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4 users thanked Bulldog Drummond for this post.
Mr Helpful on 01/05/2021(UTC), Raj K on 01/05/2021(UTC), Kaufman on 03/05/2021(UTC), Jesse M on 10/01/2022(UTC)
Keith Cobby
Posted: 01 May 2021 09:50:17(UTC)
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Hedge fund with erratic performance, good short term from one exceptional trade. Not for me though.
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Richard Barton on 03/05/2021(UTC), Kaufman on 03/05/2021(UTC), dlp6666 on 17/02/2022(UTC)
Gary J
Posted: 01 May 2021 10:19:27(UTC)
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That discount has stubbornly refused to meaningfully narrow in spite of decent performance, buybacks, and inclusion in the FTSE 100.

The oddness of the arrangement - a big-name US manager holding chiefly mom and pop US companies, but listed in Europe - perhaps explains that.

In terms of a catalyst, perhaps much rides on what happens to PSTH. PSTH is a large chunk of the PF.

If Ackman bags a super deal then things might start moving. (The regulatory cloud currently hanging above SPACS likely doesn't apply here.)

Unless you adore the current PF or take a strictly arithmetical approach to playing discounts, perhaps a thing to observe from the sidelines...
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Mr Helpful on 01/05/2021(UTC), andrew furze on 03/05/2021(UTC), Kaufman on 03/05/2021(UTC)
Zac K
Posted: 01 May 2021 10:25:02(UTC)
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I've got a smallish allocation in PSH.

It's going to be interesting to see which new stock they have added. They recently sold out of Starbucks and in a recent interview, Bill Ackman said they would announce the new holding in mid May.

PSH is also an investor in PSTH, so depending on what target the SPAC merges with, could help narrow the discount to NAV.
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Raj K on 01/05/2021(UTC), Mr GL on 06/05/2021(UTC), dlp6666 on 17/02/2022(UTC)
Mr Helpful
Posted: 01 May 2021 10:26:34(UTC)
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Bulldog Drummond;167582 wrote:
Any thoughts on this one? Good long term performance, liquid and 25% discount. But horrendous fees & charges of 6%.


Bought in at lower price levels with eye-watering discount, then sold out as price surged.
Content to now keep on list of maybes and watch from the sidelines much like Gary above.

PSH might still have some appeal for Momentum Chasers as the price breaks into 'blue sky'.
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mdss68 on 01/05/2021(UTC)
Valley31
Posted: 01 May 2021 10:28:36(UTC)
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There's another IT that has a big holding in it, I think AVI Global perhaps, which doesn't have the fees. Obviously its a much diluted holding vs 100%! But thought I'd chuck it out there Bulldog
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Bulldog Drummond on 01/05/2021(UTC), andrew furze on 03/05/2021(UTC), dlp6666 on 17/02/2022(UTC)
countrymum
Posted: 01 May 2021 10:29:57(UTC)
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6% of AGT is in Pershing - currently at a discount - although also extremely high fees.
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Bulldog Drummond on 01/05/2021(UTC)
bédé
Posted: 01 May 2021 11:21:35(UTC)
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Worth thinking about for smoothing out a crash. Long term hold perhaps, or as early as possible before the crash if you can see it coming.

BH Macro also worth considering. RICA did a good job during the Covid-crash, without spoiling growth too much. It was not so effective in the March tech/BG pull-back.
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dlp6666 on 17/02/2022(UTC)
Aminatidi
Posted: 01 May 2021 12:26:13(UTC)
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Fairly sure the only reason Pershing Square did what it did in 2020 was because Ackman purchased a shitload of calls and options (the same ones Ruffer did) and at one point apparently considered liquidating the whole lot.

March tech pullback it didn't seem to do so much.
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2 users thanked Aminatidi for this post.
bédé on 01/05/2021(UTC), TyTaylor on 03/05/2021(UTC)
Bulldog Drummond
Posted: 01 May 2021 12:58:14(UTC)
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I think that the 1, 3 and 5 year returns are more interesting than the short term chart, and indicate why I am unlikely ever to give Ruffer any of my money
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xiang zou on 04/01/2022(UTC)
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