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Pershing Square Holdings (PSH)
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Raj K
Posted: 10 October 2024 17:12:29(UTC)
#494

Joined: 22/04/2016(UTC)
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I can only say why I invest in PSH.

I like the strategy where they try and identify free cash flow generative, durable and predictable companies and follow pretty much Buffett philosophy,

I like the concentrated nature of the portfolio

I regard the trust as long term compounder and any setbacks are an opportunity to keep chipping away at building my position .

The fact that they have active engagement with some of their companies is a benefit imo.

The macro stuff they do is a bonus however Ackman has said these will happen infrequently ….As long as the maintain the asymmetric nature ( high reward, low risk ) of these bets it’s all good.

The fees are high and with those it better beat the S&P over time,

I think Ackman should just focus on the investing and calm down on tweeting although I don’t pay attention to Twitter nowadays anyway so I am only going by what others say regarding his tweeting

I don’t expect the share price to keep going up in a straight line but I do hope that Ackman, Israel and Co are making sure the operational performance of the businesses they invest in are going in the right direction,

I saw over at AdVFN that PSH had bought Nike and Brookfield. Can’t recall if that had been disclosed publicly……can anyone confirm? edit: i see the disclosure in the last semi annual report, they just haven't talked much about the why yet!
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Rookie Investor on 10/10/2024(UTC), Jay P on 10/10/2024(UTC), Auric on 10/10/2024(UTC), Sheerman on 11/10/2024(UTC)
Rookie Investor
Posted: 10 October 2024 17:30:44(UTC)
#497

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Nike is an interesting one, looks like a reasonable buy at current levels. Fundsmith owns it too i think? Since covid lows from what i remember.

Brookfield another interesting purchase. Something i am looking at. But price run up quite a bit so will wait.

Happy to be holding PSH.
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Big boy on 10/10/2024(UTC), Auric on 10/10/2024(UTC)
Johan De Silva
Posted: 10 October 2024 18:16:12(UTC)
#498

Joined: 22/07/2019(UTC)
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The infrastructure thread allowed us to get into Brookfield at lows then again at the bottom. One of the best performers in the SIPP. If it was not for the FX fees I would be seller and certainly not a buyer. Much better value PE in the UK of global businesses...but PSH is too big to take advantage like us.

In my opinion too many in the forum are buying highly liquid mega caps along with PSH. Go down the cap side and add some underpermance or I like to call latent-growth.
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Auric on 10/10/2024(UTC), Sheerman on 11/10/2024(UTC)
Rookie Investor
Posted: 10 October 2024 19:30:45(UTC)
#495

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Raj K;321826 wrote:

I saw over at AdVFN that PSH had bought Nike and Brookfield. Can’t recall if that had been disclosed publicly……can anyone confirm? edit: i see the disclosure in the last semi annual report, they just haven't talked much about the why yet!


The 13F filing shows they owned Nike and Brookfield since Q2 this year but around 2% position each. Not sure if they bought more since. The filing I am seeing on a website might be a bit inaccurate as I think Brookfield was actually bought in Q3.

Presumably they bought Nike on the big drop on the very last day of Q2.
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Raj K on 10/10/2024(UTC)
Big boy
Posted: 10 October 2024 22:09:53(UTC)
#496

Joined: 20/01/2015(UTC)
Posts: 6,679
Rookie Investor;321845 wrote:
Raj K;321826 wrote:

I saw over at AdVFN that PSH had bought Nike and Brookfield. Can’t recall if that had been disclosed publicly……can anyone confirm? edit: i see the disclosure in the last semi annual report, they just haven't talked much about the why yet!


The 13F filing shows they owned Nike and Brookfield since Q2 this year but around 2% position each. Not sure if they bought more since. The filing I am seeing on a website might be a bit inaccurate as I think Brookfield was actually bought in Q3.

Presumably they bought Nike on the big drop on the very last day of Q2.


Is this bullish or bearish for PSI.
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Rookie Investor
Posted: 10 October 2024 22:17:05(UTC)
#499

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Nike doesn't look like a bad purchase, high GM, ROIC, FCF yield currently 6%, they are repurchasing 4% of stock last reporting year.

Revenue growth has been poor vs 2023 but they are cutting costs.

Debts low.

Fundsmith still has its holding, albeit it is a small holding.
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Auric on 10/10/2024(UTC), Raj K on 11/10/2024(UTC)
Big boy
Posted: 11 October 2024 09:10:32(UTC)
#500

Joined: 20/01/2015(UTC)
Posts: 6,679
Rookie Investor;321869 wrote:
Nike doesn't look like a bad purchase, high GM, ROIC, FCF yield currently 6%, they are repurchasing 4% of stock last reporting year.

Revenue growth has been poor vs 2023 but they are cutting costs.

Debts low.

Fundsmith still has its holding, albeit it is a small holding.


Presume us buying them at over 30% discount compared to International buyers makes a lot of sense .

On your nudge I will increase my weighting. Many thanks...
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ravedeath
Posted: 11 October 2024 09:49:37(UTC)
#501

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Big boy;321911 wrote:
Rookie Investor;321869 wrote:
Nike doesn't look like a bad purchase, high GM, ROIC, FCF yield currently 6%, they are repurchasing 4% of stock last reporting year.

Revenue growth has been poor vs 2023 but they are cutting costs.

Debts low.

Fundsmith still has its holding, albeit it is a small holding.


Presume us buying them at over 30% discount compared to International buyers makes a lot of sense .

On your nudge I will increase my weighting. Many thanks...




The initial timing of the Nike purchase seems off in light of the subsequent (unrelated) drop in the Nike price and it had detracted from nav. Will be interesting to see PSH comment on this.

Continuing to hold - I like the BN purchase and the nod to alts here considering Canadian Pacific also.
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Raj K on 11/10/2024(UTC), Big boy on 11/10/2024(UTC)
Raj K
Posted: 11 October 2024 10:02:55(UTC)
#502

Joined: 22/04/2016(UTC)
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They would have bought Nike in Q2. If they really are positive on the company I expect they would have bought more in Q3. It is unlikely any long term investor will be able to time to get the bottom.

I understand PSH have owned Nike previously but it was for a short time.
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ravedeath on 11/10/2024(UTC), Big boy on 11/10/2024(UTC)
Johan De Silva
Posted: 11 October 2024 10:06:16(UTC)
#503

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Kids and teenagers or young adults these days, from my observations, seem to care far-less about brands than previous generations. Possibly due to social media instead of TV. But PSH should have far greater insight than my bubble.
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3 users thanked Johan De Silva for this post.
ravedeath on 11/10/2024(UTC), Raj K on 11/10/2024(UTC), Big boy on 11/10/2024(UTC)
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