ISE - The Irish Stock Exchange plc

07/02/2019 | Press release | Distributed by Public on 07/02/2019 00:12

Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for June 2019

(1) Performance results are presented on a gross and net-of-fees basis. Net returns reflect the deduction of, among other expenses, management fees, brokerage commissions, administrative fees, and accrued and/or crystallized performance fees, if any, and include the reinvestment of all dividends, interest, and capital gains from our underlying portfolio companies. Net returns reflect the performance of the Company's Public Shares. Depending on the timing of an individual investor's specific investment, net performance for an individual investor may vary from the net performance as stated herein. Gross returns reflect the performance of the Company's shares in the aggregate and are presented before the deduction of management fees and performance fees, if any. On June 20, 2019, the Company began its share buyback program whereby its buyback agent began to repurchase Public Shares subject to certain limitations. Any positive impact on performance due to these share buybacks is reflected herein. Performance data and other information contained herein are estimated and unaudited. Performance is based on the dollar return for the specific period, including any and all dividends paid by the Company, calculated from the beginning of such period to the end of such period.

(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 currency or other hedges and income/expense items are excluded. Multiple financial instruments (for example, common stock and derivatives on common stock) associated with one (1) issuer count as one (1) position. A position that is included in the number of positions will be removed from the table only if the investment becomes 0.0% of the portfolio.

(3) For the purpose of determining the equity and debt exposures, investments are valued as follows: (a) equity or debt is valued at market value, (b) options referencing equity or debt are valued at market value, (c) long 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 strike and same expiry are grouped together and treated as synthetic equity positions, and are valued at the market value of the equivalent long equity position (or vice-versa, the equivalent short equity position), and (d) swaps or forwards referencing equity or debt are valued at the market value of the notional equity or debt underlying the swaps or forwards. Whether a position is deemed to be long or short is determined by whether an investment has positive or negative exposure to price increases or decreases. For example, long puts are deemed to be short exposure.

(4) Includes all issuer equity, debt, and derivatives related to issuer equity and debt, and associated currency hedges. Cash, cash equivalents, direct or indirect currency or other hedges and income/expense items are excluded. The market values of associated currency hedges are included as part of the associated investment. In the event that there is a change in market cap category with respect to any non-publicly disclosed position, this information is not updated until such position is publicly disclosed.

(5) Portfolio composition is reflective of the publicly disclosed portfolio positions as of the date of this report. A position in an issuer is only assigned to a sector once it has been publicly disclosed.

(6) 'Pershing Square Holdings, Ltd. AUM' equals the assets under management of Pershing Square Holdings, Ltd. Any performance fees crystallized as of the end of the year will be reflected in the following period's AUM.

(7) 'Total Strategy AUM' equals the aggregate assets under management of Pershing Square, L.P., Pershing Square International, Ltd. and Pershing Square Holdings, Ltd. (collectively, the 'Core Funds'). Redemptions effective as of the end of any period (including redemptions attributable to crystallized performance fees/allocations, if any) will be reflected in the following period's AUM.

(8) 'Total Firm AUM' is the aggregate of Total Strategy AUM and the assets under management of Pershing Square VI Master, L.P. which operates as a co-investment vehicle investing primarily in securities of (or otherwise seeking to be exposed to the value of securities issued by) Automatic Data Processing, Inc. ('PSVI') without double counting investments by any Core Fund in PSVI.