Pershing Square Holdings Share Chat (PSH)

G'morning ALG

I have reached my target holding now so I would like to sit tight, enjoy the growth and the divi.

My current target is Vietnam Holdings.

Onwards and upwards...

Evening laallee. I'm down about 7 or 8%. I've no worries (at the moment!). If the market falls out of bed again I'd be tempted to buy again. Would you? ALgent.

Evening Oldnbald. I share your view on BA. However, for all we know, he may well be very on the ball as far as the PSH portfolio is concerned. This is an unknown element in the investment case. PSCM has an investment team and I assume they are on top of things? Especially any hedges.

I would not be at all surprised if hedges were indeed in place to make PSH, and therefore the shareholders, some money. Indeed, I'd expect it and some will be a waste of money but more will make money. Hedges look to make more than they lose. PSCM is no exception. It's the very essence of investment to me.

I wouldn't argue with you too much about it being high conviction with a few bets on the side though the holdings do look safe enough there being nothing too risky therein for me.

I really just look at the record and the value on offer. There is enough there for me to buy the shares. What else can one do?

ALgent.

Not bought or sold, just watched.

I do have some cash i need to deploy but I am not 100% that we have the undivided focus of BA atm so am holding off. At the end of the day this is a high conviction IT with some Bets on the side.

the bets have histroically paid off well - and yesterdays omnishambles was a good exemple of the type of volatility that I would like to know PSH are all over and profiting from.

The letter to us in Feb/March contains the statement 'In October, we believed that interest rates were unlikely to rise further and we sold our 30-year USD interest-rate swaptions

and generated a smaller profit (33% premium above cost). We then initiated investments in 1-year and 5-year instruments

that increase in value as rates decline, which we continue to hold. '

SO that is interesting and if the Fed blinks hard in September it should be good for PSH.

Note there is also come commentry on Japanses Interest Rate swaps - but doesnt say which way they go. BoJ looks like its gonna raise rates soon - love to know which side of the equation PSH sits on.

I'm just sitting tight. It has been a brutal few days but I am stil 4% up so not too bad.

Afternoon all. At such a discount I'm still a buyer and bought a few more today. To me this is an undervalued IT? I'm also buying its record which is excellent. Time for lunch. ALgent.

Afternoon PSH watchers. It's rather a turbulent day. I have purchased a few more in the turmoil. The selling and buying, from what I can detect, all looks to be small scale. I'm unsure if that's a good or bad sign? I'm happy to buy at such a discount to NAV. It's been rather a poor week or so for BA and his colleagues. Hopefully, they will redeem themselves with the revamped PSUS and the SPARC vehicle. Have any of you bought or sold today? I would be interested in your thinking. It is a curious investment. ALgent.

Of course they are relevant!

Maybe not so overblown 😂

Universal Music Group (UMG.AS)

Universal Music Group (UMG) lost as much as 29% on Thursday after reporting a slowdown in its subscription and streaming segment in the second quarter.

Despite revealing better than expected revenue, thanks to merchandising, analysts downgraded the company amid concerns over its streaming income.

Revenue rose to €2.9bn (£2.5bn) in the three months to June, with its top sellers including releases by Taylor Swift and Billie Eilish.

However, analysts at Citi, Barclays, Guggenheim and Kepler Cheuvreux all lowered their ratings, with Citi saying streaming and subscription growth was meaningfully below what had been expected. It raised concerns about volatility between the music giant’s different lines of revenue.

Commenting on the results, UMG´s Chairman and CEO, Sir Lucian Grainge, said: "Our continued strong revenue growth this quarter demonstrates that we are, by design, a multifaceted music entertainment company that places our artists at the centre of everything we do.

“Our unique structure, which is both innovative and constantly evolving, enables us to support our recording artists and songwriters with an ever-expanding array of revenue sources, reinforced by new products and the exciting next phase of development of streaming services.”

Near 10% drop today completely overblown.

Hello Investorblog. I have quite a few shares myself and am hoping it continues to do well. I am considering making a direct purchase of some shares in Howard Hughes Corp one of the PSH shareholdings. I note near 40% is owned by PS including PSH. PSH has actually, last year I think, increased its stake in HH. Have you or any other posters cast your eyes over HH? Any comments thereon would be welcome. It does look good value to me. It is very shortly to demerge some of its interests which may lead to a rerating. ALgent.

PSH in my largest position and a friend is presenting the idea at the London Value Investing Club this Thursday.

The discount doesn't bother me, it is a positive, as long as Bill Ackman continues the outperformance.

Afternoon posters. That's the top and bottom of it. So long as the performance is there are we bothered about the discount or indeed the fees? I can't say I am. A slightly higher dividend may help? I'm not a fan of share buybacks.

It will be very interesting to see just what assets are acquired by PSUS and if they are indeed similar (the same?) as what are in the PSH porfolio. PSUS will be a bigger outfit with it looking to raise $25bn against PSH at c$7bn.

I am doubtful that UK buyers will be able to take part in the IPO. I do, though, intend to buy as soon as possible. I understand I can put an order in during the stabilisation period but am not too clear on the point yet. Any help with that would be appreciated.

I'm rather more interested in the SPARC vehicle about which nothing has been heard as far as I know for a while. Perhaps PSCM want to get the IPO away first, whenever that will be of course.

I do find the above most interesting. Hopefully, profitable as well! Time for afternoon tea. ALgent.

The discount and fees are irelevant if this good performance continues- a lot if ITs have always traded at a discount and probably always will.

45% 1 year

56% 3 years

218% 5 years

U.S. CEF , which is their kinda equivalent of Investment Trusts,, also trade a large discounts to NAV.

The fees on PSH are high. management plus perf' bonus. the bonus is a lot. While I agree that the platforms/FCA do not show accurate fees information, whichever way you cut it - they are high here.

Ackman is reducing the PSUS fees (0% for first year then 2% which has gotta help PSUS, while keeping PSH fees relatively high. Yeah I know that the fees on PSUS will help reduce fees on PSH but that's a way off atm before they go to an equivalent 2% only SO ..

I am struggling to see how his move with PSUS will help us shiort to medium as the smart money will go PSUS? Same gig, lower fees. It may make things worse.

The discounts will remain on PSH, just a matter of how big they are. PSUS will be weird at first but once it settles down it'll also be on a discount. It'll take a change in market sentiment to remove the discounts completely.

One of Ackman’s stated objectives (and annoyances), has been the NAV trading at such a massive discount, and the desire to reduce the discount, which had stayed stubbornly high. One of the reason I believe has been the like of platforms like HL who choose not to understand the investments and were showing management fees as much as 11% at time on their so called research. Ackman appears to be getting to grips, the nav discount has moved from high 30’s to just over 20%, I suspect in the next 24 mths this will be trading at a premium. Next dip might have a top up

Good morning Rickyl. I think you're quite right. I misread it! Thanks for correcting me. Sorry for misreading you Oldnbald. I note that the PSUS IPO document is with the SEC but is not the final version - much numerical material is omitted. ALgent.

I think he's talking about Bill Ackman bashing Joe Biden on X (twitter) lol

Good afternoon Oldnbald. I picked it up on Bloomberg late last week I think it was but it has been reported elsewhere. In brief, it will be a closed end fund called Pershing Square USA (PSUS). It aims to raise $25bn. The shares at IPO will be $50US each. Minimum application is 100 shares. As far as I am aware the offer documentation is not yet available.

I'm not too sure what to make of your final comment. If you consider I'm 'bashing' you then I much regret that. It is not my intention to cause any offence at all to you. ALgent.

DO you have a link to the offical SEC ppaerwork on this? I can only find the original Feb prospectus.

Also - when is the key question for me here. When will this happen?

If Bill posted some X comments that are relevant to this rather than bashing a demented old man all the time it would be useful.

Afternoon all. Some infromation is now out on the IPO for PSUS. If possible, I will try to buy into the IPO. Whether, as a UK investor, I can buy into what is a US IPO remains to be established by me? They are hoping to raise c$25bn so if I can have a small slice I'd be grateful. Minimum investment is only for 100 shares at $50. Do others have any thoughts on this issue? ALgent.

Good morning Oldnb. I'm also looking with interest on the new US fund. I've seen nothing about it either. I'm sure we'll know about it when it's ready to come to market.

I'm also interested in the SPARC vehicle. This is ready to be used. They've not found an appropriate candidate for it yet. By now they must have looked at a lot of them.

I've bought a few more PSH this morning on the dip. I hope it is just a dip!

Enjoy the day. Cloudy and miserable here! ALgent.

I see from the AGM that buy-backs have been re-authorised, which is good. I'd love to know how much and how long. No RNS's for transactions in own shares as yet. An incredible 25% of shares bought back so far, as big discounts to NAV and i'd love to see this continue.

On another note - does anyone know what is happening regarding the US listing vehicle? I am not clever enough to work out how it links to PSH etc - but assume it's good :-), the fees reduction mechanism baffled me but seems to be good news.

Does anyone know when the US vehicle is set to go live? I cant find anything about it, and I assume it's taking the time and energy of PSH board atm.

Morning all. I see the AGM is on this coming Wednesday. Hopefully, we may learn something of interest on future plans. ALgent.