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Bit of a roller coaster. BUT, Chipotle and Google (twof of our three biggest holdings) come out of quarterlight very strongly. Excellent.
Just bought a few more on what I hope is a dip! ALgent.
Just bought a few more. No news as yet on the SPARC as far as I am aware other than it appears to be set up? I hope all are doing well with their portfolios. Not the best of days today! ALgent.
Afternoon Rickyl and all. I am not overweight PSH though considering it. Not too much though! I have to remember that I also have JAM which does well for me. I would definately be interested in a hedge fund. I suspect you'd need to invest at the IPO stage as later I'd expect it perhaps to cost a lot more. I'm unsure of the application process for what will surely be a US company's IPO. There is also the paperwork of holding same to consider.
I'm already very overweight PSH and would consider PSUS depending on holdings. Definitely interested in a fund of his asymmetric bets to use as a hedge too.
Afternoon atrm2 and all. Having looked at the PSUS SEC filing doc (at 100 plus pages I doubt I'll be reading it all any time soon!) nothing too specific is said about the sort of investments that PSUS will hold. Rather broad terms are used but they do look the same sort of investments and approach that PSH holds and uses. If it's to be an exact mirror fund then I'll stick with my modest PSH holding. If, however, there's to be something different then maybe I'd be interested. I'm quite keen the be invested in any PSCM investments. I was surprised to read in the SEC doc the ages of the people there. I'd welcome discussion on this new PSCM venture with anyone interested. Maybe when more data is at hand. ALgent.
Would buy existing one here . Seems to me like a mirror fund, with same management and investment convictions being set up in America, percentage of charges for new entity will revert to the existing one based in UK to help close the large discount here, depends how much the new one raises and at end of the day depends on belief if Bill Ackman can keep delivering.
I too am interested in these investments. I would, subject to a bit more detail, be interested in applying for a small holding in the IPO. The question is, how easy is that to do for a UK investor? I suppose one just needs a broker here with the facilities to do it? Also, unless things have changed at bit, there will be USA paperwork for me to complete on a regular basis?
I am sure we all look forward to the details of these investments. The people at PSq (not just BA) are obviously a smart bunch who I'd be happy to let manage a bit of my cash as they do now with PSH.
Thank you v53
For info. Failed to registter for meeting in time.. But will try and go next year
I will do both the new PS investment vehicles. Sounfs a good way of expanding exposure to Bill without having to buy anymore PS uk.
Fully allocated in uk PS. Lovr tbe performancr
Very interesting AGM yesterday. I have to say not your typical AGM, more like family gathering. A lot of investors who have been involved for some years.
News of the new Pershing US which is going to be listed via ipo in the US. This necessary because legislation prevents PSH operating in the US.
PSH will however benefit from this as the US company will gift PSH monies that will offset the management fees. The objective is to effectively reduce PSH management fees to zero.
There will also be a new fund to allow investors to participate in asymmetric bets on macro situations. This is currently done by PSH partly as a hedging instrument and has been very lucrative.
The new SPARC is now considering investment proposals and there will be news down the line. This vehicle would allow up to 100% control of any company they wished to invest in. That's quite unique.
Added with the discount. Can't fault the long term record here and even with the high management charges
I wouldn't take much notice of a commentator who doesn't know that the biggest holding is UMG. It means they've been looking on the wrong place for their information.
I wonder if these tipsters skim shares 22/1/24 they dipped of high one day before article .
He claimed he made 23% over 4 months ( Did he take it )
I made 30% over 19 months.
Since my sale December 2023 at 3200 they are up a further 15%.
Does look like I might sell my flowers and keep my weeds .
This article drew my attention .
Ben McPoland on Motley Fool sent this to phone 23/1/24.
Ben is an investment writer. He's been managing his own pension and ISA portfolios for a number of years. His approach aims to balance growth and income styles of investing.
Some of it .
Admittedly, Ackman’s ultra-high-conviction investing style isn’t for everyone. Yet to my mind, he remains one of Wall Street’s sharpest minds. And he wants his long-term investing record to stack up against Warren Buffett’s average annual return of 20%.
While that’ll be a tall order, Pershing’s returns have been incredible recently. Indeed, the fund has now generated around $12.3bn in returns over the last three years. Or approximately two-thirds of all gains since its inception in 2004! It thrives on volatility.
I invested at £30 a share in September and the stock has since gone up 23% to £37. However, the shares are still trading at a 30% discount to net asset value (NAV). So there could still be a potential bargain here.
If Pershing matches Buffett’s long-term record, I’ll be a happy shareholder!
Holdings
Chipotle Mexican Grill 16.5%
Restaurant Brands International 14.8%
Hilton Worldwide Holdings 14.7%
Lowe’s Companies 14.0%
Howard Hughes Holdings 11.9%
Alphabet Class C 11.8%
Canadian Pacific Kansas City Limited 10.6%
Alphabet Class A 5.4%
Sold these today for 3200 , had a long time target at a slightly less 3000p.
Made about 30% over the one year 7 months .
After my buy they continued falling to a bottom of 2330p a month after in June 22 a further 5% .
The other buys four buys that day .
Stagecoach not sure who that has done .
Pantheon awful buy.
DARKTRACE.. Even
Osirium Technologies awful buy.
Zinnwald Lithium .. down but traded for a gain since .
I was holding the previous incarnation of Sparc, Tontine, the spac. A lot was promised but in the end we got nothing. The deal Bill put together was not approved and PSH got saddled with UMG as a result.
I am not holding PSH at present as we are near performance fee territory. I am happy to buy on pullbacks but see this as a steady rather than spectacular performer.
This is probably the Sparc added as a long position.
I noticed today's Sept performance figures showed 11 long positions as opposed to 10 previously. Possibly used their cash to buy another position.
I noticed the shout out to Elon on possibly bringing X back to the market via Pershing SPARC.
I think Bill Ackman and Elon are on friendly terms.
Like you say, a lot going on, but apparently little interest.
Lots of interesting stuff going on with PSH, not that anyone's watching it here lol.
Share buyback, interest rate hedge looking good, SPARC getting the OK and now Bill Ackman touting for a private company to take public and Elon Musk's X being mentioned as a company BA would be interested in. Yet still the discount persists at 36/37%.
Some good write ups about PSH in Seeking Alpha and The Times.
The purchase of own shares continues. As it progresses not only does it reduce shares in issue, it also increases the percentage of shares held by affiliates.
They are heading for a situation, where they are in control of the company and future direction, such as alternative or additional listing.
Surprised it wasn't mentioned.
Call at 4pm today. Hopefully some concrete plans to actually reduce the discount. The performance fee would be a good place to start!
New holding in Google $1.2B added in 1st quarter according to 13f filings.