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LONDON (Alliance News) - Pershing Square Holdings Ltd on Tuesday said it outperformed its benchmark in 2018 with earnings growth and positive developments across its portfolio, including a strong performance from its Chipotle Mexican Grill Inc investment.
In 2018, Pershing Square's net asset value declined 0.7% while the S&P 500, its benchmark, was down 4.4%.
The company's net asset value fell to USD17.30 on December 31 from USD17.41 the year before. Pershing Square said its net asset value "grew strongly" until the fourth quarter of 2018 when its portfolio suffered from a decline in the broader market.
The strongest company in Pershing Square's portfolio in the period was Chipotle, whose share appreciated 49% in 2018.
In February, Pershing Square announced its intention to pay a USD0.10 per share quarterly dividend for 2019 but did not pay any dividends in 2018.
Pershing Square Chair Anne Farlow said that, thanks to market recovery in 2019, its net asset value "has substantially outperformed the S&P 500". Farlow said that the company's believes this performance "attests to the quality" of its portfolio company as well as "the effectiveness of the investment manager's activist strategy and the validity of its investment theses".
Shares in Pershing Square were down 0.2% at 1,276.00 pence on Tuesday.
At the end of 2017, Pershing Square Holdings and Valeant Pharmaceuticals International Inc agreed to pay USD290 million to settle investor claims that they engaged in insider trading in the unsuccessful 2014 takeover bid for Botox-maker Allergan Inc.
Both Pershing Square and Valeant were founded by investor Bill Ackman. The companies split the settlement such that Pershing Square would pay USD194 million and Valeant USD96 million.
Ackman, as Pershing Square chief executive, maintained that the case was without merit but said settling the claim would use less time and resources than pursuing the litigation.