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(Alliance News) - Pershing Square Holdings Ltd on Friday posted a rise in net asset value as it outperformed its benchmark in the first half of 2019.
Net asset value per share at June 30 rose by 44% to USD24.92 from USD17.30 in December with total return up by 45%, beating the S&P 500 index benchmark of 19%. The company said the returns were driven by performances in its portfolio companies bettering market expectations.
Despite the "positive" performance so far in 2019, the company said its shares are being traded at a discount to net asset value. Discounts ranged from 23% to 32% during the interim, Pershing said.
In London on Friday morning, shares in Pershing Square were up 0.6% at 1,453.99 pence each, which when converted to dollars, would be USD17.66. This would represent a 29% discount to the June net asset value.
The strongest company in Pershing Square's portfolio is Chipotle Mexican Grill Inc, which appreciated 89%, making it the top performer on the S&P 500 index.