(Alliance News) - Pershing Square Holdings Ltd on Wednesday posted a net asset value hike in a first-half which saw it invest in Universal Music Group and take up a position in Domino's Pizza Inc.
The investment holding company focused on North American companies, is managed by Pershing Square Capital Management LP, a firm founded by William Ackman.
The FTSE 100-listed firm said its net asset value per share rose 6.8% to USD48.56 in the six months to June 30 from USD45.46 in December.
The stock was 0.9% higher at 2,507.20 pence each in London on Wednesday morning.
"The first half of 2021 continued to be a challenging time for the world as economies, companies, and individuals have had to adapt to the changes imposed on us by the global pandemic. I am pleased to report that during this time, PSH's portfolio companies made substantial progress, and we expect this positive performance to continue as economies recover, vaccines are more widely distributed, and we learn to live with the risk of Covid-19," Pershing Square said.
Over the six month period, US restaurant chain Chipotle Mexican Grill Inc and Domino's Pizza were among its strongest performers.
Pershing Square took up a position in Domino's back in March.
It also inked a deal to buy into Universal Music Group, through Pershing Square Tontine Holdings Ltd, a blank cheque company.
In July, Pershing Square Capital Management said a deal to take a 10% stake in Vivendi SA's UMG will need to be restructured, following concerns from a US regulator.
The deal was conditional on shareholder approval and the US regulatory processes.
However, the US Securities & Exchange Commission raised concerns over the structure of the deal, so London-listed Pershing Square Holdings Ltd will step in instead of Pershing Square Tontine, in an effort to ensure Vivendi is "not left at the altar".
In line with 2020, Pershing Square will pay four quarterly USD0.10 dividends for the year, giving an annual total of USD0.40.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Pershing Square Holdings (PSH)