Pershing Square Holdings PSH

[yieldhog]

My attention was drawn to this IT by a TMF article I noticed on Google news.

I must admit PSH is not an IT that's been on my radar recently but it does seem to have generated some impressive results over short and long periods. The only question going forward is whether it can continue to produce excellent results. From a look at the last interim report my immediate impression s they have a very disciplined investment process that has stood the test of time. The biggest negative I can see may also be it's biggest attraction i.e. can the outstanding past results continue from such an elevated level.
I don't like to buy any fund that looks as though I might be topping out but with such a big discount to NAV and sound strategy it could still be a good time to take a longer term position in my taxable trading portfolio

Any views on this IT would be welcome.

Y

[Urbandreamer]

It's been on my radar for over a year and I bought into them in January.

They are often mentioned on the MoneyMakers podcast. Usually with speculation about the size of the discount. It was in fact the size of the discount that eventually lead me to invest.

There re a couple of reasons for the discount. The trust is very much Bill Ackman's baby. The cult of the star investor is on the wain and he is 57.
Then there is the fact that it's a bit of an oddity. A US investment company, investing in the US, but listed as a UK/Guernsey investment trust?

Despite those facts, as I said, I've invested.
I seriously doubt that my returns to date can be maintained, but I'd be very happy with half those returns.

[EthicsGradient]

It's been on my radar for over a year and I bought into them in January.

They are often mentioned on the MoneyMakers podcast. Usually with speculation about the size of the discount. It was in fact the size of the discount that eventually lead me to invest.

There re a couple of reasons for the discount. The trust is very much Bill Ackman's baby. The cult of the star investor is on the wain and he is 57.
Then there is the fact that it's a bit of an oddity. A US investment company, investing in the US, but listed as a UK/Guernsey investment trust?

Despite those facts, as I said, I've invested.
I seriously doubt that my returns to date can be maintained, but I'd be very happy with half those returns.

Is Bill Ackman still meant to be managing it day-to-day? He's become quite political in the past year, involved in forcing universities to discipline student organizations that oppose the Israeli government (or to sack leaders who don't do this), and attacking their diversity programs. See eg https://fortune.com/2024/01/13/bill-ack ... grams-dei/
That seems a diversion, if he's still in charge of the fund and his other investment work.

[monabri]

Recent discussion

viewtopic.php?p=613890#p613890

viewtopic.php?p=614126#p614126

Might be worth a search to establish if there is any further discussion on TLF.

[richfool]

Pershing Holdings also get mentioned as a holding of AVI Global (AGT) on this thread.

viewtopic.php?p=614126#p614126

[yieldhog]

Thanks for the links richfool and monabri. Very useful.

I can't argue with the past performance of this fund but I've never been keen to rely on a "star" fund manager. Too much risk they will at some point crash and burn. On the other hand the portfolio investments look interesting and the 35% discount tempting. A bit more research needed on my part before taking a position on this one.

Y

[bruncher]

Pershing Holdings also get mentioned as a holding of AVI Global (AGT) on this thread.

viewtopic.php?p=614126#p614126

I don't think AVI holds Pershing currently. I believe they sold out in summer 2023. Pershing is in the top ten holdings in July 2023 monthly report (and previous reports), but is no longer there from September's report onwards.

[shawsdale]

AVI Global sold out of Pershing Square in January 2024 according to that month's newsletter:

"During the month we fully exited our investment in Pershing Square Holdings (PSH). The position had been held since 2017
and generated an IRR of +21% vs. +9% for the MSCI ACWI ex-US. With our universe throwing up some of the most attractive
opportunities we have seen in many years, we began reducing our shareholding in PSH over 2023 to fund
investments where we see greater scope for attractive event-driven returns over shorter time-frames."

https://www.assetvalueinvestors.com/content/uploads/2024/02/AGT-JANUARY-2024.pdf

[bruncher]

I was glad that AVI dropped Pershing, after Ackman's political interventions.

I hold AVI