Pershing Square Holdings

2021 was a fantastic year for PSH, yet it trades on a 30% discount

Pershing Square Holdings - Overview

Pershing Square Holdings (PSH) is a closed-end fund with net assets of £7.2bn, and the flagship fund of Pershing Square Capital Management led by Bill Ackman. Pershing Square is variously known as a ‘hedge fund’ or ‘activist’ manager, but a fundamental value investor is probably a fairer description. At times, hedging may be employed, seemingly to protect from large sell-offs rather than create a low volatility return stream. The portfolio is highly concentrated, with eight to 12 core holdings

First Quarter of 2020

We have knitted together the impact on the investment companies from what is now widely considered to be the most severe pandemic in a century. The collapse in asset prices over the latter part of March, brought the curtain down on an up-market that lasted more than ten years. In amongst this, there were pockets, such as the technology sector, that held up well. For many industries, the worst is still to come, as we brace ourselves for the sharpest contraction to global growth since the US great

Children of the Revolution

The COVID-19 pandemic is far from over, but with March coming to a close we have perhaps seen the end of the first act. Most of the developed world is in various degrees of ‘lockdown’; anxiously watching poorly reported – and often poorly understood – numbers for indications that their government’s strategy is working. Meanwhile equity markets saw one of their worst ever quarters in Q1 2020, as whole swathes of the economy were shut down by government diktat. The speed with which the situation d

Third Quarter of 2019

There was palpable shift in sentiment over the third quarter with the cautionary undertone perhaps best reflected by gold’s resurgence. Ongoing trade jockeying between the US and China did not help the mood and neither did the Argentine debt default in August. At the real economy level, manufacturing output has been trending lower across some of the major global economies.

Fidante Daily Digest

Pershing Square Holdings – Share buyback

Fidante Daily Digest

PSH* – Pershing Square Holdings – Q1 2019 shareholder letter | LXI – LXi – Finals and proposed fundraising

Understanding the deepest discounts

At Hardman and Co, we try to answer the questions of why to invest in a company and what the risks are in doing so. For many investors, simply having a deep discount to NAV is a good enough answer to the first question. However, investors need to appreciate the risks and, in particular, the reasons why the shares are at a discount. Having understood those risks, investors need to be convinced that there is a catalyst for change on the part of the manager and how long (if at all) it will take for

Fidante Daily Digest

Pershing Square Holdings – Finals to 31 December 2018 | Merian Chrysalis – Proposed fundraising

Fidante Daily Digest

PSH* – Pershing Square Holdings – Dividend payments | UKW – Greencoat UK Wind – Results of placing | MERI – Merian Chrysalis – Portfolio update | SYNC – Syncona - Quarterly update

Fidante Daily Digest

Pershing Square Holdings – Q3 2018 shareholder letter | Renewables Infrastructure Group – Results of fundraising | Hipgnosis Songs – Acquisition | Riverstone Energy – Tender offer results

Fidante Daily Digest

3i Group - Interims to 30 September 2018 | Pershing Square Holdings - Q3 2018 quarterly call | Doric Nimrod Air One/Two/Three - Interims | NB Distressed Debt - Q3 2018 portfolio updates

Fidante Daily Digest

PSH* - Pershing Square Holdings – Investment in Hilton | INPP – International Public Partnerships – Results of fundraising

Fidante Daily Digest

PSH* - Pershing Square Holdings – New investment | SEQI - Sequoia Economic Infrastructure Income – Results of fundraising | INPP – International Public Partnerships – Proposed fundraising | PRSR - PRS REIT – Finals to 30 June 2018 and quarterly trading update | PTF – Phaunos Timber – Board recommendation

Fidante Daily Digest

Pershing Square Holdings – Share purchases by PSCM affiliates | Tritax EuroBox – Pipeline update

Octopus Renewables Infrastructure

ORIT: renewables diversified across stage, technology, and geography…

DSW Capital+ (DSW, House Stock at 51p) - H1 results –promising outlook

LIBERUM: PayPoint: Growth is not priced in

H1'24 results: strength of the model evident

Vanquis Banking Group+ (VANQ, House Stock at 112p) - Adding flesh to the bones

Duke Royalty - In Royal Health

Duke has released its H1/24A interim results for the period ending 30th September 2023 that are in-line with expectations. Recurring cash revenues increased 17% to £12.2m, whilst total cash revenues increased 35% to £14.1m. The portfolio continues to be resilient despite macroeconomic headwinds, and c£18m of capital was deployed across new and existing investments. We iterate a 1-year price target of 45p based on a target FCF yield of 8%.

Delivering growth in uncertain markets

Positive interims from Vp this morning highlight another period of growth despite the mixed market backdrop. The results again illustrate the benefit of Vp’s diverse mix of specialist activities, with the quality of earnings confirmed by further growth in operating margin (now 13.9%) and ROCE (14.7%). Strategic priorities include continued progress with ESG initiatives and a greater emphasis on Digital, with more on this likely to follow later in the year. We maintain our Fair Value estimate o

Critical Metals plc releases its Final Results

Key Points CRTM reported a loss of £2.7M for the 12 months ending 30 June 2023. Increased indirect ownership of the Molulu project from 40% to 70%, streamlining the corporate structure. Commenced copper ore production at Molulu in January 2023. In October 2023, the Company announced that it had entered into an off-take agreement with O.M Metal & Resources S.A.R.L, for a minimum of 20,000 tonnes of copper oxide ore. Raised £600,000 at a price of 25p per share and raised a further £1.3M at 25p per

Agronomics - A unique offering in a rapidly developing sector

Agronomics (ANIC) invests in cellular agriculture companies. Since mid-2022 it has placed increasing emphasis on companies using precision fermentation technology or providing contract precision fermentation services, as these appear to have greater near-term commercial potential than cultivated meat and seafood. Agronomics’ NAV has risen almost 100% since the inception of the current strategy in April 2019, and looks set to increase further as the company’s portfolio holdings receive regulatory

LIBERUM: CPP Group: Disposal of Globiva

Hardman & Co Insight: Higher interest rates overshadow IIC/REIF prospects

Hardman & Co Research’s focus is on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our Quoted UK Infrastructure and Renewable Energy – Prospects for 2023 publication, we have addressed the three key issues of recent months: higher inflation, extremely volatile power prices and rising interest rates.

The Joy of Techs - Cavendish Technology quarterly sector note

£23.3bn in enterprise value has been returned to AIM technology shareholders over the past six years in the form of 51 public to private takeouts, including 10 in 2023 alone with the takeovers of Smoove* and Tribal announced in early October. With UK valuations appearing cheap and looking more attractive to potential acquirers, we take a moment to reflect on the trends of corporate and private equity bidders targeting AIM-listed technology companies going back to 2017, through the uncertainties

AVI Global

AGT is trading at its widest ‘double discount’ since the great financial crisis…

LIBERUM: PayPoint: Yield cross with strong EBIT growth

The Hardman & Co Monthly: September 2022

Feature article: Macro issues dominate investor sentiment - Some basics for investors The big topics in the investment world at the moment seem to be macroeconomic. With that in mind, we thought it would be useful to revisit some of the basics of the terms being used in the current environment, and to remind investors of the things to look out for (indeed, many younger investors may not have come across some of these influences in their investing lifetime): • Recession does not affect