![]() ![]() It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. Lowe's Companies ( LOW): LOW is currently the largest position at ~20% of the portfolio. To learn more about Bill Ackman, check-out the book “ Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street's Bluff”. Note 4: Pershing Square has a ~10% stake in Universal Music Group ( OTCPK:UMGNF) at a cost-basis of ~€18 per share. Performance: 18.5x return on $64M to $1.2B in 2005-2009 subprime crisis through CDS on MBIA, 96.3x return on $27M to $2.6B in 2020 COVID-19 through Index CDS on Investment Grade & High Yield Bonds, and 7.4x return on $188M to $1.4B in 2020-2022 through Out-of-the-money 2 year & 10 year swaptions. Strategy: Interest rate hedges from late 2020 to early 2022 as they believed Fed would raise rates earlier than anticipated. Note 3: Earlier this year, they disclosed the following regarding their hedging strategy, principles, and performance: “ Principles : asymmetric payoff structures along with monetization that provides liquidity during periods of market dislocation. They have till July 23, 2022, to do a deal. PSTH currently trades below trust at $19.85. The stock traded at a vast premium to trust value until the UMG transaction fell through. The offering had several retail-investor friendly attributes that made it stand out from the rest of the SPACs. ![]() Note 2: in July 2020, Pershing Square sponsored the largest SPAC IPO to date, Pershing Square Tontine Holdings ( PSTH). It currently trades at $30.45 per share compared to NAV of $46.62. Note 1: Pershing Square Holdings has always traded at a discount to NAV. The loss reduced their YTD returns by ~4%. On April 20 th, they disclosed the sale of that position in the low 220s. Pershing Square’s February investor call disclosed a new holding: 3.1M shares of Netflix ( NFLX) acquired at $395 cost-basis. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~17% compared to ~10.4% for the S&P 500 index. For 2022 through May 17 th, they are down 18.5%. This changed in 2019 as they compounded at ~50% in the three years through 2021. ![]() Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This was set up primarily to increase the amount of capital invested that is permanent. In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings ( OTCPK:PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. The top three positions account for ~51% of the total portfolio value: Lowes Companies, Chipotle Mexican Grill, and Hilton Worldwide. The portfolio remains heavily concentrated with a few huge bets. The number of positions increased from 7 to 8. Please visit our Tracking Bill Ackman's Pershing Square Holdings article for an idea on how his holdings have progressed over the years and our previous update for the fund’s moves during Q4 2021.Īckman’s 13F portfolio value decreased ~4% from ~$10.78B to ~$10.39B this quarter. It is based on Ackman’s regulatory 13F Form filed on. Stating that letting Putin off easy for the war in Ukraine would give him “Carte blanche to invade and subjugate” other nations.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. Putin is “testing us,” billionaire assertsĪckman wrote of Putin that “we did nothing to stop him” when Russia took control of the Crimean peninsula.Ĭountries that are not members of NATO would be particularly vulnerable, Ackman argued. His fear that Putin could continue to invade and in an attempt to take control of other neighboring countries stem from the belief that Putin was emboldened when the world put up little resistance to Russia’s annexation of Crimea and parts of Georgia. “What then do we do when wants more? The nuclear threat is no different when he takes his next country, whether it is part of NATO or not, and by then we are strategically worse off,” he wrote. He then questioned NATO’s lack of participation in the conflict, despite the fact that Ukraine is not a member of NATO and therefore the organization is not obligated to assist the country within its borders.
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