Pershing Square Holdings, Ltd. Publishes Its Third Quarter Interim Management Statement


Pershing Square Holdings, Ltd. (ticker: PSH:NA) today released its interim management statement for the quarter ended 30 September 2015. The interim management statement is also available on the Company’s website,

Interim Management Statement

This statement is made in accordance with article 5:25e of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht, the “FMSA”) and relates to the period from July 1, 2015 – September 30, 2015.

Pershing Square Holdings, Ltd. (the “Company”) is an investment holding company structured as a closed-ended investment scheme. Shares of the Company are publicly traded on Euronext Amsterdam N.V. with a trading symbol of PSH.

The Company has appointed Pershing Square Capital Management, L.P. (the “Investment Manager”), a Delaware limited partnership, as its investment manager pursuant to an agreement between the Company and the Investment Manager. The Investment Manager has responsibility, subject to the overall supervision of the Board of Directors, for the investment of the Company’s assets and liabilities in accordance with the investment strategy set forth in the Company’s Prospectus.

The Company’s investment objective is to preserve capital and to seek maximum, long-term capital appreciation commensurate with reasonable risk. The Company seeks to achieve its investment objective through long and short positions in equity or debt securities of public U.S. and non-U.S. issuers (including securities convertible into equity or debt securities), derivative instruments and any other financial instruments that the Investment Manager believes will achieve the Company’s investment objective.

Performance Summary Q3 2015

    Share Price   NAV/Share   Premium/(Discount)
June 30, 2015   $27.36   $27.23   0.5%
September 30, 2015   $21.51   $23.06   (6.7%)
% Change   (21.4%)   (15.3%)    

Investment Manager’s Review

For the period July 1, 2015 through September 30, 2015, the Company returned -15.3%1 net of fees bringing YTD performance to -12.6%1 net of fees. In October 2015, the Company returned -7.3%1 net of fees, bringing YTD performance through the end of October 2015 to -19.0%1 and net assets of the Company as of the end of October 2015 to $5.3 billion.

On Monday, November 9, 2015, the Investment Manager held its Q3 2015 quarterly conference call. Please go to the PSH web site ( for a replay of this call which gives a more comprehensive review of the portfolio and developments in the third quarter of 2015. The replay will be available until Monday, November 23, 2015 at midnight EST.

Gross Contributors to Returns Q3 20152
Contributors to Gross Returns Detractors from Gross Returns
3 Other Positions 0.1% Valeant Pharmaceuticals International, Inc. (4.9%)
    Platform Specialty Products Corporation (3.3%)
    The Howard Hughes Corporation (1.9%)
    Zoetis Inc. (1.7%)
    Nomad Foods Limited (1.2%)
    Air Products & Chemicals, Inc. (0.9%)
    Canadian Pacific Railway Limited (0.8%)
    6 Other Positions (0.9%)
Total 0.1% Total (15.6%)

The largest driver of the Company’s decline in NAV in Q3 and in October 2015 was the Company’s position in Valeant Pharmaceuticals International, Inc. (“VRX”). The Investment Manager conducted a conference call to update shareholders on its investment in VRX on Friday, October 30, 2015. A replay of the call, along with a copy of the presentation which accompanied the call, is available on the PSH web site The replay will be available until Friday, November 13, 2015 at midnight EST.


1 Except as otherwise stated, performance results included in this report are presented on a net-of-fees basis and reflect the deduction of, among other things, management fees, brokerage commissions, administrative expenses, and accrued performance fee, if any. Net performance includes the reinvestment of all dividends, interest, and capital gains. Performance data for 2015 is estimated and unaudited.

2 The performance attributions to the gross returns provided in this report are for illustrative purposes only. Positions with performance attributions of at least 50 basis points are listed separately, while positions with performance attributions of 50 basis points or less are aggregated. The attributions presented herein are based on gross returns which do not reflect deduction of certain fees or expenses charged to the Company, including, without limitation, management fees and accrued performance fee, if any. Inclusion of such fees and expenses would produce lower returns than presented here. In addition, at times, the Company may engage in hedging transactions to seek to reduce risk in the portfolio, including investment specific hedges that do not relate to the underlying securities of an issuer in which the Company is invested. The gross returns reflected herein (i) include only returns on the investment in the underlying issuer and the hedge positions that directly relate to the securities that reference the underlying issuer (e.g., if the Company was long Issuer A stock and also purchased puts on Issuer A stock, the gross return reflects the profit/loss on the stock and the profit/loss on the put); (ii) do not reflect the cost/benefit of hedges that do not relate to the securities that reference the underlying issuer (e.g., if the Company was long Issuer A stock and short Issuer B stock, the profit/loss on the Issuer B stock is not included in the gross returns attributable to the investment in Issuer A); and (iii) do not reflect the cost/benefit of portfolio hedges. Performance with respect to currency hedging related to a specific issuer is included in the overall performance attribution of such issuer.

Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal.