12 documents showing 1–12
Date
Fund
Target
Thesis
Scores
Dec 06, 2023
Palliser Capital
Samsung C&T Corporation
028260 KS
Samsung C&T trades at a 63% discount to its $40.4bn NAV; fixing capital allocation, governance and the opaque group structure closes a $25bn value gap worth ~170% upside.
N5
V4
Feb 05, 2020
Pershing Square
Pershing Square Holdings (fund-level portfolio update)
PSH
Pershing Square's 2019 return to its concentrated activist playbook drove a 58.1% NAV year; two new positions (Agilent, Berkshire) and a 28.9% NAV discount extend the compounding runway.
N2
V3
Feb 13, 2019
Pershing Square
Pershing Square Holdings, Ltd.
PSH
PSH offers an activist portfolio compounding well above the S&P 500, available at a 27% discount to NAV, with a new dividend, buybacks, and insider buying narrowing the gap.
N3
V3
Jan 29, 2018
Pershing Square
Pershing Square Holdings (fund-level portfolio update)
PSH
After a fourth losing year driven by Valeant and Herbalife, Pershing Square has downsized, returned to core principles, and offers PSH investors an attractive reset entry point.
N3
V3
Jan 26, 2017
Pershing Square
Pershing Square Holdings Portfolio (multiple)
PSH
2016 losses of -13.5% were driven overwhelmingly by Valeant; balance of portfolio performed well
N3
V3
Jan 26, 2017
Pershing Square
Pershing Square Holdings Portfolio (multi-position)
PSH
After a -13.5% 2016 driven by Valeant, Pershing recaps a concentrated portfolio (Mondelez, Air Products, Restaurant Brands, Chipotle) where margin and turnaround catalysts should restore long-term outperformance versus the S&P.
N3
V3
Apr 26, 2016
Pershing Square
Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)
Mondelez 13% EBIT margin vs 17-26% peers implies +600-700 bps optimized EBIT upside under 3G playbook
N3
V3
Jan 28, 2016
Pershing Square
Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)
After a -20.5% 2015, Pershing concedes mistakes on Valeant/Platform/CP but argues its portfolio holdings trade at a substantial discount to intrinsic value and that permanent capital lets it wait for convergence.
N4
V3
Apr 28, 2015
Pershing Square
Pershing Square Portfolio (multiple positions)
Pershing Square's 2015 portfolio recap: 9 positions led by the Allergan win, new Valeant stake, ongoing CP/APD transformations, and the Herbalife pyramid-scheme short.
N3
V3
Jan 29, 2015
Pershing Square
Pershing Square portfolio (multi-target)
Pershing Square delivered 40.4% net returns in 2014, driven by Allergan's forced sale to Actavis, Herbalife's 52% decline, and Canadian Pacific's continued transformation under Hunter Harrison.
N3
V3
Jan 29, 2015
Pershing Square
Pershing Square portfolio (Allergan, Herbalife, Canadian Pacific, Air Products, Restaurant Brands, Platform Specialty, Zoetis, Howard Hughes, Fannie/Freddie)
Pershing Square's 2014 annual recap: 40.4% net return, Allergan sold at a 75% premium, Herbalife short down 52%, and a $2.8bn PSH IPO making 46% of AUM permanent capital.
N3
V3
Jan 29, 2015
Pershing Square
Pershing Square Portfolio (multi-position annual update)
Pershing Square delivered 40.4% net in 2014 — Allergan's sale to Actavis, Herbalife's 50% drop and Seifi Ghasemi's Air Products turnaround — and IPO'd PSH for permanent capital.
N3
V3