Ackman's Pershing Square fund surges as Universal soars in stock debut
BOSTON, Sept 22 (Reuters) - Hedge fund manager William Ackman's 10% bet on Universal Music Group helped nearly double returns at his own portfolio to 15.3% this week after shares in the world's biggest music label surged in their first hours as a publicly traded company.
Ackman, who runs hedge fund firm Pershing Square Capital Management, told investors that his Pershing Square Holdings portfolio returned 15.3% after fees since January. The fund was up 7.7% a week ago.
The gains were largely fueled by his investment in Universal Music Group (UMG), the label that is home to Taylor Swift, Bob Dylan and the Beatles. Ackman pivoted a few weeks ago, buying the sizable stake in the record label through his portfolios after his initial plan to invest through a blank-check company deal crumbled in July amid scrutiny from U.S. regulators.
The billionaire investor told his investors that humans need food, water and music, and that music, which he called the cheapest form of entertainment in the world, is a very savvy investment because it pays royalties.
He raised $1.1 billion in fresh capital for the UMG stake through a co-investment vehicle, a structure he has previously used for investments in Automatic Data Processing (ADP.O) and Air Products & Chemicals (APD.N). In total, Ackman's funds invested $4 billion in UMG.
Ackman posted a 70.2% return in 2020 following a 58.1% return in 2019. This year the HFRX Global Hedge Fund Index, which measures returns for the industry, is up 3.58%.
In the first eight months of the year Ackman's best performing stocks included Chipotle Mexican Grill (CMG.N), Agilent Technologies (A.N), and Domino's Pizza (DPZ.N). He sold Agilent to help fund his commitment to UMG.
In its first day of trading in Amsterdam on Tuesday, UMG's shares leapt by more than a third, pushing its market value to $55 billion in Europe's largest listing of the year.
Reporting by Svea Herbst-Bayliss, Editing by Franklin Paul and Sonya Hepinstall
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Pershing Square Holdings, Ltd.
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Pershing Square Capital Management
American hedge fund
Pershing Square Capital Management is an American hedge fund management company founded and run by Bill Ackman, located at 787 11th Avenue in New York.
In 2004, with $54 million in funding from his personal funds and former business partner Leucadia National, Ackman started Pershing Square Capital Management.
Ackman has been known to hire people outside of traditional finance backgrounds; for instance, his professionals have included a former fly fishing guide, a former tennis pro, and "a man whom he met in a cab."
In October 2014, Ackman launched a UK-based closed-end fund, Pershing Square Holdings, on the London Stock Exchange.
Pershing has launched activist campaigns against McDonald's, Wendy's, and Herbalife.
In 2005, Pershing bought a significant share in fast food chain Wendy's International and successfully pressured them to sell off its Tim Horton's donut chain. Wendy's spun off the Canadian restaurant donut chain through an IPO in 2006 and raised $670 million for Wendy's investors. After Ackman sold his shares at a substantial profit after a dispute over executive succession, the stock price collapsed, raising criticism the sale of Wendy's fastest growing unit left the company in a weaker market position. Ackman blamed the poor performance on their new CEO.
In December 2007, his funds owned a 10% stake in Target Corporation, valued at $4.2 billion through the purchase of stock and derivatives. His funds now own a 7.8% stake. In December 2010, his funds held a 38% stake in Borders Group and on December 6, 2010, Ackman indicated he would finance a buyout of Barnes & Noble for US$900M.
On January 9, 2009, the fund disclosed a 7.4% ownership stake in General Growth Properties (GGP) according to documents filed with the SEC, becoming the second-largest shareholder behind Brookfield Asset Management. The fund was betting on the company going bankrupt in such a way as to leave its shareholders intact. In November 2010, Pershing Square helped the company emerge from Chapter 11 bankruptcy protection. As of August 2012 the fund holds beneficial ownership of 7.7 percent of General Growth's stock.
In 2010, Pershing Square reported having taken large ownership stakes in JC Penney and Canadian Pacific Railway.
In July 2012, Ackman acknowledged to CNBC he had acquired shares in Procter & Gamble worth approximately $1.8 billion, a 1% stake in the company, with the idea of taking an activist role within the corporation. Pershing Square later reduced its stake in Procter & Gamble, which was valued at around $60 million by the end of 2013.
In the first quarter of 2016, the hedge fund experienced its "biggest-ever quarterly loss" of 25%, due in part to its 9% stake in Valeant Pharmaceuticals International. Ackman, who joined Valeant's board in March 2016, commented on the company's 88% loss since August 2015 stating, “This is going to be a badly scraped knee that may even require stitches but it is not life threatening... We should be able to recover the lion's share of our investment—if not all of it—over time". After the controversial drug prices and operations of Valeant became public, Ackman and Valeant's board fired former CEO Mike Pearson, and Pershing Square sold all of its stake in Valeant with a total loss of $4bn.
In September 2016, Pershing Square continued its investment in fast food by buying a 9.9% stake in Chipotle Mexican Grill. As of March 2018, Pershing Square held a 10.3% stake in Chipotle. In 2018, Ackman dumped $500 million into the publicly traded arm of Pershing Square Capital Management stating it was significantly undervalued at roughly $15 a share. As of September 2019, the fund returned 54.5% with a share price of $19.10, the highest since January 2016.
In March 2020, Pershing Square made $2.6bn (£2.2bn) betting that there would be a market crash.
In November 2020, Pershing Square took a position against corporate credit.
See also: Bill Ackman Herbalife short
In December 2012, Ackman announced the firm had made a $1 billion short bet against Herbalife, a maker of weight-loss and vitamin supplements, calling the company a "pyramid scheme". After activist billionaire investor Carl Icahn bought a stake in the company in January 2013, the share price rose nearly 13% and the investment was seen by analysts as the worst investment ever made by the firm. After a persistent political and grassroots campaign funded by Ackman and the firm, the Federal Trade Commission initiated a civil investigation into Herbalife, causing its stock to drop enough that by March 2014, Pershing Square was nearly even on their bet. In April 2014, Reuters reported that, according to its sources, the FBI conducted a probe into Herbalife and reviewed documents obtained from the company's former distributors.
In March 2015, U.S. District Judge Dale Fischer dismissed a suit filed by Herbalife investors alleging the company is operating an illegal pyramid scheme. On March 12, 2015, it reported that Ackman was under investigation by federal prosecutors and the FBI; Ackman was quoted that he would not back down from his claims against Herbalife.
Platform Specialty Products Corporation
As of June 2014, Pershing Square is the largest institutional holder of the shares of Platform Specialty Products Corporation (NYSE: PAH), owning a 24.28% stake. Pershing first disclosed the position in January 2014, shortly after Platform debuted on the New York Stock Exchange. Subsequently, in April 2014, Platform announced a deal to acquire the agrochemicals business of Chemtura for approximately $1 billion. Agriphar, another agricultural specialty chemicals company, agreed in August 2014 to become the third company to join the Platform umbrella.
In April 2014, Ackman singled out Platform Specialty Products in "The Outsider" presentation, which discusses optimal methods of capital allocation.
Pershing Square Tontine Holdings (PSTH)
Pershing Square Tontine Holdings is a blank check company formed by Bill Ackman that went public in July 22, 2020 at a value of $4 billion and trade under the ticker symbol PSTH.U before the split of its warrants and shares. PSTH is currently the largest SPAC to IPO to date.
PSTH has a unique "Tontine" structure where shareholders are incentivized to hold shares through merger once a target is found for acquisition. The IPO included 200 million units, which included a total of 200 million shares and 22,222,222 warrants. Another 44,444,444 warrants, or two ninths per share, will be distributed to shareholders who choose to participate in the proposed merger. The strike price of PSTH warrants are $23.
In popular culture
Pershing Square's investment ventures are prominently featured in two financial documentaries.
- Cheffins, Brian R. (2014). "Hedge Fund Activism Canadian Style". University of British Columbia Law Review. 47 (1): 1-59) (Discussing Pershing Square's activities in Canada, and a unique cultural reluctance to support active value creation by ethical intervening shareholders). SSRN 2204294.
- Rojas, Claudio R. (2014). "An Indeterminate Theory of Canadian Corporate Law". University of British Columbia Law Review. 47 (1): 59-128 ("The author's perspective on Berkshire Hathaway's investment philosophy was informed by discussions with Warren Buffett in Omaha, Nebraska": pp. 59, 122-124). SSRN 2391775.
- ^"About Pershing Square Capital Management, L.P." Pershing Square Capital Management, L.P. Archived from the original on 2019-12-20. Retrieved 2018-04-08.
- ^"PSH"(PDF). Pershing Square Holdings. Archived(PDF) from the original on November 6, 2020. Retrieved December 22, 2020.
- ^Markus Krebsz (15 June 2011). Securitisation and Structured Finance Post Credit Crunch: A Best Practice Deal Lifecycle Guide. John Wiley and Sons. pp. 83–. ISBN . Retrieved 2 August 2011.
- ^Joseph A. McCahery; Erik P. M. Vermeulen (19 November 2010). Corporate Governance of Non-Listed Companies. Oxford University Press US. pp. 178–. ISBN . Retrieved 2 August 2011.
- ^ abPhilip Coggan (9 November 2010). Guide to Hedge Funds: What They Are, What They Do, Their Risks, Their Advantages. John Wiley and Sons. pp. 49–. ISBN . Retrieved 2 August 2011.
- ^ abDavid Stowell (16 February 2010). An Introduction to Investment Banks, Hedge Funds, and Private Equity: The New Paradigm. Academic Press. pp. 49–. ISBN . Retrieved 2 August 2011.
- ^ abcSerres, Chris (13 January 2008). "William Ackman: Targeting Target". Star Tribune. Minnesota. Archived from the original on 29 May 2012. Retrieved 16 May 2009.
- ^"From Hedge Funds to Bonefishing," ForbesArchived 2020-11-06 at the Wayback Machine, July 16, 2012
- ^"Bill Ackman's Pershing Square fizzles on IPO". FT. 13 October 2014. Archived from the original on 6 November 2020. Retrieved 2 June 2017.
- ^"Ackman Boosts Target State". Bloomberg. 24 December 2007. Archived from the original on 6 January 2008. Retrieved 27 February 2013.
- ^Andrew Bary (26 May 2009). "Ackman's Target Campaign Is Off-Target". barrons.com. Archived from the original on 12 December 2013. Retrieved 27 February 2013.
- ^"Ackman loses in Target proxy contest". Reuters. 28 May 2009. Archived from the original on 24 September 2015. Retrieved 1 July 2017.
- ^de la Merced, Michael (6 December 2010). "Ackman Offers to Finance a Borders Bid for Barnes & Noble". The New York Times (DealBook). Archived from the original on 9 March 2013. Retrieved 27 February 2013.
- ^"Pershing Square (Bill Ackman) Files 13D on General Growth Properties (GGP)". Market Folly. Archived from the original on 2013-03-05. Retrieved 2013-03-03.
- ^TraderMark (14 January 2009). "The Logic Behind Bill Ackman's Purchase of General Growth Properties". Seeking Alpha. Archived from the original on 6 March 2013. Retrieved 3 March 2013.
- ^"General Growth cleared to exit bankruptcy". Reuters. 22 October 2010. Archived from the original on 24 September 2015. Retrieved 1 July 2017.
- ^"Pershing Square Urges Shareholders To Consider Sale Of General Growth Properties". Seeking Alpha. Archived from the original on 2013-03-06. Retrieved 2013-03-03.
- ^"Bill Ackman's Activist Positions in J.C. Penney and Canadian Pacific Railway". Forbes. 15 June 2012. Archived from the original on 6 November 2020. Retrieved 8 September 2017.
- ^Benoit, David (14 February 2014). "Pershing Square Slashes Procter & Gamble Stake" (MoneyBeat). Wall Street Journal. Archived from the original on 6 November 2020. Retrieved 24 March 2014.
- ^"Bill Ackman Is About to Get Seriously Grilled by Unhappy Investors". Fortune. 6 April 2016. Archived from the original on 6 November 2020. Retrieved 16 April 2016.
- ^Whitehouse, Kaja (6 March 2016). "Bill Ackman says he can recoup Valeant losses". USA Today. Archived from the original on 10 April 2016. Retrieved 16 April 2016.
- ^Gara, Antoine (21 March 2016). "As Bill Ackman Enters Valeant's Boardroom, The Stakes Rise Above The Billions He May Lose". Forbes. Archived from the original on 6 November 2020. Retrieved 16 April 2016.
- ^Franck, Thomas (2018-04-05). "Bill Ackman's hedge fund empire crumbles in less than 3 years from public wrong-way bets on Herbalife, Chipotle". CNBC. Archived from the original on 2020-11-06. Retrieved 2019-09-26.
- ^"Bill Ackman's Pershing Square takes 9.9% stake in Chipotle". CNBC. 6 September 2016. Archived from the original on 6 November 2020. Retrieved 9 September 2016.
- ^Franck, Thomas (2018-04-05). "How Bill Ackman's hedge fund empire crumbled in less than three years". CNBC. Archived from the original on 2020-11-06. Retrieved 2018-04-05.
- ^"Ackman's $500 Million Bet on Ackman Pays Off After Bad Run". Retrieved 2019-09-26.
- ^Franck, Thomas (July 2, 2019). "Pershing Square up 45% in the first half of 2019 as Bill Ackman win streak continues". CNBC. Archived from the original on November 6, 2020. Retrieved September 26, 2019.
- ^"US investor Bill Ackman places new bet against corporate credit".
- ^"Bill Ackman claims firm made $2.6bn betting on coronavirus outbreak".
- ^"Bill Ackman Is Right to Hedge on Corporate Credit".
- ^Stevenson, Alexandra (11 March 2014). "Herbalife Shares Fall as Ackman Makes New Accusations". The New York Times. Archived from the original on 16 March 2014. Retrieved 24 March 2014.
- ^ abStanford, Duane (24 March 2014). "Herbalife Strengthens Ties With Icahn as Ackman War Rages". Herbalife Strengthens Ties With Icahn as Ackman War Rages. Retrieved 24 March 2014.
- ^Schmidt, Michael (9 March 2014). "After Big Bet, Hedge Fund Pulls the Levers of Power". The New York Times. Archived from the original on 14 January 2017. Retrieved 24 March 2014.
- ^DealBook (10 March 2014). "Ackman vs. Herbalife, a History". The New York Times (DealBook). Archived from the original on 6 November 2020. Retrieved 24 March 2014.
- ^"FBI conducting a probe into Herbalife: sources". April 2014. Archived from the original on 13 April 2014. Retrieved 11 April 2014.
- ^Zacks Equity Research (20 March 2015). "Herbalife Soars as Judge Dismisses Lawsuit (revised)". Yahoo Finance. Verizon Media. Archived from the original on 9 July 2017. Retrieved 23 March 2015.
- ^Holm, Erik (13 March 2015). "Bill Ackman Not Backing Down On Herbalife". Wall Street Journal (MoneyBeat). Archived from the original on 17 June 2015. Retrieved 16 June 2015.
- ^"PAH Major Holders". Yahoo Finance. 30 June 2014. Archived from the original on 27 April 2016. Retrieved 17 January 2017.
- ^"Why Pershing Initiates Position in Platform Specialty Products". Yahoo Finance. 19 May 2014. Archived from the original on 9 April 2016. Retrieved 17 January 2017.
- ^"Pershing Square Discloses Platform Specialty Products Stake". Market Folly. 27 January 2014. Archived from the original on 19 August 2014. Retrieved 16 August 2014.
- ^"Bill Ackman Announces 30.9% Stake in Platform Specialty Products". NASDAQ.com. 27 January 2014. Archived from the original on 6 November 2020. Retrieved 16 August 2014.
- ^"Platform Lists on NYSE After MacDermid Deal, Pershing Stake". TheStreet. 25 January 2014. Archived from the original on 14 August 2014. Retrieved 16 August 2014.
- ^"Ackman-Backed Platform to Buy Chemtura Unit for $1 Billion". Bloomberg Businessweek. 17 April 2014. Archived from the original on 2014-04-23. Retrieved 2014-08-16.
- ^"Ackman Going Public, Should Mega Cap Stocks Worry?". ValueWalk. 13 August 2014. Archived from the original on 16 August 2014.
- ^"The Outsider". SEC. 22 April 2014. Archived from the original on 6 November 2020. Retrieved 8 September 2017.
- ^"How 'The Outsiders' Became One Of The Most Important Business Books In America". Forbes. 8 May 2014. Archived from the original on 6 November 2020. Retrieved 8 September 2017.
- ^"Pershing Square's Presentation on Allergan/Valeant: The Outsider". Market Folly. 23 April 2014. Archived from the original on 19 August 2014. Retrieved 16 August 2014.
- ^"Ruling Puts Crimp in Takeover Alliances". Capital Activist. 8 November 2014. Archived from the original on 29 March 2016. Retrieved 11 November 2014.
- ^"Pershing Square Tontine Holdings, Ltd. Announces $4,000,000,000 Initial Public Offering at $20.00 Per Share"(PDF). Pershing Square Tontine Holdings Investor Relations.
- ^ ab"Bill Ackman and Pershing Square Launch Largest SPAC To Date: A Harbinger of Things to Come?". Debevoise. Retrieved 2021-02-27.
- ^Jasinski, Nicholas. "Bill Ackman's SPAC Splits Today. Here's What That Means". MarketWatch. Retrieved 2021-02-27.
- ^"Betting On Zero". Betting On Zero. Archived from the original on 2020-11-06. Retrieved 2019-09-26.
- ^Carroll, Leah. "The Female Short Seller Of Netflix's". www.refinery29.com. Archived from the original on 2019-09-26. Retrieved 2019-09-26.
Square stock pershing
Bill Ackman Stocks Portfolio
Top HoldingsLargest TradesPortfolio StructureSector AllocationPerformance History
Pershing Square Capital Management Holdings Heatmap
Top 50 Pershing Square Capital Management Holdings
Largest Stock Buys since Q2 2021:
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Largest Stock Sells since Q2 2021:
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Sector Allocation over time
Pershing Square Capital Management Performance History
Performance compared to other Funds
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