28th Aug 2020 19:33
(Alliance News) - Pershing Square Holdings Ltd on Friday reported a first-half rise in net asset value and said it outperformed its benchmark.
The investor's NAV per share climbed 28% to USD34.52 from USD26.94 at the end of December.
Shares in the company closed flat at 2,015.00 pence each in London on Friday.
The North America-focused firm reported an NAV total return of just shy of 29% in the first-half, beating the S&P 500 which returned negative 3.1%.
"It is interesting to note that four of the nine companies in PSH’s portfolio on June 30, 2020, have positively contributed to the company's performance year-to-date through August 25, 2020, despite the effects of the virus on their businesses, or perhaps because of how their management teams responded to the challenges they faced. The decline in value of the other five portfolio companies is more than off set by the proceeds generated by the credit hedge, and the investment manager believes that they will recover in the long term," Pershing explained.
"As markets have recovered since late March, our portfolio companies' share prices have also increased, driving year-to-date performance."
By Eric Cunha; [email protected]
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