For most of last year, central banks and the market had managed to toe the line that inflation was transitory and monetary largesse could continue. That all changed in the final months of 2021 and January seems to have found investors in a far more sober mood. And this month’s Alpha* investment trust report seems to suggest we are at an inflection point, with lots of new trusts – stout, income generating types – featured. This makes some sense in the context of heightened concerns about persistent inflation and interest rate rises. Pershing Square is one of these new arrivals.
| Pershing Square | |||||
|---|---|---|---|---|---|
Name | TIDM | Mkt Cap | Price | DY | Gearing |
Pershing Square Holdings | PSH | £5,824m | 2,925p | - | 6% |
Discount to NAV | |||||
Z-Score | Now | Avg. | Low | High | |
-2.2 | -30.90% | -26.20% | -17.70% | -30.90% | |
Share Price Performance | |||||
1m | 3m | 6m | 1y | 3y | 5y |
-2.50% | 8.90% | 10.20% | 11.60% | 185.80% | - |
Top Ten Holdings | |||||
Name | % Port | ||||
Lowe's Companies Inc | 13.6 | ||||
Chipotle Mexican Grill Inc | 10.6 | ||||
Restaurant Brands International Inc | 10.4 | ||||
Hilton Worldwide Holdings Inc | 10.1 | ||||
Agilent Technologies Inc. | 9.9 | ||||
Starbucks Corp | 7.1 | ||||
The Howard Hughes Corp | 5.4 | ||||
Financial Services | 3.5 | ||||
Sponsor Warrants | 1.7 | ||||
Restaurant Brands International LP | 0.1 | ||||
Total | 73 | ||||
Source: Winterflood/Morningstar | |||||
Pershing Square Holdings (PSH), unusually for an investment trust, falls into the category of hedge funds and its greatest glory of the past few years has been some immaculately timed hedging. At the same time it has more in common with a highly-concentrated long-only fund.