(2) Reflects the number of positions in issuers in which the Company has previously publicly disclosed an investment, which occurs after the Company has completed its accumulation. Cash, cash equivalents, direct or indirect currencies or other hedges and income / expense items are excluded. Multiple financial instruments (for example, common stocks and derivatives on common stock) associated with one (1) issuer count as one (1) position. A position that is included in the number of positions will be deleted from the table only if the investment becomes 0.0% of the portfolio.
(3) For the purpose of determining equity and debt exposures, investments are valued as follows: (a) shares or debt are valued at their market value, (b) options referring to shares or debts are marked to market, (c) call options and short put options (or vice versa, short call options and long put options) held on the same underlying issuer and with the same exercise and the same maturity are grouped and treated as synthetic positions in equities, and are valued at the market value of the equivalent long position in equities (or vice versa, the equivalent short position in equities), and (d ) equity swaps or futures or debt are marked-to-market of the shares or notional debt underlying the swaps or futures, except for positions referencing Pershing Square Tontine Holdings, Ltd (“PSTH â), Which are marked to market. Whether a position is considered long or short is determined by the positive or negative exposure of an investment to rising or falling prices. For example, long put options are considered short exposure.
(4) Includes all issuer equity, debt and derivatives related to equity and issuer debt, as well as associated currency hedges. Cash, cash equivalents, direct or indirect currencies or other hedges and income / expense items are excluded. The market values ââof the associated currency hedges are included in the associated investment. In the event of a change in market capitalization category from an undisclosed position, this information is not updated until that position is publicly disclosed.
(5) The composition of the portfolio reflects the portfolio positions made public at the date of this report. A position in an issuer is not assigned to a sector until it has been made public.
(6) âThe assets under management of Pershing Square Holdings, Ltd. âCorrespond to the net assets of Pershing Square Holdings, Ltd. calculated in accordance with GAAP without deducting amounts attributable to accrued performance fees, while adding the principal value of the Company’s outstanding debt ($ 2.1 billion). Any performance fees crystallized at the end of the year will be reflected in the assets under management for the following period.
(7) âTotal Strategy AUMâ corresponds to the net assets of Pershing Square, LP, Pershing Square International, Ltd. and Pershing Square Holdings, Ltd. (collectively, the âbase fundsâ) calculated in accordance with GAAP without deducting amounts attributable to accrued performance fees, while adding back the principal value of the Company’s outstanding debt ($ 2.1 billion). Redemptions effective at the end of any period (including redemptions attributable to crystallized performance fees / allocations, if applicable) will be reflected in assets under management for the following period.
(8) “Total Strategy AUM + PSTH” is equal to the total AUM of the strategy as defined in footnote 7, plus $ 4 billion raised during the IPO of PSTH, a Delaware corporation, which is a newly incorporated blank check company for the purpose of effecting a merger, stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more companies.
In addition, under the Articles of Association of the Company, a person is required to inform the Company of the number of Public Shares that he or she holds or is deemed to hold (through the direct or indirect holding of financial instruments by that person) if this number reaches, exceeds or falls below 3%, 4%, 4.25%, 4.50%, 4.75% or 5% of the total number of public shares in circulation.