PSTH News and Headlines - Pershing Square Tontine Holdings Ltd
For those unfamiliar with this report, a 13F is a regulatory filing that provides information on an investment manager's equity holdings. Every U.S.-based hedge fund with more than $100 million of assets under management has to file one of these reports every quarter with the SEC detailing its equity holdings. The publication of these statements has become a notable event in the financial calendar as they provide a snapshot into the secretive hedge fund world.
American stock markets are not new to bubbles, nor the eventual burst of those bubbles. Inflated tech stocks led to one of the most severe market crashes at the turn of the 21st century, and it was an unhealthy rise in housing prices that helped lead to the market crash in 2008.
The rise of special purpose acquisition vehicles, or SPACs as they are often referred to, is reminiscent of these historical market bubbles. Investors need to dig deep to identify early warning signs of a market crash.
What is a SPAC?
A special purpose acquisition vehicle is a company
The latest 13F for Seth Klarman (Trades, Portfolio)'s Baupost Group, which was filed mid-November for the quarter ended Sept. 30, revealed that the value investor had acquired positions in several Special Purpose Acquisition Companies (SPACs).
Every U.S.-based hedge fund with more than $100 million of assets under management has to file a quarterly report with the SEC known as the 13F.
For those unfamiliar with this report, it provides information on the investment manager's equity holdings, and the publication of these reports has become a notable event in the financial calendar. They provide a snapshot into the
Earlier this year, Seth Klarman (Trades, Portfolio)'s Baupost hedge fund raised just under $2 billion from clients to take advantage of emerging opportunities in the market. As I noted in April, Klarman was very busy adding stocks to Baupost's portfolio in the first quarter.
He deployed at least $1.5 billion into public equity markets, according to his firm's 13F filing at the time. Baupost's cash balance was around 31% of assets under management at the end of 2019.
Disclaimer: These figures only detail part of the picture. The 13Fs only highlight public equity positions. They do not
Seth Klarman (Trades, Portfolio) is often compared to Warren Buffett (Trades, Portfolio) because of his track record of successfully identifying unpopular value stocks. For this reason, many investors follow the guru to get insights on unloved stocks that have the potential to deliver multi-bagger returns in the coming years.
According to the third-quarter 13-F filing of the Baupost Group LLC, the guru has entered new long positions in Pershing Square Tontine (PSTH) and Micron Technology (MU). The investment in Micron is currently valued at $245 million, which gives
Seth Klarman (Trades, Portfolio), manager of The Baupost Group, has revealed his portfolio for the third quarter. The portfolio saw the addition of many new holdings, including Pershing Square Tontine Holdings Ltd. (PSTH), Micron Technology Inc. (MU), Applied Materials Inc. (AMAT), Healthpeak Properties Inc. (PEAK) and Liberty SiriusXM Group (LSXMA).
Klarman's Boston-based hedge fund searches for value opportunities through a wide array of options, including stocks, distressed debt, liquidations and foreign equities. Despite investing around the world in many different options, Klarman does not mind holding cash when opportunities are scarce. He adamantly warns people against investing
We also added a position in a special purpose acquisition company Pershing Square Tontine Holdings Ltd (PSTH) in the quarter. This SPAC is a newly organized blank check company formed for the purpose of making mergers and acquisitions run by [url=https://www.gurufocus.com/StockBuy.php?GuruName=Bill+Ackman]Bill Ackman[/url] ([url=https://www.gurufocus.com/StockBuy.php?GuruName=Bill+Ackman]Trades[/url], [url=https://www.gurufocus.com/holdings.php?GuruName=Bill+Ackman]Portfolio[/url]).
From [url=https://www.gurufocus.com/StockBuy.php?GuruName=John+Rogers]John Rogers[/url] ([url=https://www.gurufocus.com/StockBuy.php?GuruName=John+Rogers]Trades[/url], [url=https://www.gurufocus.com/holdings.php?GuruName=John+Rogers]Portfolio[/url])' Ariel Focus Fund third-quarter 2020 commentary.
Last week I wrote here on Gurufocus about the Pershing Square Holding (LSE:PSH) vehicle run by Bill Ackman (Trades, Portfolio). This vehicle is essentially a closed-end fund trading at a massive 30% discount to its net asset value.
A discount like that is especially large given the size of the fund, the fact that it has a star manager and the fact that Ackman is going to great lengths to try and close the discount. One additional reason for my optimism regarding the future of Ackman's vehicle is that a small part
The firm benefitted from a great short call on index CDS markets and then unwinding that hedge in March and plowing the proceeds into the market. With hindsight, we now know it was a very opportune time to do so. The Pershing Square vehicle, essentially a closed-end fund, lagged the net asset value performance as the discount to its NAV widened further. The discount now stands
The increasing disconnect between U.S. stock prices and economic reality may seem surprising or even surreal to many investors. Not only did the recent "market crash" last for only a month, stock prices continue to rise even for companies that reported year-over-year declines, so long as they beat whatever the analyst community on Wall Street was predicting.
More than halfway through 2020, not only is the stock market thriving, we are also seeing a change in fortunes for special purpose acquisition companies, also known as SPACs or blank-check companies, which are highly speculative in nature as their success depends entirely
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