PSH's stock currently trades at a 26.3% discount to NAV.
Mostly true True in substance, wrong in a detail.
Factual: Statements about the present or the past, checked against the record: did they hold up?
The second judge would not resolve this claim; the verdict shown is the first judge's.
Said for an organisation they lead or work for; it counts on both records.
What would count as true or false
Judge as of the date of the 2024 PSH report or letter that contains the statement. The test is whether PSH's share price stood at a 26.3% discount to its published NAV per share at the reference date the report uses. True: PSH's NAV and its share price on the same date give a discount of 26.3%, allowing for rounding of ±0.2 points, or PSH's official report states that figure. Mostly true: the discount was within about 1 point of 26.3%. Mixed: the discount differed by more than 1 and up to 3 points. Mostly false: the discount differed by more than 3 points. False: there was no discount, or it was wildly different (for example under 15%).
Set before the research began.
Evidence (4)
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E1 Should you buy, hold or fold Bill Ackman's Pershing Square investment trust? QuotedData (article by Emma Wallis, News editor, Trustnet) · 28 February 2024
“Its discount tightened from 33% to 29% over the course of last year and has come in further to 26% during the past two months, but remains wide.”
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E2 Pershing Square Holdings, Ltd. Releases Regular Weekly Net Asset Value and Year-To-Date Return As Of 20 February 2024 Business Wire (issued by Pershing Square Holdings, Ltd.) · 21 February 2024 Own record
“PSH NAV per share as of close of business on 20 February 2024 was 66.21 USD / 52.45 GBP and year-to-date performance was 1.8%.”
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E3 Net Asset Value and Returns | Pershing Square Holdings Pershing Square Holdings, Ltd. · 6 June 2024 Own record
“- 29 Feb 2024 - Monthly - $67.31 - $49.53 - $49.70”
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E4 Net Asset Value and Returns | Pershing Square Holdings Pershing Square Holdings, Ltd. · 6 June 2024 Own record
“- 5 Mar 2024 - Weekly - $66.92 - $49.53 - $49.45”
Reasoning
An independent report from 28 February 2024 (E1) says PSH's discount had narrowed to 26% over the previous two months. That is consistent with the claimed 26.3% within about a point. PSH's NAV table rows for 29 Feb and 5 Mar 2024 (E3, E4) give figures that work out to roughly 26.0–26.4%. However, the rows are unlabelled, and the letter's exact reference date isn't confirmed. So the evidence supports a discount close to 26.3% but doesn't establish the exact figure.
Cite this claim
Bill Ackman, “PSH's stock currently trades at a 26.3% discount to NAV.” (said 2024). Verdict: mostly true. Reliability API, claim c_6a6a70626b7f, method 0.1.0+c876030c, dataset release v1.1.2. https://epistacklabs.com/claims/c_6a6a70626b7f
This claim is in dataset release v1.1.2, with the same verdict.
Reply to this claim
More factual claims by Bill Ackman
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Mixed
“You own a portfolio of our best ideas, and it’s trading at an 18% discount to cash.”
PSUS holds a portfolio of Pershing Square's best ideas and trades at an 18% discount to cash.
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Mostly true
“This lower return reflects the 35% discount to NAV at which PSH's stock currently trades.”
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Resolved true
“We recently made new investments in Visa (V), Mastercard (MA), Netflix, S&P Global, Intercontinental Exchange, and Alcon (ALC), companies we have closely followed for years.”
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Resolved true
“Streetwise is now available for sale. Please see my review below.”
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Mixed
“Our new independent directors include long-term investors in PSH and the Pershing Square funds as well as new investors in the management company.”
Verdicts are made automatically; how verdicts are made.