Claims

Factual · Their own work or organisation

“This lower return reflects the 26.3% discount to NAV at which PSH's stock currently trades.”

Bill Ackman, letter to PSH shareholders · 2024 · Bill Ackman's Pershing Square 2023 Annual Letter: A Review (GuruFocus)

PSH's stock currently trades at a 26.3% discount to NAV.

Mostly true True in substance, wrong in a detail.

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%).

Evidence

1. 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.”

2. 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%.”

3. 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”

4. 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. https://epistacklabs.com/claims/c_6a6a70626b7f