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written by reader Pershing Square Holdings

By pozoblue, August 27, 2015

Trying to sort out relationship between PSHZF in the U.S. and PSH.AS in Amsterdam. Reading Reuters, they look to be the same company. Looking at Bloomberg, they look to not be.
If the OTC version is U.S. access to PSH, wondering about your opinion, Travis or others, about buying the very low-volume OTC PSHZF. Would like to buy in Roth IRA and am only able to invest on the US exchange with that account. Is the volume too ridiculously low? Thanks in advance.

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Travis Johnson, Stock Gumshoe

For a “buy and hold” kind of investment, the low-volume OTC ticker should work fine as long as you’re patient about getting a good buy price — the two stocks are the same, and the home listing in Amsterdam Pershing Square Holdings is traded in US$, so you don’t even have to do currency translation. When both markets are open, for that first hour or so in the morning, it should be possible to buy PSHZF very close to the PSH.AS price, since the market maker can just buy in Amsterdam for you. The problems with these kinds of shares come if you want to sell when everyone else is also trying to sell — not only can PSH itself trade much lower in Amsterdam, but if there’s no buying OTC you might have to take a sharp haircut from the “fair” price if you wish to sell quickly.

I’ve traded Pershing both in Amsterdam and OTC in the US, and do currently have a substantial investment in the fund. Their new report is out on the first six months and they say that they’ve gone negative (or at least flat) for 2015 as of this week. I’m kind of hoping that sentiment slips for Ackman and the fund trades at a sharp discount to NAV at some point so I can buy substantially more, but I consider this a long-term investment in a brilliant value/activist investor at decent terms (for a hedge fund).

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7 years ago

Great! Thanks, Travis, just what I wanted to know.

6 years ago

Hi, I just recently took a position in PSHZF and it doesn’t seem to have the upward momentum of psh:as (last trades are 14.73 in amsterdam and 14.50 in the US.) Are these share fungible ? Is there an arb to do when priocing is so off? I know both exchanges are only open at the same time for a short period but I would think during that time they should trade in parity?

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