An investment in the Company should not be considered a complete investment program and is subject to risk. The Company is intended for long-term investors seeking capital appreciation. An investment in the Company is not meant to provide a vehicle for those who wish to play short-term swings in the market. Prospective investors should take into account the Company’s investment objective as well as the investor’s other investments when considering an investment in the Company. Before making an investment decision, a prospective investor should (i) consider the suitability of this investment with respect to the investor’s investment objectives and (ii) consider factors such as the investor’s investment goals, income, risk tolerance, and time horizon.
There can be no assurance that the Company’s investment objective will be achieved. An investment in the Company is not appropriate for all investors. The Company is designed for investors seeking access to the investment acumen of Pershing Square Capital Management, L.P. (the “Manager”) as a long-term investment and not as a trading vehicle. Shares of the Company may trade at a premium or discount to net asset value (“NAV”). Past performance is not indicative of future results.
In the pursuit of the Company’s investment strategy, the Manager may accumulate significant positions in particular investments and expects that the substantial majority of the Company’s capital will be invested in large minority (and occasionally controlling) positions in 12 to 15 companies, although the Manager may, from time to time, increase the number of holdings in the Company’s investment portfolio as a result of market or economic conditions or due to other considerations. From time to time, the Company may invest a significant proportion of its capital in one or a limited set of investments. The Company’s investment technique of concentrating investment positions increases the volatility of investment results over time and may exacerbate the risk that a loss in any such position could have a material adverse impact on the Company’s NAV and, in turn, the value of any investment in the Company. Although it may at times do so, the Manager is under no obligation to hedge the Company’s positions to mitigate such risks.
The Company may use leverage for investment purposes, subject to the leverage limits of the 1940 Act. The use of leverage has a number of risks, including the risk that the Company may be required to liquidate assets at a disadvantageous time. Leverage exaggerates the financial markets’ effects on the Company’s NAV.
This website is neither an offer to sell, nor a solicitation of an offer to purchase, any securities in the Company or any of its affiliates. The Company does not offer to sell its securities on a continuous basis. Any offering of the Company’s securities will be made only by means of a current prospectus, which should be read carefully before investing. The Company’s regulatory filings with the Securities and Exchange Commission (“SEC”) contain information about the Company’s investment objective, risks, charges and expenses as well as other information about the Company. These filings should be read carefully before investing. The Company’s filings with the SEC may be found on the SEC’s website (www.sec.gov) or at www.pershingsquareusa.com.
This website’s content is for informational purposes only and does not constitute investment advice, a recommendation or an offer to enter into any transaction with the Company or any other fund. The Company does not provide tax, accounting, financial, regulatory or legal advice, and all investors are advised to consult with their tax, accounting, financial, legal and/or other professional advisors. Any statement regarding such matters is explanatory and may not be relied upon as definitive advice.
The information on this website is intended for U.S. resident investors and certain non-U.S. investors who are permitted to receive the information under local law. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer.
Not FDIC Insured / No Bank Guarantee / May Lose Value.