The US closed-end fund · its own portfolio, costs and common NAV.
Financial-statement observations. The income period begins at commencement of operations; it is not a full quarter. Later NAV disclosures are shown separately.
Figures use the same dataset as the interactive history, displayed in the stated units with up to six decimal places. Reporting periods are not editorial review dates. Missing values are not zero. Date definitions · Published corrections
PSUS common shareholders own the assets remaining after liabilities and preferred claims. The manager selects investments and charges fees; it does not guarantee their result. PSUS uses direct shares and derivatives, with its own portfolio and start date.
Each ticker is a different ownership claim. PS earns management income; PSH and PSUS hold separate investment portfolios. Shared management creates overlapping exposures, not identical shareholder results.
Capital raised must be assessed after launch costs, not just the headline offering amount.
Reported evidence: US$50 IPO price became US$48.79 commencement NAV per common share after the disclosed costs.
Underlying businesses and selected exposures drive investment gains and income.
Reported evidence: At 30 June: US$2.469bn direct common stocks and US$1.590bn equity-forward inception notional; notional is not an asset value.
Income and capital gains or losses both matter. Management and fund expenses reduce what remains.
Reported evidence: Investment income US$19.506m less expenses US$17.458m = US$2.048m net investment income, yet reported NAV total return was −8.15% from IPO price.
Retained capital participates in later results; market pricing creates another layer for the listed shareholder.
Reported evidence: At 30 June reported NAV was US$45.93 and price US$37.38; market total return from IPO price was −25.24%.
A reinforcing cycle requires worthwhile investment outcomes retained after costs. Raising more capital alone does not create NAV per existing share. These first operating-period observations show losses and launch effects, not proof that a positive cycle has been established.
PSUS began operations on 29 April 2026. There are no five completed years of PSUS results.
| Observation | US$ / common share | Basis |
|---|---|---|
| IPO price | 50.00 | Price paid in the offering |
| Commencement NAV | 48.79 | After launch costs and pre-operation expenses |
| 30 June NAV | 45.93 | Reported, rounded |
| 30 June market price | 37.38 | Same-date traded price |
These bars compare distinct measures and dates; they are not a continuous NAV performance series. The report calculates the −8.15% NAV return and −25.24% market return from the IPO price, not from the commencement NAV. No annual return is inferred.
| 29 April–30 June · US$m | Amount |
|---|---|
| Dividend and interest income | 19.506 |
| Management fees | 16.536 |
| Total expenses | 17.458 |
| Net investment income | 2.048 |
Positive net investment income can coexist with a net loss because capital values and derivatives also change. The fund’s first report includes a US$50m preferred claim ahead of common holders.
Semiannual report · printed pp.18–22 and notes ↗Direct common-stock values from PSUS’s investment schedule. These are not PSH allocations or manager-wide 13F weights. Direct-share percentages below use US$4.592535bn common NAV; they omit additional equity-forward exposures.
| Direct stock | US$m | Calculated % of common NAV |
|---|---|---|
| Amazon | 378.937 | 8.25% |
| Visa | 257.085 | 5.60% |
| Mastercard | 254.232 | 5.54% |
| S&P Global | 235.448 | 5.13% |
| Uber | 226.661 | 4.94% |
| Netflix | 225.367 | 4.91% |
| Meta | 210.975 | 4.59% |
| Brookfield Corporation | 207.417 | 4.52% |
| Microsoft | 204.824 | 4.46% |
| Restaurant Brands | 134.869 | 2.94% |
| Fannie Mae | 79.833 | 1.74% |
| Freddie Mac | 53.705 | 1.17% |
| Investment / exposure | US$m | Meaning |
|---|---|---|
| Direct common stocks | 2,469.353 | Recorded security values |
| Money market funds | 1,698.009 | Treasury-oriented short-term investments |
| Treasury bill | 598.801 | Includes US$502.105m pledged as derivative collateral |
| Equity-forward inception notional | 1,589.528 | Exposure reference amount, not an additional asset |
| Equity-forward unrealised depreciation | 122.684 | Liability already included in common NAV |
Forwards referenced Meta, Restaurant Brands, Brookfield Corporation, Microsoft and Uber. Their financing and settlement terms affect cash needs. Do not add notional to recorded assets or interpret all short-term investments as uncommitted cash.
Common stocks US$2,469.353m + money markets US$1,698.009m + Treasury bill US$598.801m = US$4,766.163m securities. Other assets and liabilities, then preferred capital, reconcile to common NAV. Securities alone can exceed common NAV because there are claims and derivative liabilities.
PSUS schedule · printed pp.16–18 ↗The shareholder test: examine PSUS’s own net result per common share. Similar management does not make its portfolio, cash balance, leverage, entry dates, fee burden or traded discount identical to PSH. Additional assets can benefit the manager without necessarily improving existing PSUS shareholders’ NAV per share.
PSUS began trading in April 2026. It does not have PSH’s standalone multi-year record; do not splice PSH’s earlier returns into a PSUS history. The combined IPO included PS shares for eligible original participants. Buying PSUS later does not automatically convey a separate allocation of PS shares.
Combined IPO closing and separate securities ↗ · PSUS management arrangement in PS prospectus ↗
| Arrangement | PSH | PSUS |
|---|---|---|
| Annual management rate | 1.5% of fee-paying NAV before accrued performance fees | 2% of NAV |
| Performance fee | 16% of qualifying NAV appreciation above a high-water mark, subject to reductions | No performance fee |
Fee offset: PSH’s contractual performance-fee reduction includes 20% of qualifying PSUS management fees. It reduces PSH’s applicable performance-fee burden, rather than being a cash dividend from PSUS to PSH. Unused offsets carry forward under the agreement; they do not guarantee an immediate cash benefit.
Second-order effect: more PSUS fee-paying capital can generate more management revenue for PS, while increasing the offset against PSH performance fees. Assess the net effect after offsets, costs and compensation. Growing PSUS assets is not itself an investment gain for PSUS common shareholders.
Repurchase trade-off: a PSH repurchase below NAV can raise NAV per remaining PSH share before costs, yet reduces fund assets and can reduce the manager’s fee base. What helps one instrument’s per-share arithmetic need not enlarge the other’s revenue.
PSH fee terms ↗ · PS fee definitions and offset arrangement ↗ · PSUS fees and PS performance compensation ↗
First operating period: 29 April–30 June 2026. Balance sheet and investment schedule: 30 June 2026. Source printed pp.16–22, management agreement and preferred-share notes.
Weak investment results, key-person dependence and governance choices can affect several Pershing vehicles at once.
Compensation, fees, tax, financing and dilution determine the result per common share. Use this instrument’s own accounting perimeter.
Market multiples or fund discounts can change independently of operating progress. Historical operating relationships do not promise shareholder returns.
Primary financial disclosure ↗
Final prospectus · instruments, fees and compensation ↗
Reported values and calculated arithmetic are labelled. Interpretation explains possible relationships; missing histories are not filled with another instrument’s results. Rounding can affect sums and ratios.
Historical data and business explanations only. No forecasts, price targets or stock recommendations.
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