저자: MattFrankel,CFP® · 외국인
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빌 애크먼의 퍼싱스퀘어가 뉴욕증시에 상장하는 폐쇄형 펀드 '퍼싱스퀘어 USA'(PSUS)를 소개. 자산 없이 시작하는 블랭크체크형이며 12~15개 대형주 집중 투자, 최소 10년 보유 방침, 연 2% 관리보수(첫해 면제). 과거 수익률(2004년 이후 연 16.5% 등, S&P500 10.1%)은 강조하나 과거 성과가 보장되지 않는다고 명시. 투자 여부는 보류.
다듬은 글
he's one of the more notorious billionaire investors in the world you'll be able to invest alongside him on the New York Stock Exchange very very soon we'll go into all the details before we do take a minute and check out the link you see on your screen fool.com Frankle get the top 10 stocks to buy right now from the mly fool and it's the best way to support this work I'm doing on YouTube again check out that website fool.com Frankle and please take a minute and click subscribe to my channel if you don't already so let's go into it I want to share this is the um the road show presentation that um that bill Amman and his team made so what is P persing Square USA that's the name of this IPO so it's Al it's first of all it's important to discuss what this isn't this is not an IPO of persing Square's existing hedge funds that actually already exists it trades on the OTC markets um so if you go to like the search field in CNBC or Yahoo finance or any of those and type in persing square you'll find where that's listed on overseas markets right now um it's not directly listed on the US market but you can still invest in it um on the OTC market this is a brand new closed end fund it doesn't own any assets yet so a closed end fund it's similar to an ETF but the big difference is that a closed end fund has a finite number of shares where if you sell you know 1 million shares that's all the shares that are going to be with whereas with an ETF is people buy more shares of say the you know the Vanguard S&P 500 ETF it puts more money into the pot more shares are created and more money that has to be invested a closed end fund is just a finite amount of capital that gets invested by a by a company so purging Square USA ticker symbol is going to be psus on the New York Stock Exchange it's going to go public with a $50 a share IPO price that much we know uh the investors can participate they have to buy at least 100 shares to do so so minimum initial investment is $5,000 uh persing Square itself you can see right there is investing $500 million alongside its investors and is committing to a minimum 10year hold period on its investment so designed to be a pretty long-term investment vehicle um Persian square is backing it with its own Capital it's unclear exactly how much they want to raise some some say in the tens of millions of dollars or tens of billions of dollars um it's it's entirely possible this could be the largest closed end fund Ever Raised um it's going to be structured so there's it's a pass through fund no corporate or other entity level taxation similar tax structure to a real estate investment trust if you're familiar where it just kind of passes the the gains through um investment flexibility persing Square we'll get into the investment strategy in just a second um but this business has no assets to start it's important to mention um Bill amman's well known for his stakes in alphabet in Chipotle things like that that's not this so it's a blank check company in that sense um he's raising if he raises 10 billion dollar for this closed end fund that's the capital he has to work with he has a pile of1 billion in cash um so it's similar to a stack or a blank check company in that way in that it's just a pile of money that he can figure out how to invest he's not going to buy full companies the plan is to build a a concentrated portfolio let me go to this slide over here and I know the PR's really small so I'm going to read you the important parts he plans to build a concentrated portfolio of 12 to 15 stocks of large cap companies and he wants to make large investments in them to the point where he can kind of exert some control essentially this fund is going to be an activist investor um looking for a few characteristics you can see them on the slide um one is a company with a big barrier to entry uh simple and predictable free cash flow generation limited exposure du to in extrinsic factors that we cannot control like government headwinds or things like that uh a strong balance sheet attractive valuation minimal dependence on Capital markets a large market cap and exceptional management are kind of the the the things that the purging or bill akman and his team are going to be looking for um they want as what they call asymmetric payoff opportunities um so pretty much a concentrated portfolio and that really tracks with amman's current investment Style um Persian Square itself only holds seven different stocks even though it has well over10 billion under management um so it's this is amman's investing style he aims to just concentrate all of his money in his best ideas and aim to beat the market that way and so far the it's been successful I'll go up here and just show you kind of the the cumulative returns um so the gray bar here is the S&P 500 since 2004 when acman uh started P Square um so the bottom line is the actual return that investors received which we'll get into the fees now um Amman with with persing square the head fund hedge fund charges a 1.5% management fee can see that right here plus a performance fee of 20% or 16% depending so even with that pretty high fee structure you can see that the fund has handily outperformed the S&P 500 since 20 for now Persian Square USA is only going to be charging a 2% annual management fee which to be clear is very high for an ETF or a head or a mutual fund but is way below the standard hedge fund structure which is essentially this this is going to be a publicly traded hedge fund uh to be perfectly clear that's kind of how it's being used um is charging a 2% management fee no performance fee and that 2% fee is waved for the first year had Persian Square only been charging a 2% management fee it would have gone up a whole lot more it would have been a 36x investment in the past 20 years there you can see $10,000 invested at that at the new fee structure would be worth about $360,000 today so that's the bull case for this investment um you can see um it's broken down a little bit clearer down here um so 10 10.1% annualized return for the S&P since 2004 um inclusive of the big hedge fund fees Amman still returned 16.5% annually for his investors without the fee it would have been 19.4% so really big big outperformance there um no guarantee he's going to replicate it with this but he's trying to put he's doing his best to put the same pieces in place and here's the really interesting thing in what he calls Persian squares permanent Capital era which is kind of like what the the closed end fund is it's where you have a finite number of capital you're not worried about Investors withdrawing their Capital putting in new capital that you have to invest just one basket of capital permanent Capital um since then the S&P 500's had a really good run 14.1% annualized returns persing Square even net of its fees has doubled that and then some and it would have been even more if it was just a 2% management fee um and that's annualized that's not a total return that 31% so really strong track record of performance which is why Amman is trying to leverage it into an IPO of a new vehicle um it could definitely be successful but it's important to know that the the performance figures you see on your screen represent past performance and are not a guarantee that you're going to do um do just as well now the timing of the IPO we don't know exactly they haven't announced the date when it's going to start trading um I Sofi is a brokerage they they have it listed as July 30th which would be in a little under two weeks um but that's totally unclear at this point I know the IPO Road show is still going on and one other thing is that acman is committing to very very good investor communication which with some of my other Investments is a problem um so quarterly analist conference calls an annual investor day and presentation um acman is very act active on X formerly Twitter um so he's going to use that as a way to um you know update investors in a timely man as well so he is you know he really wants to do this right and treat investors as partners and things like that so I'm watching this one I don't know if I'm going to invest in it yet but his amman's track record really speaks for itself and it doesn't look like it would be a bad investment especially since right now you're not buying any assets it's just cash so if you think Amman is going to allocate your cash wisely um this could be worth taking a closer look at I want to thank the mly fool for sponsoring this video The mly Fool is a company that provides investing insight and stock recommendations for investors of all skill sets and risk levels you all know how much I love researching new stocks and trying to find the next best investment so I'm proud to partner with the mly fool to bring you 10 Stock picks from their popular products stock advisor stock advisor has beaten the market by more than four times so go to fool.com Frankle to get 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