The most obvious assets are the fund's cash and cash due from brokers. Cash is, well, cash. Cash due from brokers is basically an account receivable -- a payment that a fund expects from the sale of securities or cash that the fund puts up as collateral on a trade, among other things. Trade and other receivables are similar, related to dividends the company expects to soon collect and interest earned on investments.
Finally, the last remaining assets are the value of the specific investments. Pershing Square Holdings primarily holds stocks, so the total value of all the stock it holds is summed and added to the value of its derivative investments. All of these assets combined tally up to about $7.17 billion.
The liabilities are simpler. Liabilities represent all the amounts owed to other parties, including debt that the hedge fund uses to leverage its returns and fees payable to the manager (trade and other payables and financial liabilities), amounts required to close out a short sale of stock (securities sold, not yet purchased), and payments that are due to brokers for buying investments (due to brokers). Pershing Square Holdings' liabilities tallied $833 million at the end of 2014.
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