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Pershing Square Holdings
Pershing Square Holdings (PSH) investor relations material
Pershing Square Holdings Investor update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor update summary11 Feb, 2026
Strategic and organizational updates
Significant transformation of Howard Hughes Holdings into a diversified holding company, with a $900 million investment and a pending $2.1 billion acquisition of Vantage Group Holdings, supported by new leadership and a focus on acquiring high-quality, durable growth businesses.
Fee structures are being optimized, with reductions linked to new fund launches and management arrangements, aiming to lower long-term costs for shareholders.
The investment team has expanded, maintaining a lean but experienced structure, with most members having long tenures, supporting stability and continuity.
Board focused on share buybacks, dividend policy, debt strategy, and fee amendments; 6.6 million shares repurchased in 2025 at a 29% discount to NAV.
Continued focus on addressing discount to NAV through performance, buybacks, dividends, and global marketing.
Financial performance and capital allocation
NAV grew by 20.9% in 2025, with total shareholder return reaching 33.9% due to discount contraction; YTD 2026 NAV declined 5.4% and TSR declined 4.5%.
Over eight years, compound growth in NAV and share price has been 22.6%, outperforming major indices.
Cumulative net return since firm inception (2004) is 2,503%, compared to 854% for the S&P 500.
Maintained conservative leverage with a total debt to capital ratio of 19.5% at year-end 2025; investment grade ratings upgraded by S&P and Fitch.
Total assets under management reached $30 billion as of February 2026.
Portfolio and investment strategy
Portfolio is concentrated in about a dozen high-quality, cash-generative businesses with strong moats and balance sheets.
Recent investments include Amazon, Meta, and Hertz, while exits were made from Chipotle, Canadian Pacific, Nike, and Hilton.
Increased exposure to high-growth megacaps such as Amazon, Alphabet, Meta, and Uber, leveraging market volatility for attractive valuations.
HHH’s acquisition of Vantage expected to accelerate growth and diversify earnings; preferred investment in HHH offers attractive returns and contractual exit mechanisms.
UMG, Brookfield, and Restaurant Brands International highlighted for strong business models and discounted valuations.
HHH preferred stock: What drives its value for PSH?
What led to underperformance in recent exits?
How do you identify mispriced megacap opportunities?
How does PSH's HHH preferred stock create value?
Justify increased mega-cap exposure given AI CapEx.
Address UMG's capital allocation and stock underperformance.
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Pershing Square Holdings
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Frequently asked questions
Pershing Square Holdings, Ltd. is a British investment trust dedicated to delivering long-term value. Founded in 2012, Pershing Square Holdings is a constituent of the FTSE 100 Index. A closed-ended fund, it is managed by Bill Ackman of Pershing Square Capital Management.
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