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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 2, 2026
Pershing Square reported solid operational execution across its core portfolio during the third quarter of 2026, driven by durable earnings growth across its core holdings. Total Fee-Paying Assets Under Management reached approximately $23.0 billion, with permanent capital comprising 98% of total assets under management following the public listing of Pershing Square USA, Ltd. and capital conversions across legacy funds. The core portfolio delivered an aggregate investment return exceeding 8% excluding special situations, underpinned by approximately 5% quarterly economic earnings per share growth and selective multiple expansion. The investment team maintains a constructive macroeconomic framework, highlighting an acute market bifurcation where passive indexation and leveraged short-term capital have depressed valuations across high-quality compounders. In particular, the market has rewarded narrow infrastructure suppliers while penalizing major cloud hyperscalers despite accelerating revenue and attractive long-term returns on invested capital. This dislocation has created an unusually rich opportunity set, prompting the deployment of capital into several new long positions. Portfolio activity was characterized by high conviction in durable cash generators alongside opportunistic special situations. Core technology holdings including Amazon, Meta Platforms, and Microsoft continue to demonstrate accelerating fundamentals driven by generative artificial intelligence monetization. Concurrently, the fund advanced strategic value-creation initiatives at Howard Hughes Holdings while reiterating asymmetric upside optionality in government-sponsored enterprises Fannie Mae and Freddie Mac.
Pershing Square invests in a concentrated portfolio of world-class, high-quality, durable growth businesses with formidable competitive moats, pricing power, and high returns on capital that can compound earnings at approximately 20% annualized over the long term.
Management expects its portfolio companies to compound earnings per share at approximately 20% annualized over the intermediate term, outpacing the broader market as artificial intelligence investments yield outsized cash flows.
High Conviction Bullish
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