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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Pershing Square Holdings delivered a -12.6% NAV return in the first half of 2026 versus +10.2% for the S&P 500, as market gains were concentrated in semiconductors and tech hardware while 90% of S&P companies contributed less than 2% of index returns. The manager used this dislocation to establish six new investments at attractive valuations: Visa, Mastercard, Netflix, S&P Global, Intercontinental Exchange, and Alcon. The portfolio is positioned with companies expected to grow EPS at 15%+ annually over the next 3-5 years, with half achieving 20%+ growth, while trading at discounted multiples. Key developments include transforming Howard Hughes Holdings into an insurance-focused holding company through the Vantage acquisition, with plans to deploy $2.5-3 billion of excess real estate cash flows into insurance operations. The manager believes temporary valuation dislocations will reverse as stock prices catch up to intrinsic values driven by continued strong business performance. Since inception in 2004, the strategy has generated a 15.6% annualized return versus 11.0% for the S&P 500.
Pershing Square invests in a concentrated portfolio of 8-12 high-quality, large-cap businesses with predictable cash flows, limited downside, and strong competitive positions that are available at prices below intrinsic value, holding them for the long term to benefit from compounding earnings growth.
The manager expects each portfolio company to grow EPS at 15% or more annually over the next 3-5 years, with about half achieving 20%+ growth. The portfolio is positioned to benefit from high rates of sustainable earnings growth that will drive long-term returns with minimal portfolio turnover. The manager believes current market dislocation has created exceptional opportunities to acquire high-quality businesses at attractive valuations, and that temporary periods of negative mark-to-market performance will be followed by future periods of excess returns as stock prices revert to intrinsic values. The manager intends to begin an expanded marketing program for PSH to broaden the investor base and narrow the discount to NAV.
As of Aug 13, 2026
William A. Ackman serves as Founder, Chairman, and Chief Executive Officer of Pershing Square Capital Management, L.P., a role he has held since the firm's inception in 2003. Under his leadership, the firm has generated a 16.4% annualized net return over nearly 22 years, compared to 10.5% for the S&P 500. Ackman is known for his activist investment approach and focus on high-quality businesses with catalytic value creation opportunities. The management team includes experienced professionals such as Ryan M. Israel as CIO, bringing deep expertise in concentrated value investing strategies.
PSH's objective is to maximize its long-term compound annual rate of growth in intrinsic value per share. The substantial majority of the Company's portfolio is typically allocated to 8 to 12 core holdings usually comprising liquid, listed large capitalization North American companies. The Investment Manager generally focuses on high-quality businesses, which it believes have limited downside and that generate predictable, recurring cash flow, and in certain cases seeks to catalyze managerial, operating and governance changes as levers to create substantial, enduring and long-term shareholder value.
Lead Portfolio Manager
Bill Ackman
Managing Partner
Moderate Conviction Bullish
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