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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Pershing Square Holdings. This analysis is provided for institutional research purposes only and is not investment advice.
"Outperforming the S&P 500. Portfolio execution was highlighted by initiating a stake in Amazon, exiting Canadian Pacific, and deploying $900M to restructure Howard Hughes Holdings into an insurance-led holding company."
Pershing Square Holdings, Ltd. delivered strong absolute and relative performance for the first half of 2025, with NAV per share increasing by 15.5% compared to 6.2% for the S&P 500. During a highly productive period marked by tariff-related volatility, the fund actively repositioned its portfolio by exiting Canadian Pacific and establishing a major new position in Amazon. Additionally, the fund increased its stakes in Hertz, Alphabet, Hilton, and Brookfield. A key highlight was the fund's $900 million investment in Howard Hughes Holdings (HHH), raising collective ownership to 47%. The investment manager plans to transform HHH into a diversified holding company with an focus on acquiring a P&C insurance business to generate low-cost investment float. While optimistic about cooling inflation and upcoming Fed rate cuts, the manager notes speculative market behavior and reinforces a highly selective, quality-focused investment approach.
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