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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Pershing Square delivered -12.6% in H1 2026 as market gains concentrated in AI infrastructure sectors, but used the dislocation to acquire six new high-quality businesses at attractive valuations. The portfolio is positioned with companies expected to grow earnings 15-20%+ annually while trading at discounted multiples."
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.
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