Equity Research Database

Institutional Investment Pitches

Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.

Home Letters Funds Account

Pershing Square Holdings's investment thesis on Federal National Mortgage Association ($MARKETS-FNMA) — Q4 2025 | Buyside Digest

All Pitches

View Letter Analysis

$MARKETS-FNMANASDAQFederal National Mortgage Association

BULL

Pershing Square Holdings—MARKETS-FNMA

Fund Letter

Q4 2025

Published February 18, 2026

View Fund Profile

Price pending

—

—Pitched

Pending market quote

Market CapN/A

P/E (TTM)N/A

52-Wk RangeN/A

Div. YieldN/A

Technical Chart

From the Fund Letter

Pershing Square Holdings generated a 20.9% NAV return and a 33.9% total shareholder return in 2025, outperforming the S&P 500 (17.9%). The portfolio underwent...

— William A. Ackman

BSD Research Exclusive

Unlock Full Institutional Investment Theses

Full equity research memos, financial breakdowns, and hedge fund thesis write-ups are reserved for BSD Research ($55/mo) and Pro subscribers.

6,000+ Institutional Pitches

Proprietary AI Analysis

100 Letter Unlocks/Cycle

SUBSCRIBE TO BSD RESEARCH ($55/MO)Compare All Plans

Already a Research or Pro subscriber? Sign In

◆ Keep Reading

What other investors think about $MARKETS-FNMA, and what else Pershing Square Holdings is buying.

Other pitches on $MARKETS-FNMA

Other investors who've written on Federal National Mortgage Association

No other institutional pitches found for this ticker yet.

View all $MARKETS-FNMA pitches →