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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.
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
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
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Other investors who've written on Howard Hughes Holdings Inc.
LVS Advisory exited Howard Hughes after Bill Ackman proposed a series of unfavorable restructuring offers, including taking control of management and charging his hedge fund a 1.5% management fee. Fearing Ackman would...
LVS acquired Howard Hughes due to its high-quality master planned communities trading at a steep discount to net asset value, particularly after divesting its cash-burning Seaport project. However, they liquidated...
Howard Hughes Holdings is the subject of a majority buyout proposal by Pershing Square Holdco at $85 per share. The plan seeks...