HHH

HHH

HHH

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 21, 2025	McElvaine Value Fund	-	-4.0%	AIM CN, CFP CN, EXCE, FIH/U CN, GUD CN, HHH, JAR LN, MDOB LN, MXG CN, ONEX CN, PSK CN	contrarian, insider ownership, low leverage, tangible assets, value	The letter emphasizes contrarian value investing focused on unpopular, asset-rich companies with insider alignment and low leverage. Management is skeptical of speculative enthusiasm around AI-related investments and prefers tangible assets and discounted cash flows. Patience is highlighted as essential as intrinsic value realization lags market sentiment.	GUD CN MPX CN AIM CN ONEX CN CFP CN HHH FIH CN PSK CN	View
2025 Q2	Aug 20, 2025	Pershing Square Holdings	-	15.5%	AMZN, BN CN, CMG, FNMA, GOOG, HHH, HLT, HTZ, NKE, UBER, UMG NA	activism, Capital Allocation, Concentration, Governance, value creation	The commentary focuses on concentrated ownership in high-quality businesses where engagement can unlock operational and strategic value. Management emphasizes disciplined capital allocation, strong balance sheets, and long-duration growth. Activism is positioned as a catalyst for value realization rather than short-term trading.		View
2025 Q2	Jun 30, 2025	Clark Street Value	-	-3.6%	ACR, ATHA, CKX, CMCT, CRGX, DNB, EHAB, ELEV, ENZ, EPIX, GRBK, HHH, HLVX, IGT, IKNA, INBX, IOR, KRON, KROS, LMNR, ME, MREO, MURA, NSTS, PARR, RPTX, SEG, SHCO, THRD	activism, catalysts, Event-Driven, liquidation, special situations	The portfolio review centers on special situations such as liquidations, strategic alternatives, spinoffs, and activist-driven outcomes. The manager focuses on downside-protected setups where cash, assets, or catalysts limit risk. Event-driven value is positioned as attractive amid broad market overvaluation.	IGT EHAB SHCO NSTS IOR CKX THRD RPTX MURA EPIX ATHA	View
2024 Q1	May 7, 2024	Bernzott Capital Advisors – US Small Cap	8.5%	8.5%	AROC, HCI, HHH, LANC, MP, PCH, PLXS	-			View
2025 Q1	Apr 2, 2025	LVS Advisory – Event Driven	0.8%	0.8%	HHH	-			View
Q4 2025	Feb 11, 2026	Pershing Square Holdings	-5.4%	20.9%	AMZN, BN, CMG, FMCC, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG.AS	AI, Concentration, growth, megacaps, Performance, Quality, technology, valuation	AI is having a transformative impact across portfolio companies, particularly in search, cloud computing, and digital advertising. Google's AI Overviews reach over 2 billion users globally, while AWS benefits from AI-driven compute demand requiring datacenter capacity doubling through 2027. Meta leverages AI for content recommendation and ad targeting improvements. AWS operates as the leading cloud hyperscaler in a highly concentrated market, growing 20% annually at $140 billion run-rate despite capacity constraints. The planned doubling of datacenter capacity through 2027 is expected to be rapidly absorbed by scaling AI inference workloads. Amazon operates the largest global e-commerce platform enabled by a unique logistics network fulfilling over $700 billion in gross merchandise value annually. The retail business has significant margin expansion opportunity through increasing advertising revenue mix, network density, and automation initiatives. Digital advertising represents a secularly fast-growing space with Meta as the dominant leader serving over 3.5 billion daily active users. AI-driven content recommendation systems and granular consumer behavior visibility enable highly precise ad targeting, making these platforms essential for businesses. Universal Music Group operates as a high-quality, capital-light business benefiting from greater music consumption. Streaming 2.0 deals incorporating wholesale price increases should drive higher subscription revenue growth, while AI partnerships with new platforms create additional monetization opportunities. Uber demonstrates strong momentum with 19% bookings growth and accelerating user engagement reaching new all-time highs. The company is positioned for continued teens-plus bookings growth and 30%+ earnings growth while expanding autonomous vehicle operations across 10+ cities by end of 2026.	CMG HHH QSR HTZ FNMA META GOOG AMZN UBER BN	View
2024 Q4	Feb 11, 2025	Pershing Square Holdings	-	10.2%	BN, CMG, CPKC, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG	-			View
2024 Q4	Dec 31, 2024	Clark Street Value	-	-6.4%	ACR, ALVR, ATHA, AVTE, CKX, CMCT, EHAB, ENZC, EPIX, HHH, HLVX, HMST, IKNA, INBX, LMNR, SEG MM	-			View
2023 Q4	Dec 29, 2023	Clark Street Value	-	38.5%	35OB GR, ACR, AVRO, BANC, CCIFU, CKX, CYT, DBRG, ESPR, FHN, FIXX, GRBK, GRPH, HHH, HMST, JXN, KNTE, MANU, MBI, MRC, MREO, NXDT, PARR, PIRS, SIOX, TCI	-			View
2025 Q4	Jan 18, 2026	Seven Corners Capital	0.0%	35.0%	ACT, CART, GNW, HHH, PSHZF, RKT, SD, TPB	concentrated, discount, energy, Mortgage, NAV, Tobacco, value	The portfolio demonstrates a value investing approach with concentrated positions in companies trading at discounts to intrinsic value. Holdings like PSHZF trade at significant discounts to NAV, while GNW trades at a discount to its sum-of-the-parts valuation. Turning Point Brands represents a significant position focused on smokeless tobacco products including Zig-Zag and Stoker's brands. The company's Modern Oral segment grew 627.6% year-over-year, with the FRE brand showing extremely high growth rates. Multiple holdings have mortgage exposure including Genworth Financial through its 80% ownership of Enact Holdings (private mortgage insurance) and Rocket Companies' mortgage origination and servicing business following acquisitions of Redfin and Mr Cooper. Sandridge Energy represents the largest energy holding, positioned for potential oil and natural gas price recovery. The thesis centers on secular decline in drilling combined with inflation supporting carbon-based energy prices going forward.	RKT SD CART GNW TPB PSHZF	View
2023 Q4	Mar 22, 2024	Pershing Square Holdings	0.0%	6.3%	CMG, CPKC MM, GOOG, HHH, HLT, LOW, QSR, UMG	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Bill Ackman	Howard Hughes Holdings Inc.	Real Estate	Real Estate Development	Bull	New York Stock Exchange	cashflow, diversification, holding_company, real_estate, transformation	View Pitch
Jan 22, 2026	Twitter / X	@marginofdanger	Howard Hughes Holdings Inc.	Financials	Real Estate Operating Companies	Bull	New York Stock Exchange	Ackman, Changes Shareholder, Equity raise, Fee, Hhh, NAV, Raise, Shareholder Base	View Pitch
Jan 8, 2026	Fund Letters	Tim McElvaine	Howard Hughes Holdings Inc.	Real Estate	Real Estate Development	Bull	New York Stock Exchange	Catalyst, development, land, NAV, realestate	View Pitch
Aug 7, 2025	Seeking Alpha	The Insiders Forum	Howard Hughes Holdings Inc.	Real Estate	Real Estate - Diversified	Neutral	NYSE	—	View Pitch

BSD Shareholders of HHH

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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