HTZ

HTZ

HTZ

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 20, 2025	Pershing Square Holdings	-	15.5%	AMZN, BN.TO, CMG, FMCC, FNMA, GOOGL, HHH, HLT, HTZ, NKE, QSR, UBER, UMG.AS	AI, E-Commerce, large cap, Music, technology, Travel, value	Amazon's AWS cloud business is well-positioned to capitalize on AI-driven growth with customer demand for AI compute far exceeding supply. Alphabet's AI leadership is evident through AI Overviews serving over two billion users and strong performance across its consumer app portfolio with AI-powered features.		View
2023 Q2	Jul 20, 2023	Nightview Capital	-	74.3%	HTZ, TSLA	AI, Concentration, Electric Vehicles, growth, technology, Tesla	Tesla's artificial intelligence ambitions through its Dojo supercomputer project represent a potentially transformative opportunity. The company is entering production phase of this high-powered training computer designed to enable breakthroughs in autonomous driving and robotics. Tesla could license this AI infrastructure to other manufacturers, similar to Amazon Web Services, creating a new high-margin revenue stream.	HTZ ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA	View
2025 Q4	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
2023 Q3	Nov 14, 2023	Third Point Partners	3.9%	14.0%	BBWI, DHR, HTZ, J, MC.PA, MSFT, PCG, SHEL, UBS, VST	credit, Event-Driven, Leverage, Mortgage, private credit, rates, Structured Credit	The market's current obsession with balance sheet strength creates opportunities to distinguish companies with real versus perceived leverage problems. Third Point sees attractive opportunities in improving credits with bulletproof securities yielding 10%-13%, focusing on defensive industries like healthcare and telecommunications.		View
2023 Q2	Jul 31, 2023	Third Point Offshore Fund	1.1%	-3.0%	9988.HK, AMZN, BBWI, CRM, CSTM, DD, DHC, DHR, FIS, FYBR, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG, PNC	activism, credit, Equity, Long/Short, Structured			View
2023 Q2	Jul 31, 2023	Third Point Partners	3.9%	14.0%	AMZN, BABA, BBWI, CRM, DD, DHR, FIS, GLEN.L, HTZ, IFF, MSFT, NVDA, PCG	activism, credit, Hedge Fund, Long/Short, Structured Credit			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Nightview Capital	Hertz Global Holdings, Inc.	Industrials	Ground Transportation	Bull	NASDAQ	Car Rental, Equity, Global Operations, margin expansion, Platform Investment, Post-Bankruptcy, Travel Recovery, turnaround	View Pitch
Feb 21, 2026	Fund Letters	Bill Ackman	Hertz Global Holdings, Inc.	Industrials	Passenger Ground Transportation	Bull	NASDAQ	Autonomous, EBITDA, Fleet, turnaround, Utilization	View Pitch
Jan 23, 2026	Twitter / X	@billackman	Hertz Global Holdings, Inc.	Industrials	Specialty Rental & Leasing	Bull	NASDAQ	Car, Car Rental, Depreciation, Fleet, Hertz, Hertz Has, Industry, Vehicle	View Pitch
Oct 23, 2025	Value Investors Club	scrooge833	Hertz Global Holdings Inc.	Industrials	Ground Transportation (Car Rental)	Bear	NASDAQ	Bankruptcy Optionality, Fleet Depreciation, oligopoly, Rideshare Substitution, Tariff Volatility	View Pitch
Sep 26, 2025	Seeking Alpha	Seeking Alpha	Hertz Global Holdings, Inc.		Rental & Leasing Services	Neutral		balance sheet management, Bill Ackman, car rental industry, debt offering, financial restructuring, Hertz Global Holdings, Pershing Square Capital, shareholder dilution, tariffs, Tesla investment	View Pitch

BSD Shareholders of HTZ

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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