Quick Facts / Company Snapshot
- Company Name: Pershing Square Holdings, Ltd.
- Stock Tickers: LN:PSH, LN:PSHD
- Listing Venue: London Stock Exchange (LSE)
- Legal Structure: Registered closed-ended investment scheme
- Incorporation Date: February 2, 2012
- Domicile: Bailiwick of Guernsey
- Investment Manager: Pershing Square Capital Management, L.P. (PSCM)
- Investment Manager CEO: William A. Ackman
- Total Assets (2024): $15,632,386,337
- Net Assets Attributable to Public Shares (2024): $13,010,778,044
- NAV Per Share (2024): $71.11
- 2024 Net Profit: $1,173,695,918
- Total Equity: $13,011,230,090
- Total Liabilities: $2,621,156,247
- Number of Public Shares Outstanding: 182,956,010
- 2024 Annual NAV Return: 10.2%
- 2024 Dividend Per Share: $0.1456
- Management Fee Rate: 1.5% per annum
- Performance Fee Rate: 16%
- Registered Office: Trafalgar Court, Les Banques, St. Peter Port, Guernsey GY1 3QL
Company Overview
Pershing Square Holdings, Ltd. (PSH) is an investment holding company structured as a closed-ended fund. It is principally engaged in the business of acquiring and holding significant positions in a concentrated number of large capitalization companies.
The company’s primary objective is to maximize its long-term compound annual rate of growth in intrinsic value per share. PSH was incorporated with limited liability under the laws of the Bailiwick of Guernsey on February 2, 2012. Operations commenced on December 31, 2012, as a registered open-ended investment scheme, before converting into a registered closed-ended investment scheme on October 1, 2014.
Investment Philosophy and Management PSH has appointed Pershing Square Capital Management, L.P. (PSCM) as its Investment Manager. Founded by William A. Ackman on January 1, 2004, the Investment Manager bears the responsibility for investing PSH’s assets and liabilities, subject to the overall supervision of the Board of Directors.
The investment strategy is characterized by high concentration and active engagement:
- Concentration: The substantial majority of the portfolio is typically allocated to 8 to 12 core holdings.
- Target Assets: These holdings usually comprise liquid, listed large-capitalization North American companies.
- Quality Focus: The Investment Manager seeks to invest in high-quality businesses that it believes have limited downside and generate predictable, recurring cash flows.
- Active Management: The Investment Manager is an active and engaged investor, working with portfolio companies to create substantial, enduring, and long-term shareholder value.
- Risk Management: Risks are managed through careful investment selection and portfolio construction. Opportunistic hedging strategies may be used to mitigate market-related downside risk or to take advantage of asymmetric profit opportunities.
Capital Structure and Listings Public Shares of PSH were admitted to the Official List of the UK Listing Authority and commenced trading on the London Stock Exchange (LSE) on May 2, 2017. Previously, shares traded on Euronext Amsterdam N.V., but were delisted from that exchange on January 31, 2025, to consolidate trading on the LSE. PSH is a constituent of the FTSE 100 index.
The company believes its ability to access low-cost, long-term, investment-grade debt is a competitive advantage. Its debt management strategy focuses on managing leverage over time by increasing Net Asset Value (NAV) through performance and replacing maturing bonds with new issuances. As of March 11, 2025, the company’s debt profile had a weighted average maturity of 7 years and a weighted average cost of capital of 3.1%.
Business Segments
Based on the internal reports regularly reviewed by the Board for decision-making purposes, the Directors are of the opinion that the Company is engaged in a single economic segment of business.
This single segment is defined as the investment in a portfolio of long (and occasionally short) investment opportunities that the Investment Manager believes exhibit significant valuation discrepancies between current trading prices and intrinsic business value.
Investment Segment Profile
- Operational Scope: The segment encompasses the management of a concentrated portfolio of investments, primarily in North American large-capitalization equities. It involves identifying high-quality businesses with limited downside, predictable cash flows, and barriers to entry.
- Revenue Generation: Revenue for this segment is derived from investment gains (realized and unrealized), dividend income from portfolio companies, and interest income from cash management strategies.
- Total Segment Revenue (Investment Income): $1,949,266,251 (Calculated as Total Investment Gains + Total Income)
- Net Gain on Financial Assets/Liabilities: $1,676,375,513
- Net Realized/Unrealized Loss on Commodity Interests: $(254,418,213)
- Net Gain on Currency Translation of Bonds: $33,706,191
- Dividend Income: $152,930,011
- Interest Income: $85,936,817
- Other Income: $35,932
- Percentage of Total Revenue: 100%
History and Evolution
- 2004: Pershing Square Capital Management, L.P. (the Investment Manager) was founded by William A. Ackman on January 1.
- 2012: Pershing Square Holdings, Ltd. was incorporated with limited liability under the laws of the Bailiwick of Guernsey on February 2. It commenced operations on December 31 as a registered open-ended investment scheme.
- 2014: On October 1, the company converted into a registered closed-ended investment scheme. Public Shares commenced trading on Euronext Amsterdam N.V. on October 13.
- 2017: PSH’s Public Shares were admitted to the Official List of the UK Listing Authority and commenced trading on the London Stock Exchange (LSE) on May 2. This marked the beginning of the “Permanent Capital Era,” where the firm stopped raising capital for open-ended funds to stabilize the capital base.
- 2018: A USD denominated quotation was added to the LSE listing.
- 2019: On July 25, the company closed a private placement of $400 million Senior Notes maturing in 2039.
- 2020: The company was admitted to the FTSE 100 index in December. The company issued $500 million in Senior Notes maturing in 2030 and $200 million maturing in 2032.
- 2021: On October 1, PSH issued $700 million in Senior Notes maturing in 2031 and €500 million in Senior Notes maturing in 2027.
- 2022: PSH moved to the North American investment sector of the Association of Investment Companies (AIC). A new dividend policy was adopted where dividends increase based on NAV growth.
- 2024:
- In January, the Board engaged advisors to review the listing on Euronext Amsterdam.
- In February, amendments to the Variable Performance Fee provisions were approved, potentially reducing fees paid by PSH.
- On June 3, the Investment Manager sold a 10% common equity interest in Pershing Square Holdco, L.P. to strategic investors for $1.05 billion.
- In July, the Investment Manager launched and subsequently withdrew an IPO for Pershing Square USA, Ltd. (PSUS).
- In November, Nicholas Botta retired as a director, replaced by Halit Coussin.
- 2025:
- Trading of PSH Shares on Euronext Amsterdam ceased on January 30, and delisting occurred on January 31 to consolidate trading on the LSE.
- Dividends for 2025 were increased by 13%.
Products and Services
As an investment holding company, PSH’s “products” are the securities and financial instruments it holds in its portfolio. The company does not offer traditional consumer goods or services. Its primary offering to shareholders is exposure to its investment portfolio.
Portfolio Holdings (Equity Securities)
The following list details the fair value of the equity securities held by PSH as of December 31, 2024. These represent the core “products” driving the company’s value.
- Universal Music Group N.V.
- Fair Value: $3,007,457,461
- Percentage of Net Assets: 23.11%
- Description: The world’s leading music entertainment company. PSH views it as a high-quality, capital-light business acting as a royalty on global music consumption. The company targets 7%+ revenue growth and double-digit Adjusted EBITDA growth.
- Alphabet Inc. (Class A & Class C)
- Fair Value: $1,967,032,570 (Combined Class A: $529,671,054 + Class C: $1,437,361,516)
- Percentage of Net Assets: 15.12% (Combined)
- Description: The parent company of Google. PSH highlights its dominant position in digital advertising, leadership in AI, and substantial margin expansion opportunities. Cloud revenue is approaching a $50 billion run-rate.
- Brookfield Corporation
- Fair Value: $1,796,701,584
- Percentage of Net Assets: 13.81%
- Description: A high-quality, asset-rich business and one of the world’s largest alternative investment managers. Its assets include a 73% ownership of Brookfield Asset Management ($76 billion market cap) and a $25 billion real estate portfolio.
- Restaurant Brands International Inc.
- Fair Value: $1,359,031,021 (Includes Limited Partnership interest)
- Percentage of Net Assets: 10.44%
- Description: A franchised business model generating high-margin brand royalty fees from Tim Hortons, Burger King, Popeyes, and Firehouse Subs.
- Chipotle Mexican Grill, Inc.
- Fair Value: $1,326,394,376
- Percentage of Net Assets: 10.19%
- Description: A restaurant chain delivering robust transaction-driven comparable sales growth. In 2024, same-store sales grew 7%, driven by over 5% transaction growth.
- Nike, Inc.
- Fair Value: $1,282,900,705
- Percentage of Net Assets: 9.86%
- Description: One of the world’s most valuable brands in the athletic footwear industry. PSH invested during a period of underperformance, believing in a turnaround under new CEO Elliott Hill.
- Howard Hughes Holdings Inc.
- Fair Value: $1,270,627,481
- Percentage of Net Assets: 9.77%
- Description: A portfolio of master-planned communities (MPCs) and income-producing operating assets. PSH believes the company’s cost of capital problem can be solved by an infusion of equity capital and a strategic shift to a diversified holding company.
- Hilton Worldwide Holdings Inc.
- Fair Value: $1,198,011,708
- Percentage of Net Assets: 9.21%
- Description: A high-quality, asset-light business with a long runway for earnings growth. In 2024, revenues increased 9%, supported by strong net unit growth.
- Canadian Pacific Kansas City Limited
- Fair Value: $960,157,396
- Percentage of Net Assets: 7.38%
- Description: The only direct rail network linking Canada, the United States, and Mexico. The company has realized over $800 million of run-rate revenue synergies from its merger.
- Fannie Mae and Freddie Mac (Financial Services Preferred Stock)
- Fair Value: $743,998,712 (Combined Common and Preferred)
- Common Stock (Financial Services): $611,625,030
- Preferred Stock (Financial Services): $132,373,682
- Percentage of Net Assets: 5.72% (Combined)
- Description: Critical housing finance institutions. PSH believes there is a clear path for these entities to exit conservatorship and become fully recapitalized.
- Fair Value: $743,998,712 (Combined Common and Preferred)
- Seaport Entertainment Group Inc. (Leisure & Hospitality)
- Fair Value: $123,036,207
- Percentage of Net Assets: 0.95%
- Description: Spun off from Howard Hughes Holdings, this entity comprises the Seaport District in NYC, the Las Vegas Aviators, and other entertainment assets.
Brand Portfolio
As an investment holding company, PSH does not own “brands” in the traditional commercial sense. Its brand portfolio consists of the companies in which it holds significant equity stakes. The following list represents the key brands within PSH’s investment portfolio, sorted by the fair value of PSH’s investment.
- Universal Music Group
- Investment Fair Value: $3,007,457,461
- Percentage of Net Assets: 23.11%
- Profile: The world leader in music entertainment, owning and operating a broad array of businesses engaged in recorded music, music publishing, merchandising, and audiovisual content.
- Google (Alphabet Inc.)
- Investment Fair Value: $1,967,032,570
- Percentage of Net Assets: 15.12%
- Profile: A global technology leader offering a wide range of products and platforms including Search, YouTube, Android, and Google Cloud.
- Brookfield
- Investment Fair Value: $1,796,701,584
- Percentage of Net Assets: 13.81%
- Profile: A leading global alternative asset manager with over $540 billion in fee-paying assets under management, specializing in infrastructure, power, renewable energy, real estate, and credit.
- Restaurant Brands International
- Investment Fair Value: $1,359,031,021
- Percentage of Net Assets: 10.44%
- Profile: The parent company of four iconic quick-service restaurant brands: Tim Hortons, Burger King, Popeyes, and Firehouse Subs.
- Chipotle
- Investment Fair Value: $1,326,394,376
- Percentage of Net Assets: 10.19%
- Profile: A leader in the fast-casual dining sector, known for its simple menu of responsibly sourced ingredients and made-to-order food.
- Nike
- Investment Fair Value: $1,282,900,705
- Percentage of Net Assets: 9.86%
- Profile: The world’s largest supplier of athletic shoes and apparel and a major manufacturer of sports equipment.
- Howard Hughes
- Investment Fair Value: $1,270,627,481
- Percentage of Net Assets: 9.77%
- Profile: A developer and operator of master-planned communities and mixed-use properties, primarily in the United States.
- Hilton
- Investment Fair Value: $1,198,011,708
- Percentage of Net Assets: 9.21%
- Profile: A leading global hospitality company with a portfolio of 24 world-class brands comprising more than 7,500 properties.
- Canadian Pacific Kansas City (CPKC)
- Investment Fair Value: $960,157,396
- Percentage of Net Assets: 7.38%
- Profile: A transcontinental railway delivering transportation and logistics solutions across Canada, the United States, and Mexico.
Geographical Presence
PSH categorizes its equity portfolio concentration by geographical distribution based on the issuer’s place of primary listing or domicile. The company itself is domiciled in Guernsey.
United States
- Concentration of Equity Portfolio: 80%
- Fair Value of Investments: $7,821,344,977 (Common Stock) + $132,373,682 (Preferred Stock)
- Operational Footprint: The majority of PSH’s portfolio companies are domiciled in the US. This includes major holdings like Alphabet, Hilton, Chipotle, Nike, and Howard Hughes Holdings.
- Profile: This region represents the core of PSH’s investment strategy, focusing on North American large-capitalization companies.
Canada
- Concentration of Equity Portfolio (implied): Included within the remaining percentage, specifically detailed in the schedule of investments.
- Fair Value of Investments: $4,115,890,001
- Operational Footprint: Key holdings include Brookfield Corporation and Canadian Pacific Kansas City Limited.
- Profile: Represents a significant portion of the portfolio, particularly in Financial Services and Transportation sectors.
Europe
- Concentration of Equity Portfolio: 20%
- Fair Value of Investments: $3,007,457,461
- Operational Footprint: The sole holding listed in this region is Universal Music Group N.V., which is listed in the Netherlands.
- Profile: While PSH focuses on North American companies, it maintains this significant European holding due to its global dominance in the music industry.
Guernsey
- Operational Footprint: PSH maintains its registered office at Trafalgar Court, Les Banques, St. Peter Port.
- Role: This is the domicile of the company for legal and regulatory purposes.
Financial Performance Analysis
PSH delivered solid performance over the year 2024, navigating complex macroeconomic conditions.
- Net Asset Value (NAV) Performance: PSH’s NAV per share increased by 10.2% net of fees, ending the year at $71.11.
- Share Price Performance: The share price increased by 8.3%.
- Benchmark Comparison: The S&P 500 increased by 25.0% during the same period.
- Long-Term Compound Annual Return: Since inception (December 31, 2012) to March 11, 2025, PSH has achieved a 15.9% compound annual return, compared to 10.0% for the S&P 500.
- Discount to NAV: The discount widened to 31.2% as of December 31, 2024, from 29.6% at the start of the year.
Multi-Year Trend Analysis (NAV Return):
- 2024: 10.2%
- 2023: 26.7%
- 2022: (8.8)%
- 2021: 26.9%
- 2020: 56.6%
Profit and Loss Analysis
- Investment Gains: Net gain on financial assets and liabilities at fair value through profit or loss was $1,676,375,513.
- Commodity Interests: Net realized and unrealized loss on commodity interests totaled $(254,418,213).
- Total Investment Income: $1,421,957,300.
- Dividend Income: $152,930,011.
- Interest Income: $85,936,817.
- Total Expenses:$505,786,932.
- Performance Fees: $226,588,185
- Management Fees: $188,818,228
- Interest Expense: $77,292,603
- Professional Fees: $10,056,040
- Other Expenses: $3,031,876
- Profit Before Tax: $1,188,779,319.
- Net Profit Attributable to Equity Shareholders: $1,173,695,918.
- Earnings Per Share (Basic & Diluted): $6.38.
Balance Sheet Analysis
- Total Assets:$15,632,386,337.
- Investments in Securities: $15,114,606,252
- Cash and Cash Equivalents: $436,520,113
- Derivative Financial Instruments (Assets): $51,380,344
- Trade and Other Receivables: $28,772,099
- Total Liabilities:$2,621,156,247.
- Bonds: $2,320,801,301
- Trade and Other Payables: $232,469,751
- Deferred Tax Expense Payables: $67,885,195
- Total Equity:$13,011,230,090.
- Share Capital: $5,722,349,692
- Retained Earnings: $8,118,249,341
- Treasury Shares: $(829,368,943)
- Net Assets Attributable to Public Shares: $13,010,778,044.
- Net Assets Per Public Share: $71.11.
- Debt to Capital Ratio: 15.7% (as of March 11, 2025).
Cash Flow Analysis
- Net Cash Used in Operating Activities:$(1,265,610,592).
- This was primarily driven by the purchase of investments in securities totaling $2,413,202,260.
- Bond interest paid was $72,495,715.
- Net Cash Used in Financing Activities:$(226,789,925).
- Purchase of Public Shares (Buybacks): $119,623,243
- Dividend Distributions: $107,166,682
- Net Change in Cash and Cash Equivalents: $(1,492,400,517).
- Cash and Cash Equivalents at End of Year: $436,520,113.
Board of Directors and Leadership Team
The Board consists of six non-executive Directors, five of whom are independent.
- Rupert Morley
- Role: Chairman of the Board, Chairman of the Nomination and Management Engagement Committees.
- Profile: A UK resident and independent Director since April 2021. He is chairman of Bremont Watch Company and a trustee of Comic Relief. Previously served as CEO of Sterling Relocation and Hamptons estate agency. Holds an economics degree from Cambridge and an MBA from Harvard.
- Bronwyn Curtis, OBE
- Role: Senior Independent Director, Chairman of the Remuneration Committee.
- Profile: A global financial economist. She serves as chairman of TwentyFour Income Fund and Senior Independent Director of BH Macro. Previously served as Head of European Broadcast at Bloomberg LP and held senior positions at HSBC, Nomura, and Deutsche Bank.
- Andrew Henton
- Role: Independent Director, Chairman of the Audit and Risk Committees.
- Profile: A Guernsey resident and independent Director since September 2020. Serves as chairman of Onward Opportunities Limited. Previously Head of Offshore Businesses at Close Brothers Group plc. Qualified Chartered Accountant.
- Charlotte Denton
- Role: Independent Director.
- Profile: A Guernsey resident and independent Director since May 2024. Currently chairman of Alpha Real Capital and audit chair of Starwood European Real Estate Finance. A Fellow of the Institute of Chartered Accountants in England and Wales.
- Tope Lawani
- Role: Independent Director.
- Profile: Co-founder and managing partner of Helios Investment Partners. Serves on the boards of Helios Towers plc and NBA Africa. Previously a principal at TPG Capital. Holds a J.D. from Harvard Law School and an MBA from Harvard Business School.
- Halit Coussin
- Role: Director (Non-Independent).
- Profile: Chief Legal Officer and Chief Compliance Officer of the Investment Manager (PSCM). Appointed to the Board in November 2024. Previously an associate attorney at Schulte Roth and Zabel.
Subsidiaries, Associates, Joint Ventures
PSH utilizes various entities for investment purposes. Key disclosed entities include:
- Howard Hughes Holdings Inc. (HHH)
- Relationship: Associate
- Fair Value: $1,270,627,481
- Ownership: 33.0%
- Profile: Deemed an associate due to significant ownership. PSH has formal representation on the board.
- Seaport Entertainment Group Inc. (SEG)
- Relationship: Associate
- Fair Value: $123,036,207
- Ownership: 34.6%
- Profile: Spun off from HHH. PSH participated in a rights offering and standby purchase agreement to acquire its stake.
- Pershing Square SPARC Sponsor, LLC
- Relationship: Subsidiary (Structured Entity)
- Fair Value: $37,540,131
- Ownership: 88% economic ownership
- Profile: The sponsor entity for Pershing Square SPARC Holdings, Ltd. (SPARC). PSH, along with other Pershing Square funds, wholly owns this entity as non-managing members.
Physical Properties
As an investment holding company, PSH does not own extensive physical properties like factories or plants. Its physical footprint is limited to its administrative and management offices.
- Registered Office: Trafalgar Court, Les Banques, St. Peter Port, Guernsey GY1 3QL.
- Investment Manager’s Office: Located in New York (implied by Investment Manager’s location). The Investment Manager (PSCM) maintains the physical infrastructure required to manage the fund.
Segment-wise Performance
Since PSH operates as a single economic segment, segment-wise performance is equivalent to the overall portfolio performance. Key performance drivers are categorized by investment holdings.
- Top Contributors to Gross Performance (2024):
- Alphabet Inc.: 4.9%
- Chipotle Mexican Grill, Inc.: 4.4%
- Hilton Worldwide Holdings Inc.: 4.0%
- Brookfield Corporation: 3.8%
- Federal Home Loan Mortgage Corporation: 2.3%
- Top Detractors to Gross Performance (2024):
- Nike, Inc.: (2.2)%
- Interest Rate Swaptions: (1.9)%
- Universal Music Group N.V.: (1.7)%
- Restaurant Brands International Inc.: (1.6)%
- Total Contributors Less Detractors (Gross Return): 13.8%
Founders
- William A. Ackman:
- Role: Founder and CEO of Pershing Square Capital Management, L.P.
- Founded: January 1, 2004.
- Involvement: He has ultimate discretion with respect to all investment decisions for PSH.
- Ownership: As of December 31, 2024, Mr. Ackman, along with affiliates, beneficially owned approximately 27% of the Company.
Shareholding Pattern
- Affiliates of the Investment Manager: Beneficially owned approximately 27% of the Company as of December 31, 2024.
- Public Shares: 182,956,010 shares outstanding.
- Special Voting Share: 1 share outstanding. Held by PS Holdings Independent Voting Company Limited (“VoteCo”).
- Voting Power: The Special Voting Share carries 50.1% of the aggregate voting power in the Company.
- Purpose: To maintain PSH’s status as a foreign private issuer under U.S. securities law.
- Treasury Shares: 28,000,740 shares held in Treasury.
Parent
PSH does not have a traditional parent company structure in the commercial sense. However, regarding control and management:
- Investment Manager: Pershing Square Capital Management, L.P. (PSCM).
- Ownership Reorganization: In July 2024, PSCM completed an internal reorganization. PSCM and its general partner are indirectly controlled by PS Holdco GP Managing Member, LLC, a Delaware limited liability company controlled by senior management of PSCM, including William A. Ackman as the largest owner.
Investments and Capital Expenditure Plans
- Capex: As an investment holding company, PSH does not incur traditional capital expenditures (Capex) for physical plant and equipment. Its “Capex” is the deployment of capital into financial assets.
- New Investments (2024/2025):
- Nike: Initiated in Spring 2024.
- Brookfield: Initiated in early 2024.
- Uber: Acquired in early 2025.
- Strategic Priorities:
- Share Buybacks: Authorized share buyback programs of $200 million in 2024.
- Hedging: The Investment Manager may use opportunistic hedging strategies (e.g., interest rate swaptions) to mitigate risk or profit from asymmetries.
- SPARC: Continued commitment to fund Pershing Square SPARC Holdings, Ltd. via the Sponsor entity.
Future Strategy
- Long-Term Growth: PSH aims to eliminate PSH’s incentive fees as it grows PSCM’s fee-paying AUM from new funds.
- New Investment Vehicles: The Investment Manager intends to launch new investment funds, which is expected to act as a positive catalyst to narrow the discount to NAV.
- Howard Hughes Holdings (HHH): PSH believes a change in HHH’s strategic direction to a diversified holding company, led by Pershing Square, will reduce its cost of capital and increase returns.
- SPARC: PSH continues to pursue a potential merger candidate for SPARC, viewing it as a superior method for private companies to go public.
- Portfolio Management: The company intends to maintain a concentrated portfolio of high-quality businesses and may use derivatives for security-specific leverage to reduce capital commitment while enhancing returns.
Key Strengths
- Track Record: 15.9% annualized net return over 21 years (PSLP/PSH combined) compared to 10.0% for the S&P 500.
- Permanent Capital: PSH manages permanent capital, allowing it to invest without regard to capital flows (redemptions). This is cited as an “enormous competitive advantage.”
- Alignment of Interest: Affiliates of the Investment Manager own approximately 27% of the company, creating strong alignment with shareholders.
- Conservative Leverage: Total debt to total capital ratio of 15.7% (as of March 11, 2025), with no margin leverage on the portfolio.
- Debt Profile: Weighted average cost of capital of 3.1% with a laddered set of maturities averaging 7 years.
Key Challenges and Risks
- Key Personnel Risk: Dependence on William A. Ackman and key investment team members. The departure of Mr. Ackman could have a material adverse effect.
- Portfolio Concentration: The portfolio is highly concentrated in 8 to 12 holdings. A loss in any one position could have a material adverse impact on assets.
- NAV Discount: Shares trade at a significant discount to NAV (31.2% as of Dec 31, 2024), which affects shareholder returns.
- Market Risk: Adverse changes in global financial markets, including interest rates and equity prices, can negatively impact performance.
- Regulatory Risk: Changes in laws or regulations could impact the ability to acquire/dispose of securities or deploy investment techniques.
- Cybersecurity: Risk of information security breaches affecting the Investment Manager or Administrator.
Conclusion and Strategic Outlook
Pershing Square Holdings, Ltd. concluded 2024 with a 10.2% increase in Net Asset Value, demonstrating resilience despite a challenging macroeconomic environment. While underperforming the S&P 500 in the short term, the company maintains a robust long-term track record of 15.9% annualized returns over 21 years.
Strategically, PSH is leveraging its permanent capital structure to make opportunistic investments in high-quality, large-cap companies like Alphabet, Universal Music Group, and new additions like Uber and Brookfield. The Board and Investment Manager are actively addressing the discount to NAV through share buybacks, increasing dividends, and the planned launch of new funds which trigger fee reduction mechanisms. With a conservative debt profile and significant insider ownership, PSH is positioned to pursue its objective of maximizing long-term growth in intrinsic value per share.
Official Site: https://pershingsquareholdings.com
FAQ Section:
- What is Pershing Square Holdings’ primary investment objective? PSH aims to maximize its long-term compound annual rate of growth in intrinsic value per share by acquiring and holding significant positions in a concentrated number of large capitalization companies.
- Who manages Pershing Square Holdings? The company is managed by Pershing Square Capital Management, L.P. (PSCM), which was founded and is led by CEO William A. Ackman.
- What was PSH’s Net Asset Value (NAV) return in 2024? In 2024, PSH’s Net Asset Value per share increased by 10.2% net of fees.
- What are the top holdings in Pershing Square Holdings’ portfolio? As of December 31, 2024, top holdings included Universal Music Group N.V., Alphabet Inc., Brookfield Corporation, Restaurant Brands International Inc., and Chipotle Mexican Grill, Inc.
- Does Pershing Square Holdings pay a dividend? Yes, the company pays a quarterly dividend. For 2024, the dividend was $0.1456 per share, and for 2025, it has been increased to $0.1646 per share.
- Where is Pershing Square Holdings listed? PSH Public Shares are listed on the London Stock Exchange (LSE) under the tickers PSH (USD) and PSHD (Sterling). It delisted from Euronext Amsterdam in January 2025.
- What is the “Permanent Capital” advantage mentioned by PSH? Permanent capital refers to PSH’s structure as a closed-ended fund, which allows the Investment Manager to invest without the pressure of managing daily capital redemptions, enabling a long-term investment horizon.
Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.
