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Pershing Square

Mar 2025 → Jun 2026

Our archive holds 4 letters from Pershing Square, behind 29 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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4
Letters
18
Companies
8
Moves
29
Theses

What they bought and sold · 8 moves

  • New positionIntercontinental Exchange, Inc.
    June 2026
    “We recently established an investment in Intercontinental Exchange, a business we have followed for nearly a decade.”
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  • New positionS&P Global Inc.
    June 2026
    “Earlier this year, we initiated a position in S&P Global, a business we have admired for decades and previously owned in 2017.”
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  • New positionAlcon Inc.
    June 2026
    “Alcon and Intercontinental Exchange were initiated subsequent to June 30, 2026, therefore, no share price performance is provided.”
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  • New positionVisa Inc.
    June 2026
    “Earlier this year, we initiated positions in Visa and Mastercard, two businesses we have long admired, which provide the dominant global networks for consumer and commercial payments, with an increasing share of revenue growth coming from value-added services.”
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  • New positionMastercard Incorporated
    June 2026
    “Earlier this year, we initiated positions in Visa and Mastercard, two businesses we have long admired, which provide the dominant global networks for consumer and commercial payments, with an increasing share of revenue growth coming from value-added services.”
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  • New positionPershing Square Ventures, Ltd.
    June 2026
    “We recently began the process to launch a new permanent capital vehicle, Pershing Square Ventures, Ltd. (“PSV”), which will facilitate investor access to pre-IPO, high-growth companies.”
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  • New positionPershing Square USA, Ltd.
    June 2026
    “The key events of the quarter include the $5 billion IPO of PSUS, the NYSE listing of Pershing Square Inc., the contemporaneous distribution of Pershing Square stock to PSUS anchor and IPO investors,”
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  • New positionNetflix, Inc.
    June 2026
    “We acquired a position in Netflix, a business we briefly owned in 2022 and have followed closely ever since.”
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Companies held · 18

Every company Pershing Square has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 29

  • S&P Global
    June 2026

    S&P Global has dominant benchmark franchises, strong moat characteristics, and long-term earnings compounding potential despite AI concerns.

    Read the full thesis
  • Intercontinental Exchange
    June 2026

    Intercontinental Exchange is a highly moated exchange and data franchise with durable growth, strong margins, and multiple expansion potential.

    Read the full thesis
  • Visa
    June 2026

    Visa operates a dominant global payments network with strong growth, expanding value-added services, and durable moat-like economics.

    Read the full thesis
  • Mastercard
    June 2026

    Mastercard operates a dominant global payments network with strong growth, expanding value-added services, and durable moat-like economics.

    Read the full thesis
  • Netflix
    June 2026

    Netflix is the dominant global streaming platform with self-reinforcing scale, expanding margins, and close to 20% earnings compounding.

    Read the full thesis
  • Alcon Inc
    June 2026

    Alcon has a dominant ophthalmology franchise, attractive recurring revenue, margin expansion potential, and upside from AURN001.

    Read the full thesis
  • Microsoft Corporation
    June 2026

    Microsoft Corporation has durable workflow and cloud advantages that should support long-term high-teens earnings growth.

    Read the full thesis
  • Howard Hughes Holdings
    June 2026

    Howard Hughes Holdings is evolving into an insurance-focused holding company with experienced leadership and the potential to compound intrinsic value and share price meaningfully over time.

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  • Meta Platforms
    June 2026

    Meta Platforms is benefiting from AI-driven engagement and monetization improvements and is expected to grow earnings at a 20%+ rate.

    Read the full thesis
  • Amazon
    June 2026

    Amazon is seeing AWS acceleration and retail share gains that could support 20%+ long-term earnings compounding.

    Read the full thesis
  • Brookfield Corporation
    June 2026

    Brookfield Corporation is expected to deliver mid-teens or better distributable EPS growth while still trading at a low earnings multiple.

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  • Brookfield Corporation
    December 2025

    Brookfield Corporation is a leading alternative asset manager with durable, growing fee streams and multiple growth tailwinds, trading at a discount to intrinsic value.

    Read the full thesis

Letter archive · 4

2026

2025

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