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Pershing Square

Mar 2025 → Sep 2026 · 2 funds

Our archive holds 5 letters from Pershing Square, behind 42 investment theses and positions in 23 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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5
Letters
23
Companies
8
Moves
42
Theses

Performance

as of Sep 30, 2026 · net of fees · USD

  • YTD
    −9.6%
Disclaimer

These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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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.”
    Read the letter
  • 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.”
    Read the letter
  • New positionAlcon Inc.
    June 2026
    “Alcon and Intercontinental Exchange were initiated subsequent to June 30, 2026, therefore, no share price performance is provided.”
    Read the letter
  • 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.”
    Read the letter
  • 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.”
    Read the letter
  • 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.”
    Read the letter

Companies held · 23

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

Theses · 42

  • Microsoft Corporation
    September 2026

    Microsoft is held for its accelerating M365 and Azure growth, enterprise-driven backlog, rapid AI product innovation, and expected high-teens long-term earnings growth at an undervalued share price.

    Read the full thesis
  • Uber Technologies, Inc.
    September 2026

    Uber is held because its high-frequency, low-ticket, supply-aggregating model resists agentic disintermediation, earnings are growing about 35% this year, and the stock trades at 16 times earnings, its lowest valuation ever.

    Read the full thesis
  • Meta Platforms, Inc.
    September 2026

    Meta is held for its accelerating AI-driven advertising growth, new monetization paths through Muse and Meta Enterprise Platform, and expected 20%-plus earnings growth at an undervalued valuation.

    Read the full thesis
  • Amazon.com, Inc.
    September 2026

    Amazon is held for AWS growth of 39% with a near $600 billion backlog, retail share gains, shortening capital payback periods, and expected 20%-plus long-term earnings compounding at an undervalued price.

    Read the full thesis
  • Brookfield Corporation
    September 2026

    Brookfield is held for its real-asset focus, modest carried interest exposure, higher spread earnings at Brookfield Wealth Solutions, a 24% five-year EPS growth target, and a valuation of 11 times earnings, about 20% below peers.

    Read the full thesis
  • Restaurant Brands International Inc.
    September 2026

    Restaurant Brands is held for five straight quarters of global same-store sales growth above 3%, a return to a capital-light model, 8% operating profit growth, and a 17 times earnings valuation at a discount to intrinsic value.

    Read the full thesis
  • Howard Hughes Holdings, Inc.
    September 2026

    Howard Hughes is held for its transformation into a diversified holding company, monetizing real estate into a fee-generating asset manager to fund Vantage insurance, with Vantage book value per share targeted to compound at 20% or more.

    Read the full thesis
  • Netflix, Inc.
    September 2026

    Netflix is held for its dominant competitive position, 12% revenue growth, expanding ad tier, margin expansion from content spend discipline, and near 20% annual earnings compounding at 19 times forward earnings.

    Read the full thesis
  • Visa Inc.
    September 2026

    Visa is held for 12% organic revenue growth, 27% value-added services growth, stablecoin and agentic commerce opportunities, China market entry approval, and a multi-year runway of double-digit revenue and mid-to-high-teens EPS growth at 24 times forward earnings.

    Read the full thesis
  • Intercontinental Exchange, Inc.
    September 2026

    Intercontinental Exchange is held for its futures and options growth from global hedging and energy supply chain shifts, the opportunistic MarketAxess acquisition, and mid-teens long-term earnings compounding at 17 times earnings.

    Read the full thesis
  • S&P Global Inc.
    September 2026

    S&P Global is held for its benchmark business quality, limited AI risk, Ratings growth from capex and M&A pipelines, mid-teens earnings compounding, and a 20 times earnings multiple for a portfolio of the world's best benchmark businesses.

    Read the full thesis
  • Alcon Inc.
    September 2026

    Alcon is held for 12% to 15% constant-currency EPS growth guidance, margin expansion, and a 17 times earnings multiple, its lowest ever and far below its historical high-20s, with room for multiple expansion.

    Read the full thesis

Letter archive · 5

2026

2025

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