What smart money is saying about Pershing Square Holdings, Ltd.
PSH
No fund has written a full thesis on Pershing Square Holdings, Ltd. in our archive, but 1 fund letter reports a position in it — most recently Pershing Square in June 2026.
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1
Reported positions
0
Bought
0
Sold
2
Letters
Position history
Every position in Pershing Square Holdings, Ltd. on record in the archive was reported in Q2 2026, across 1 fund letter, with no move described.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 1 | 0 | 0 | 0 |
Fund activity · 1 position
- HoldsPershing SquareJune 2026
“One back-of-the-envelope way to think about the economics of our business is to calculate our revenues from the management fees we receive from the funds we manage plus the Preferred Performance Fees (PPFs) we receive from Pershing Square Holdings, Ltd. (PSH) and Pershing Square International, Ltd., plus the service fees paid by Howard Hughes Holdings (NYSE: HHH or Howard Hughes), and then subtract our expenses including interest and taxes, which should enable you to approximate our net cash flow available for distribution and/or reinvestment in our business. Our PPFs are only earned and payable in years with returns in excess of 5% per annum, a rate of return we expect to substantially exceed in most years and over the long term, but not every year.”
Pershing Square Holdings, Ltd.
Also mentioned · 1
These funds discuss Pershing Square Holdings, Ltd. — as a competitor, benchmark or comparable — without disclosing a position in it.
- May 2026
“Since then, the stock is up +32%, as a +19% increase in the NAV has been buoyed by a narrowing of the discount to 43% from 49% (a return of +11%). As we wrote at the time, in April UMG (86% of NAV) was subject to a proposed transaction from Pershing Square (“PS”) at an ostensible +78% premium, by way of a proposed merger with Pershing Square SPARC Holdings, a blank cheque acquisition company. In May 2026 it was announced that Bolloré – and in- turn the UMG board – have rejected this proposal.”
Pershing Square Holdings, Ltd.
Read the letters behind these Pershing Square Holdings, Ltd. positions
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