Pershing Square Holdings, Ltd.
PSH.L
London Stock Exchange3,776.00
GBp
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Pershing Square Holdings, Ltd.
PSH.L
(London Stock Exchange)
Recent
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3,776.00
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div
yld
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ROIC.AI
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- Business
- Pershing Square Holdings, Ltd. (PSH.L) is a Guernsey-domiciled closed-ended investment holding company that acquires and holds significant but generally non-controlling stakes in a concentrated portfolio of 8 to 12 large-capitalization, predominantly North American companies, focusing on high-quality businesses with limited downside risk, predictable recurring cash flows, and potential for managerial, operational, or governance improvements to drive long-term shareholder value; core holdings typically include positions in sectors such as consumer services (e.g., Restaurant Brands International, Chipotle), media and communication services (e.g., Universal Music Group, Alphabet), financial services (e.g., Brookfield), hospitality (e.g., Hilton Worldwide), real estate (e.g., Howard Hughes Holdings), technology, and industrials, with geographic emphasis on the United States (54%), Canada (32%), and the Netherlands (23%); managed by Pershing Square Capital Management, L.P., founded by William A. Ackman in 2004 and based in New York, the company targets maximum long-term compound annual growth in intrinsic value per share through value-driven activist strategies, hedging for risk management, and selective new investments of one to three per year. Incorporated on February 2, 2012, and commencing operations on December 31, 2012, after converting from an open-ended to a closed-ended structure in 2014, Pershing Square Holdings lists Public Shares on the London Stock Exchange's Main Market (tickers PSH in GBP and PSHD in USD, ISIN GG00BPFJTF46) following delisting from Euronext Amsterdam effective January 31, 2025; headquartered in Guernsey with assets under management of approximately $19.6 billion as of November 2025 (total core strategy AUM $21.8 billion, including firm-wide with Howard Hughes $32.4 billion), it maintains a board of independent directors led by Chairman Rupert Morley alongside representatives from the investment manager. Recent developments include ongoing share buyback programs with daily transactions through Jefferies International Limited, such as 28,999 Public Shares repurchased on December 1, 2025, at an average $65.22 per share and weekly summaries through December 3, 2025; a major strategic investment in May 2025 where affiliate Pershing Square Holdco invested $900 million for 9 million newly issued shares in Howard Hughes Holdings Inc. (HHH), transforming HHH into a diversified holding company pursuing controlling interests in high-quality growth businesses akin to a modern Berkshire Hathaway, with Pershing Square providing advisory, corporate development, and capital markets support while capping voting power at 40% and maintaining PSH's approximately 10% stake (now 18.9 million shares aggregate across core funds); preparation for a potential 2026 initial public offering of Pershing Square Capital Management targeting up to $5 billion for a new U.S.-listed closed-end fund; and a $500 million senior notes offering priced in October 2025.
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