London · Delayed Price · Currency is GBP · Price in GBX Pershing Square Holdings Earnings Call Transcripts
Fiscal Year 2026
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Long-term compounding from high-quality holdings and opportunistic capital deployment drove strong AUM growth and performance. Strategic initiatives include launching new funds, transforming Howard Hughes into an insurance-led conglomerate, and optimizing capital structure with investment-grade debt.
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A merger will relist the company in the U.S., refresh the board, and optimize capital allocation, offering shareholders a 78% premium and targeting S&P 500 inclusion. The plan expects strong EPS growth, improved margins, and significant long-term value creation.
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NAV grew 20.9% in 2025, with a 33.9% total shareholder return and strong outperformance versus benchmarks. Strategic transformation of a key holding and fee reductions are underway, while the portfolio remains focused on high-quality, mega-cap businesses. The team targets 20%+ long-term NAV growth and is optimizing capital allocation.
Fiscal Year 2025
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Year-to-date returns exceeded 20%, driven by strong performance in core holdings like Alphabet, Uber, Brookfield, and Amazon, despite exits from Chipotle and Nike due to deteriorating fundamentals. Outlook remains positive for most portfolio companies, with several targeting double-digit earnings growth.
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A proposal to relist Fannie Mae and Freddie Mac on the NYSE aims to unlock value, broaden investor access, and maintain government oversight while minimizing risk to the mortgage market. The plan is positioned as a quick, low-risk win for both shareholders and the administration.
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Outperformed the S&P 500 by 800–1,000 bps in Q1 2025, reallocating capital into resilient, high-quality businesses like Amazon and Uber. Major developments include a $900M Howard Hughes investment, strong earnings growth at Uber and Brookfield, and strategic portfolio adjustments.
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Pershing Square proposes a $900 million primary share investment at a 46% premium, transforming the company into a diversified holding entity with robust governance and a competitive fee structure. The management team’s incentives are closely aligned with shareholders, focusing on long-term value creation, risk management, and operational excellence.
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Board and management continue to focus on fee reduction, strategic initiatives, and addressing the NAV discount through new vehicles and operational improvements. Portfolio performance remains strong, with new investments in Uber and Brookfield, and ongoing efforts to enhance index inclusion and shareholder engagement. Permanent capital structure is emphasized as a key advantage.
Fiscal Year 2024
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Portfolio underperformed due to Universal Music's decline, but management remains optimistic about long-term value across top holdings. Alphabet, Brookfield, and Restaurant Brands all show strong growth prospects, while Nike is positioned for a turnaround under new leadership.