London · Delayed Price · Currency is GBP · Price in GBX Pershing Square Holdings Earnings Call Transcripts
Fiscal Year 2026
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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, aiming to transform the company into a diversified holding entity managed for a 1.5% fee with no performance incentives. The strategy focuses on long-term value creation, risk mitigation, and strong alignment through significant insider investment.
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Board and management are focused on fee reduction, strategic growth, and closing the NAV discount through performance and new initiatives. The portfolio remains concentrated in high-quality, compounding businesses, with new investments in Uber and Brookfield. Buybacks, organizational stability, and innovation in fund structures support long-term value.
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.