Pershing Square Earnings Call Transcripts
Fiscal Year 2026
-
High conviction remains on Fannie and Freddie, with optimism for resolution before the end of the Trump administration. Portfolio updates include exiting Hertz, focusing Howard Hughes capital on insurance, and emphasizing long-term investments in tech and financial franchises. Amazon, Microsoft, Meta, Netflix, S&P Global, and ICE are highlighted as core holdings.
-
Long-term compounding from high-quality holdings and opportunistic capital deployment during market volatility drove strong AUM growth. Strategic initiatives include launching Pershing Square Ventures and transforming Howard Hughes into an insurance-led conglomerate, with a focus on returning free cash flow to shareholders.
-
Pershing Square is launching a $5–10 billion NYSE-listed fund, offering investors a low-fee, permanent capital vehicle with a strong track record and unique hedging strategy. The business model emphasizes growth through compounding, new fund launches, and a stable, highly aligned team.