Pershing Square Earnings Call Transcripts
Fiscal Year 2026
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Management remains highly optimistic about Fannie and Freddie's exit from conservatorship, sees significant value in core holdings like Amazon, Meta, and Microsoft, and emphasizes a long-term, disciplined investment approach. Recent actions include exiting Hertz and focusing Howard Hughes capital on insurance growth.
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Long-term compounding from high-quality holdings and strategic capital deployment drove strong AUM growth and performance. Howard Hughes is transforming into an insurance-led business, while PSUS is addressing its NAV discount through enhanced marketing.
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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.