Company summary
Pershing Square Holdings is a closed-ended investment company managed by Bill Ackman's Pershing Square Capital Management. It owns a concentrated portfolio of large, high-quality public companies, mainly in North America.
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PSH
Pershing Square Holdings
Financial Services
- Index
- FTSE 100
- ISIN
- Not specified
- Book status
- 2026 edition — current
Key activities
Concentrated long-term equity investment, selective activist or engaged ownership, occasional hedging and capital allocation through dividends and share buybacks.
Key markets
Primarily US-listed large-cap companies across technology, consumer, financial services, real estate and communications.
Key drivers
Performance of a small number of portfolio holdings, stock selection, US equity valuations, portfolio turnover and narrowing of the persistent discount between the shares and NAV.
Key risks
High portfolio concentration, manager/key-person dependence, equity-market volatility, large drawdowns in individual holdings, currency exposure and a wide discount to NAV.
Recent Developments
August 2026 brought the largest portfolio reshuffle in years, with new stakes disclosed in Netflix, Visa, Mastercard, Intercontinental Exchange, Alcon and S&P Global. PSH's NAV was down 4.3% year-to-date at 11 August and the shares remained at a substantial discount, so performance of the new holdings and discount control are major issues into 2027.
Dividend notes
PSH pays a quarterly US-dollar dividend. The 2026 quarterly rate is $0.1837 per share; the third-quarter dividend went ex-dividend on 13 August 2026 and is payable on 18 September. Buybacks are also used when the shares trade at a large discount to NAV.
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