Overview
Pershing Square Holdings : PSH
Pershing Square Holdings’ investment objective is to preserve capital and to seek maximum, long-term capital appreciation commensurate with reasonable risk. The company seeks to achieve its investment objective through long and short positions in equity or debt securities of public U.S. and non-U.S. issuers (including securities convertible into equity or debt securities), derivative instruments and any other financial instruments that the Investment Manager believes will achieve the company’s investment objective.
On March 23, 2017, the company announced its intention to apply for admission of its public shares to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange. The company sought this listing in an effort to improve market access for investors, increase liquidity in the public shares and to assist in narrowing the current discount to NAV at which the public shares trade.
You can access the company’s website here
Pershing Square Holdings : PSH
Fundamentals
Price
Research History
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17 Oct 2023 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2023
Third quarter of 2023 Investment Companies | Quarterly roundup | October 2023 Kindly sponsored by abrdn ‘Uncomfortable’ Following a fast start to the first half of the year, globally equities took a breather in Q3, as markets assessed the implications of the worst bond sell-off in a generation. Yields on 10-year US treasuries and UK […]
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06 Apr 2023 82 min read
QuotedData’s Economic and Political Monthly Roundup April 2023
Economic and Political Monthly Roundup Investment companies | Monthly | April 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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05 Jan 2023 9 min read
QuotedData’s Investment Companies Roundup – January 2023
December 2022 Monthly roundup | Investment companies Winners and losers in December 2022 The Financials sector only has two constituents, one of these – Trian Investors 1 – has seen its discount narrow since it promised to return cash to investors by next June, and it has also benefited from underlying NAV appreciation. Last month’s […]
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07 Dec 2022 8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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03 Nov 2022 8 min read
QuotedData’s Investment Companies Roundup – November 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn November 2022 Monthly | Investment companies Winners and losers in October 2022 Many equity markets recovered some of the ground lost in September. The swift departure of Liz Truss and her unfunded tax cuts helped the UK stock market and sterling. North America […]
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13 Oct 2022 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2022
Third quarter of 2022 Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Piling on the misery In the face of rising inflation, exacerbated by the war in Ukraine, central bankers have condemned for their relative inaction. However, in the third quarter of 2022, they stepped up a gear. Last month’s economic and political roundup […]
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10 Sep 2020 5 min read
QuotedData’s Economic Roundup – September 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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14 Jul 2020 9 min read
QuotedData’s Investment Companies Quarterly Review – Second Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit When the going gets […]
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17 Apr 2020 8 min read
QuotedData’s Investment Companies Quarterly Review – First Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research The legal bit Unprecedented times We have knitted […]
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07 Apr 2020 8 min read
QuotedData’s Investment Companies Roundup – April 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over March: An update note […]
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10 Mar 2020 7 min read
QuotedData’s Investment Companies Roundup – March 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over February: An initiation note on Montanaro UK Smaller Companies Trust (MTU) […]
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07 Feb 2020 7 min read
QuotedData’s Investment Companies Roundup – February 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over January: An annual overview note on Shires Income (SHRS) “Shires Income (SHRS) will […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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10 Jan 2020 5 min read
QuotedData’s investment companies roundup – January 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over December: An update note on BlackRock Throgmorton (THRG) “BlackRock Throgmorton continues to lead its peer group in […]
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12 Nov 2019 5 min read
QuotedData’s investment companies roundup – November 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over October, we published notes on Pacific Horizon, Seneca Global Income & Growth, Premier Global Infrastructure, Polar Capital Global Financials, Ecofin Global Utilities and Infrastructure, Aberdeen Standard European Logistics Income and Herald. Additionally, as part of our enhanced coverage of the property sector, we launched […]
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15 Oct 2019 7 min read
Investment companies quarterly roundup – Third quarter 2019
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford New research Over the third quarter, we published notes on India Capital Growth, Jupiter Emerging & Frontier Income, Montanaro European Smaller Companies, JLEN Environmental Assets, Civitas Social Housing, JPMorgan Russian Securities, International Biotechnology Trust, Aberdeen Emerging Markets, Seneca Global Income & Growth, Standard Life Investments Property Income […]
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11 Sep 2019 3 min read
QuotedData’s investment companies roundup – September 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over August, we published notes on Aberdeen Emerging Markets and JLEN Environmental Assets . You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite for risk was generally down in August, as […]
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07 Aug 2019 3 min read
QuotedData’s investment companies roundup – August 2019
Investment Companies Roundup New research Over July, we published notes on CQS New City High Yield, BlackRock Throgmorton, Strategic Equity Capital, Seneca Global Income & Growth, CG Asset Management, Standard Life Investments Property Income and Aberdeen New Dawn. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite […]
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05 Jul 2019 3 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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22 Mar 2019 1 min read
QuotedData’s investment companies roundup – March 2019
QuotedData’s investment companies roundup – March 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2019. Kindly sponsored by Baillie Gifford. JPMorgan Chinese, Fidelity China and Pacific Horizon benefited from a booming Chinese market in […]
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22 Feb 2019 1 min read
QuotedData’s investment companies roundup – February 2019
QuotedData’s investment companies roundup – February 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2019. Kindly sponsored by Baillie Gifford. December’s sharp sell-off in technology and growth stocks reversed somewhat in January. This was […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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11 Jun 2018 1 min read
QuotedData’s investment companies roundup – June 2018
QuotedData’s investment companies roundup – June 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2018. Kindly sponsored by Baillie Gifford. The premium of biotech company, Syncona, rose on positive news on two of its […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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07 Feb 2018 2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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11 Dec 2017 2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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14 Sep 2017 1 min read
QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2017. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Winners and losers in August Ashmore Global’s […]
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03 Aug 2017 1 min read
QuotedData investment companies roundup – August 2017
QuotedData investment companies roundup – August 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2017. Kindly sponsored by Baillie Gifford. August Investment Companies Roundup Monthly NAV/Price moves: A couple of themes stand out […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
News
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13 Aug 2026 2 min read
Morning briefing: Pershing Square stumbles, BIPS expands, plus CYN, JCH
Pershing Square Holdings (PSH) had a poor first half of 2026. In total return terms, the net asset value (NAV) of Bill Ackman’s US equities hedge fund fell by 12.6% and share price by 23.9% in a period where the S&P 500 index rose by 10.2%. An additional $100m buyback was authorised in May 2026 […]
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03 Jul 2026 4 min read
Trust Spot: Biotech Growth soars 21%; 3i Group regroups after May slump; Seraphim Space steps back from high
Biotechnology trusts BIOG and IBT replaced technology trusts as last month’s big risers with profit taking hitting Seraphim Space (SSIT) in June, but 3i Group (III) recovering after its tumble in May. June’s top risers Investment company Total shareholder return % Premium (- discount) % Biotech Growth (BIOG) 20.58 -8.59 Bluefield Solar (BSIF) 16.5 -13.96 […]
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01 Jun 2026 4 min read
Morning briefing: Universal Music rejects Pershing Square’s £48bn bid; Sirius Real Estate builds Berlin self-storage store; JPMorgan Japanese trails value rally; SOHO fund manager Adrian D’Enrico leaves Atrato; GRIO board changes; Litigation Capital warning
Universal Music Group (UMG) has rejected the $64.3bn (£48bn) takeover offer made by Bill Ackman’s Pershing Square Capital Management two months ago. The US-focused but Euronext Amsterdam listed business said on Friday evening that Pershing Square’s proposed merger with its New York listed special purpose vehicle SPARC Holdings was “not in the best interests” of […]
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18 May 2026 2 min read
Pershing Square’s Bill Ackman sells top holding in Alphabet to fund $2.1bn investment in Microsoft
Pershing Square (PSH) fund manager Bill Ackman has sold most of his position in Alphabet and switched it into a new $2.1bn holding in rival “Magnificent Seven” stock Microsoft. A US regulatory filing on Friday by his firm Pershing Square Capital Management showed it had bought around 5.65m Microsoft shares in the first quarter. This […]
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01 May 2026 4 min read
Bill Ackman: My US fund’s poor start won’t stop Pershing Square Holdings gaining from fee cut and narrower discount
Pershing Square Holdings (PSH) fund manager Bill Ackman has assured shareholders they will see the benefits of the double flotation of his investment management company and its new US hedge fund in New York, even though their shares slumped on their first day of trading this week. Pershing Square US (PSUS), a “mirror fund” that […]
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14 Apr 2026 2 min read
Morning briefing: Ruffer bought gilts in March sell-off; Biotech Growth rose 1.5% as Iran war rocked markets; Pershing Square files US fund launch; plus Schroder European Real Estate, Partners Group Private Equity
Ruffer Investment Company (RICA) fund managers pounced on five-year UK government bonds last month, lifting their allocation to 15% as exaggerated fears of interest rate rises in response to the inflationary impact of higher oil prices from the war in the Middle East caused a sell-off in gilts that left their yields “inappropriately high”. Ruffer […]
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07 Apr 2026 2 min read
Pershing Square’s Bill Ackman launches £48bn bid to buy Universal Music Group and relist it in US
Pershing Square Holdings (PSH) fund manager Bill Ackman has made a €55bn (£47.9bn) cash and shares bid for Universal Music Group (UMG) which he plans to list in New York to revive its underperforming share price. Ackman’s Pershing Square Capital Management has proposed merging UMG with Pershing Square SPARC Holdings, the special purpose vehicle he […]
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11 Mar 2026 2 min read
Morning briefing: Bill Ackman revives Pershing Square USA launch; 96% of Shires shares roll over to AEI; 3IN invests €300m in Norwegian data centre; plus SUPR, PHI, ADIG
Pershing Square Holdings (PSH) fund manager Bill Ackman has revived plans to launch a Pershing Square USA closed-end fund on the New York Stock Exchange. A filing with the US Securities and Exchange Commission shows the shares will be sold at $50 and Ackman’s firm Pershing Square Capital Management has received investment commitments of $2.8bn. […]
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27 Feb 2026 2 min read
Blackstone deal propels Tritax Big Box into FTSE 100 as £4.6bn real estate trust chases full rental “reversion”
Tritax Big Box REIT (BBOX) has marked its promotion to the FTSE 100 with annual results demonstrating the momentum in the £4.6bn logistics fund after a year in which it advanced on its strategic fronts. Shares in BBOX have have risen 20% since October when it bought a £1bn portfolio from Blackstone, ensuring its promotion […]
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19 Feb 2026 2 min read
Morning briefing: Pantheon International slashes management fee; Pershing Square smashes S&P return; Euro banks boost Polar Capital Financials; plus BGS, SEC, TFIF
Pantheon International (PIN), the £1.6bn private equity trust under pressure from activist investor Metage over its 28% share price discount, has cut the fund management fee it pays by an estimated 19%. From 1 June the company will pay Pantheon Ventures a flat rate of 1% of net asset value, which stood at £2.2bn at […]
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16 Feb 2026 2 min read
Morning briefing: Howard Hughes shareholder sues Pershing Square Capital Management; Partners Group NAV falls; Ceiba bondholders agree to extension; plus SEQI, RECI
Pershing Square (PSH) fund manager Bill Ackman “coerced and bullied” the directors of US real estate firm Howard Hughes into selling his firm Pershing Square Capital Management $900m of new shares last May, lifting its stake to nearly 47%, according to a class action lawsuit filed by the Charter Township of Shelby Fire & Police […]
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12 Feb 2026 2 min read
Pershing Square’s Bill Ackman buys Meta believing AI fears undervalue one of “world’s greatest businesses”
Pershing Square (PSH) fund manager Bill Ackman has revealed he bought a $2bn stake in Meta Platforms (META) last November, betting the Facebook and Instagram owner will benefit from its huge expenditure on artificial intelligence which is forecast to rise to $135bn from $72.2bn in 2025. In an annual presentation to investors in the £8bn […]
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22 Dec 2025 2 min read
Pershing Square’s Bill Ackman offers to help Elon Musk float SpaceX and invest $4bn in $800bn rocket company
Pershing Square Holdings (PSH) fund manager Bill Ackman has made a public pitch to Elon Musk to help the Tesla mogul float his SpaceX next year. In a tweet on X, the social media platform owned by Musk, Ackman suggested his firm Pershing Square Capital Management could commit $4bn to the initial public offer (IPO) […]
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19 Dec 2025 2 min read
Pershing Square Holdings puts up £750m for Howard Hughes’ insurer acquisition in Bill Ackman’s bid to forge new Berkshire Hathaway
Pershing Square Holdings (PSH), the £11.5bn London-listed US equities hedge fund run by Bill Ackman, is to provide up to $1bn (£750m) of financing for an insurance company acquisition by portfolio holding Howard Hughes that is part of the fund manager’s ambition to build a “modern-day Berkshire Hathaway”. The investment company, whose shares stand on […]
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30 Oct 2025 2 min read
Morning briefing: Murray Income nears end of strategic review; UK Wind’s poor third quarter; plus HANA, PSH, JPEL, MAJE, MVI
Murray Income (MUT), the £916m UK equity income trust managed by Aberdeen’s Charles Luke, says it is in the final stages of its strategic review having met a short list of companies offering to merge with or run its portfolio. It will announce its decision by the end of the year but not in time […]
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21 Aug 2025 3 min read
Morning briefing: NextEnergy Solar passes continuation vote, sees NAV fall; Pershing Square sparkles; Pacific Assets manager quits; plus GOT, BIOG, PHP, TFIF
NextEnergy Solar sees over 12% of shares vote for a wind-up and reports another valuation fall; Bill Ackman’s Pershing Square hedge fund reports strong half-year results, as does Sandy Nairn’s Global Opportunities Trust; while Pacific Assets fund manager David Gait resigns; plus updates from Biotech Growth, Primary Health Properties and TwentyFour Income Fund. NextEnergy Solar […]
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24 Jul 2025 3 min read
Angry Third Point investors form action group to fight for “fair deal” and stop hedge fund’s reverse takeover by Malibu Life
Update: Third Point Investors reverses yesterday’s gains as shareholders owning 14% of the hedge fund, including Asset Value Investors and Evelyn Partners, join forces to oppose its transformation plan. Angry investors holding 14% of Third Point Investors (TPOU) have formed an action group to oppose the hedge fund’s controversial plan to transform itself into a […]
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04 Jul 2025 7 min read
An update on our analysts’ top picks for 2025
At the beginning of this year, we once again challenged our analysts to come up with some ideas for investment companies that they liked, and thought could do well over the course of this year. Click here to read the original article which set out our analysts’ thinking and why they liked the stocks. We […]
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14 May 2025 3 min read
QuotedData’s morning briefing 14 May 2025 – MHN, HNE, CGT, LMP, GPE, PSH
In QuotedData’s morning briefing 14 May 2025: We also have: Stories you may have missed from yesterday
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30 Apr 2025 4 min read
QuotedData’s morning briefing 30 April 2025 – DGI9, BRAI, AEET, PPET, NBPE, MGCI, GCP, CRT, CYN, FAIR
[QD comment MR: It is good to see one of PPET’s directors making a significant addition to his personal investment in the trust as it both significantly improves alignment with other shareholders and is also a sign of confidence in PPET’s private equity strategy in these times of increased market turbulence.] We also have: Stories […]
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23 Apr 2025 2 min read
QuotedData’s morning briefing 23 April 2025 – BRAI, CVCE/CVCG, PSH, EJFI
In QuotedData’s morning briefing 23 April 2025: We also have: Stories you may have missed from yesterday
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17 Mar 2025 2 min read
Pershing Square delivers solid 2024 returns despite market headwinds
Pershing Square Holdings Ltd (PSH) has published its annual report for the year ended 31 December 2024. Despite a challenging macro and geopolitical backdrop, the closed-ended fund delivered a NAV total return of 10.2%, while the share price rose 8.3%, as the discount to NAV widened slightly from 29.6% to 31.2% over the year. In […]
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03 Jan 2025 8 min read
QuotedData’s analysts’ picks for 2025
As we begin another year, here at QuotedData, we thought we’d have some fun and challenge our analysts, once again, to come up with some ideas for investment companies that they like and think could do well over the course of the coming year but first, we’re also going to take a look back and […]
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02 Jan 2025 1 min read
QuotedData’s morning briefing 2 January 2025 – PSH, UEM, CHRY
In QuotedData’s morning briefing 2 January 2025: Pershing Square Holdings (PSH) says Euronext Amsterdam has approved its request to delist from Euronext Amsterdam. The delisting request was submitted by Pershing Square Holdings on 4 December 2024. The last day of trading of the shares on Euronext Amsterdam will be on 30 January 2025 and delisting […]
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27 Dec 2024 5 min read
QuotedData’s review of the year 2024
This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]
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03 Dec 2024 3 min read
QuotedData’s morning briefing 3 December 2024 – HGT, CRS, PSH, LTI, PRSR, DLN, AIRE
In QuotedData’s morning briefing 3 December 2024: HgCapital Trust (HGT) Hg, the manager of HgCapital Trust, today announced that it has agreed the sale of Dext Software Ltd, a leading bookkeeping automation platform provider, to IRIS Software Group, a leading global provider of accountancy, education management, HR and payroll solutions. The terms of the transaction […]
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27 Nov 2024 3 min read
QuotedData’s morning briefing 27 November 2024 – AGA, CORD, JARA, BIOG, PSH
In QuotedData’s morning briefing 27 November: APAX Global Alpha (AGA) has announced that it expects to invest approximately €28m in the accountancy and advisory practice of Evelyn Partners on a look-through basis. On 25 November 2024, the Apax XI Fund, in which AGA is a limited partner, announced that it had reached a definitive agreement to acquire Evelyn […]
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15 Nov 2024 3 min read
Are the lunatics now in charge of the asylum?
QD view – as Trump’s nominees for his cabinet court controversy, we have a look at some possible implications. On Thursday, we published a note on Polar Capital Global Healthcare – Vital signs are good. In it, we highlighted the managers’ belief that the sector is well-positioned to underpin the sector’s growth story for the […]
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16 Aug 2024 3 min read
Pershing Square Holdings trails market in H1, while IPO withdrawn
Pershing Square Holdings (PSH) announced its interim report for the year ended 30 June 2024. For the first half of 2024, the company’s NAV total return increased by 5.7% while the share price increased by 14.7% compared to the benchmark index return of 15.3%. During the period, the discount narrowed from 28.7% to 22.7% The […]
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02 Aug 2024 1 min read
QuotedData’s weekly news show 2nd August 2024
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Pershing Square Holdings (0:35) JPMorgan Japanese / JPMorgan Japan Small Cap Growth & Income (4:21) Andrew McHattie Introduction (9:01) Crystal Amber Fund (11:22) Highly concentrated trusts (14:48) Market rotation (17:22) UK small caps v […]
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01 Aug 2024 1 min read
Pershing Square USA launch flops
The planned launch of Pershing Square USA (PSUS) – which at one stage Bill Ackmann was saying could raise $25bn – has been pulled after failing to attract sufficient investor interest. The target size of the IPO has been steadily shrinking – most recently to $2bn – but a cornerstone investor is said to have […]
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04 Jun 2024 1 min read
Pershing Square’s manager pulls in $1bn of external money
There was an announcement from Pershing Square Holdings yesterday saying that its manager Pershing Square Capital Management, L.P is now 100% owned by a new limited partnership and that 10% of that limited partnership had been sold to external investors for $1.05bn. The largest shareholder of the new LP is Bill Ackman. The consortium of […]
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25 Mar 2024 3 min read
Pershing Square extends outperformance in 2023
Pershing Square Holdings has published results for the year ended 31 December 2023 and they are good. The NAV return for the year was 26.7% and the share price return 36.0%, outperforming the S&P500 which returned 26.3%. The performance was driven by the underlying portfolio. The portfolio hedges detracted from returns in 2023 but have […]
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09 Feb 2024 1 min read
QuotedData’s weekly news show 9th February 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Pershing Square Holdings (0:31) • Gore Street Energy Storage (9:11) • Digital 9 Infrastructure (12:35) This week’s interview was with Kartik Kumar from Artemis Alpha Trust […]
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08 Feb 2024 2 min read
Pershing Square cuts manager’s performance fee
Pershing Square Holdings says that its investment manager (Pershing Square Capital Management, L.P) has proposed and the board has approved some changes to the fund’s investment management agreement that will reduce the performance fees paid by Pershing Square Holdings from this year. The amendments to the management agreement are to its variable performance fee provision. […]
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16 Nov 2023 2 min read
QuotedData’s morning briefing 16 November 2023 – BSIF, SYNC, PSH, GCL, NCYF, GPM, CYN, NRR, GPE
In QuotedData’s morning briefing 16 November 2023: Bluefield Solar (BSIF) reports that its NAV fell by 3.3p over the third quarter of 2023. The main contributing factors to this were slight underperformance in generation during the quarter, due to lower than expected irradiation, and advanced quarterly payments connected to corporation tax and the Electricity Generator […]
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06 Oct 2023 1 min read
QuotedData’s weekly news update 6th October 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Henderson High Income / Henderson Diversified Income (0:40) • Pershing Square (7:16) • Octopus Renewables (10:00) Andrew McHattie spoke about Regional REIT and Digital […]
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02 Oct 2023 1 min read
Pershing Square gets approval for SPARC
The SEC has declared that Pershing Square SPARC Holdings, Ltd’s registration statement is effective. The company is targeting companies looking to raise at least $1.5bn of capital – that could be for private companies looking to list and provide an exit to founders and/or companies looking for additional equity capital. Pershing Square believes that this […]
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08 Jun 2023 1 min read
QuotedData’s morning briefing 8 June 2023
In QuotedData’s morning briefing 8 June 2023: Pershing Square (PSH) plans to buy back an additional $100m worth of its shares. Since March 2017, when its buybacks started, it has repurchased over 60m shares at a cost of $1.14bn. BioPharma Credit (BPCR) has agreed amended terms with its borrower LumiraDx. We discussed the problems that […]
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30 Mar 2023 7 min read
Pershing Square Holdings benefits from interest rate hedges
Pershing Square Holdings (PSH) has published its annual results for the year ended 31 December 2022. During the period, PSH net asset value (NAV) total return per share decreased by 8.8%, ending the year at US$51.76 per share, while its share price total decreased 14.6% as a result of the widening of the discount to […]
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22 Aug 2022 3 min read
QuotedData’s morning briefing 22 August 2022
In QuotedData’s morning briefing 22 August 2022: AEW UK REIT (AEWU) has sold 225 Bath Street, Glasgow for £9,300,000. Planning consent has been gained by new owners IQ for the demolition of the property and development of a 527-unit student accommodation scheme. The sale agreement required AEWU to negotiate with tenants to bring the asset […]
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22 Apr 2022 4 min read
QD view – Are you still watching?
It is no secret that the US is the biggest player in the technology space, with a market value of about $1.5trn compared to a global market value of around $5.2trn. The country is home to some of the biggest tech firms in the world and probably the next generation of them with almost 500,000 […]
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21 Apr 2022 2 min read
Pershing Square dumps Netflix stake
This morning, Pershing Square published the following letter to its investors. Dear Pershing Square Investor: Today, we sold our investment in Netflix, which we purchased earlier this year. The loss on our investment reduced the Pershing Square Funds’ year-to-date returns by four percentage points. Reflecting this loss, as of today’s close, the Pershing Square Funds […]
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01 Apr 2022 4 min read
QD view – Circling the Pershing Square
It’s that time of year where we see a flurry of annual and interim results hitting the market for companies whose reporting periods finish on 31 December. Even in a quiet year, it is quite possible for interesting stories to get lost in this first quarter deluge, but once you factor in the additional market […]
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1 min read
QuotedData’s weekly news show 1st April 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: •Octopus Renewables •Fidelity Japan •Pershing Square This week’s interview was with Ian Lance from Temple Bar Investment Trust – watch it again here.
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30 Mar 2022 4 min read
Pershing Square Holdings enjoys strong performance thanks to Universal Music Group
Pershing Square Holdings enjoys strong performance thanks to Universal Music Group – Pershing Square Holdings (PSH) has posted its final results for the year to 31 December 2021. During the year, its NAV return including dividends was 26.9%, ending the year at $57.30 per share. Meanwhile, PSH’s total shareholder return was 18.6% over the same […]
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29 Mar 2022 2 min read
QuotedData’s morning briefing 29 March 2022
In QuotedData’s morning briefing 29 March 2022 Pershing Square (PSH) is to start paying an enhanced dividend; beginning with the second quarter dividend and for the remainder of the calendar year 2022, the company will increase its quarterly dividend by 25% to $0.125 per share. The intended policy in future years will be to pay […]
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01 Sep 2021 1 min read
QuotedData’s morning briefing 1 September 2021
In QuotedData’s morning briefing 1 September 2021: PS VII Master (PSVII), an affiliated co-investment vehicle of Pershing Square Holdings (PSH) has notified Vivendi S.E. that it plans to exercise its option to acquire 52,769,098 ordinary shares of Universal Music Group, representing 2.9% of the company, for approximately $21.78 per share. This comes after the board of PSH’s […]
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25 Aug 2021 1 min read
QuotedData’s morning briefing 25 August 2021
In QuotedData’s morning briefing 25 August 2021: Pershing Square Holdings (PSH) has released its half-year report for the six months to 30 June. During the period under review, it returned 7.3% in NAV terms and 4.7% in share price terms, behind its S&P 500 benchmark return of 15.2%. The discount currently stands at c. 25%, to […]
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20 Aug 2021 1 min read
QuotedData’s weekly news show 20 August 2021
QuotedData’s weekly news show 20 August 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: Apax Global Alpha Electra Pershing Square Watch it again here This week’s interview was with Abby Glennie from Aberdeen […]
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7 min read
Lawsuit filed against Pershing Square Tontine Holdings
Pershing Square Holdings has published a letter issued by its SPAC, Pershing Square Tontine Holdings (PSTH), in relation to a law suit that has been filed against it that it is operating as an illegal investment company. Rather than copy and paste, we have reproduced the letter in full below. [QD comment: this is a […]
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11 Aug 2021 3 min read
QuotedData’s morning briefing 11 August 2021
In QuotedData’s morning briefing 11 August 2021: Round Hill Music Royalty (RHM) has made its first open market acquisition since its IPO by acquiring the music catalogue of Yes guitarist and film score composer, Trevor Rabin. This includes 3,528 cues from films such as Armageddon, Enemy of the State and Bad Boys II and songs such as Owner of a Lonely […]
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23 Jul 2021 1 min read
QuotedData’s weekly news show 23 July 2021
QuotedData’s weekly news show 23 July 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: Pershing Square Ecofin US Renewables Watch it again here This week’s interview was with Gareth Powell of Polar Capital Global […]
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19 Jul 2021 2 min read
Pershing Square rejigs Universal Music deal
Pershing Square rejigs Universal Music deal – On Sunday, the board of Pershing Square Tontine Holdings – the special purchase acquisition company (SPAC) that Pershing Square listed on the New York Stock Exchange (NYSE) last year – decided not to proceed with its planned acquisition of a stake in Universal Music Group. That deal will […]
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30 Mar 2021 2 min read
2020 was Pershing Square’s best year
2020 was Pershing Square’s best year – During the year ended December 31, 2020, Pershing Square delivered a total NAV return (including dividends) of 70.2%, with the NAV ending the year at $45.46 per share. The total shareholder return was 84.8%, helped by the narrowing of the discount. Over the same period, the S&P 500 increased by […]
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03 Nov 2020 1 min read
QuotedData’s morning briefing 3 November 2020
In QuotedData’s morning briefing 3 November 2020 Finally, Waterfall has made its offer to investors in Alternative Credit Investments (ex P2P/Pollen Street Secured Lending). The bid is at 870p per share in cash plus a 12p dividend. It values the fund at £639.2m. This is a 6.3% discount to NAV. The bid is recommended by ACI’s […]
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26 Oct 2020 1 min read
QuotedData’s morning briefing 26 October 2020
In QuotedData’s morning briefing 26 October 2020 – Pershing Square (PSH) announced the launch of an offering of up to $500m aggregate principal amount of senior notes with a maturity not later than 2031. The net proceeds are expected to be used for general corporate purposes, including to make investments in Pershing Square Tontine Holdings, […]
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27 Aug 2020 1 min read
Pershing Square announces $200m bond issuance
Pershing Square (PSH) announced the issuance of a private placement of $200m of 12-year bonds with a coupon rate of 3.00%, maturing on July 15, 2032. The 2032 bonds are callable two years prior to their maturity at par with no penalty. Bond proceeds will be available to PSH for new investments and general corporate purposes. The […]
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29 May 2020 2 min read
Ways to thrive in a crisis
The five best performing investment companies over the past year in NAV terms are Golden Prospect Precious Metals, Biotech Growth, Pershing Square, JPMorgan China Growth and Income and Scottish Mortgage. It’s an eclectic bunch and illustrative of just how hard it is to navigate the market in the current turmoil. Golden Prospect is soaring because […]
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25 Mar 2020 1 min read
Pershing Square books astonishing profits on hedges
Pershing Square books astonishing profits on hedges – in an update to our post from 4 March 2020, Pershing Square has revealed that it has cashed in its gains on the hedges it made against market falls. The hedges were designed to provide asymmetric returns – that is to say the potential losses were relatively […]
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04 Mar 2020 1 min read
Pershing Square’s Bill Ackman discusses trust’s approach to managing current volatility
Pershing Square Holdings’s (PSH) manager Bill Ackman has released the following statement in reaction to volatility in markets: “During the past ten days, we have taken steps to protect the portfolio from downward market volatility. We have done so because we believe that efforts to contain the coronavirus are likely to have a substantial negative […]
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29 Oct 2019 1 min read
QuotedData’s other news 29 October
In QuotedData’s other news 29 October – Bill Ackman-managed Pershing Square Holdings (PSH) has announced an additional share buyback program worth $100m of PSH’s outstanding shares on the London Stock Exchange and Euronext Amsterdam. PSH says the program will begin following the completion of the previously announced $100m buyback program. They add that the program […]
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06 Aug 2019 1 min read
QuotedData’s other news 6 August 2019
In QuotedData’s other news 6 August 2019 – VPC Speciliaty Lending says that it has put in place an amended funding arrangement with Oakam, a UK-based digital micro-lender. Oakam got itself into trouble and was placed in administration. It came out of administration at the end of June and received a £6m cash injection from its […]
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31 Jul 2019 3 min read
QuotedData on Pershing Square
QuotedData on Pershing Square QuotedData sent an analyst along to a meeting with Bill Ackman (manager of Pershing Square Holdings), some of his team and the chairman, Anne Farlow. The company has had a great year – the manager’s best ever apparently, with the NAV up 41.4% over the year to the 30th of July […]
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20 Jun 2019 1 min read
QuotedData’s other news 20 June 2019
In QuotedData’s other news 20 June 2019 Pershing Square has announced a $100m share buy-back programme – up to 6m shares will be repurchased and the transactions are expected to enhance NAV (in other words they’ll buy back the shares at a discount to NAV). The NAV at 18 June was $24.63 and the share price […]
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27 Mar 2019 2 min read
Best start to a year for Pershing Square though discount lingers
Best start to a year for Pershing Square though discount lingers – Pershing Square Holdings (PSH) has reported results for the year to December 31, 2018. The activist fund, which invests in publicly-listed US stocks, is generating momentum following measures it undertook in early 2018 to address a period of poor performance that was not […]
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13 Feb 2019 1 min read
Pershing Square will pay modest dividend
Pershing Square will pay modest dividend – Pershing Square Holdings has initiated a quarterly dividend of $0.10, representing a current yield of 2.5% (based on the closing price of $15.70 on 12 February 2019). The idea is that instituting a quarterly dividend will expand Pershing Square’s investor base by attracting shareholders who prefer or require dividend-paying […]
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01 Mar 2018 1 min read
Bill Ackman’s Pershing Square tender blocked by Dutch authorities
Bill Ackman’s Pershing Square tender blocked by Dutch authorities – the tender offer for $300m worth of Pershing Square Holding’s publicly traded shares announced on 2 January 2018 will not proceed. The company says that the Dutch Authority for Financial Markets’ ( Autoriteit Financiële Markten , “AFM”) interpretation of certain applicable rules regarding the proposed tender offer make […]
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19 Jan 2018 1 min read
Investment Trust Insider trusts that didn’t escape me last year
Investment Trust Insider – trusts that didn’t escape me last year. As 2018 gets underway, I thought that it might be worth revisiting some of the funds that I wrote about in 2017. At the start of the year I hailed the changes that Standard Life Private Equity (SLPE) was implementing to broaden its investment proposition and noted the increasing […]
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03 Jan 2018 1 min read
Bill Ackman behind $300m tender for Pershing Square shares
Bill Ackman behind $300m tender for Pershing Square shares, sale of Howard Hughes Corp stake to facilitate deal, buyback suspended Pershing Square Holdings has announced the proposed sale of all of PSH’s 2,067,490 shares of common stock in The Howard Hughes Corporation (NYSE: HHC). Pershing Square is pursuing this sale in order to help facilitate […]
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02 Jan 2018 1 min read
Pershing Square settles lawsuit with Allergan
Pershing Square settles lawsuit with Allergan – Pershing Square Holdings, Ltd has reached an agreement in principle, subject to court approval, to settle lawsuits concerning the attempted acquisition of Allergan plc. by Pershing Square Capital Management, L.P. and Valeant Pharmaceuticals International, Inc. in 2014. The lawsuits were filed in the Central District of California (Anthony […]
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13 Nov 2017 3 min read
British Empire beats its World ex US benchmark
British Empire beats its World ex US benchmark – British Empire achieves an 18.8% return on net assets for the year ended 30 September 2017. 2.5% ahead of the return on its principal benchmark, the MSCI AC World ex US index. The Board has elected to increase the final dividend to 10.0p per share, which […]
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24 Mar 2017 1 min read
Pershing Square to list in London in a bid to close discount
Pershing Square Holdings (PSH) has announced that it intends to apply for a Premium Main Market listing, for its ordinary shares, on the London Stock Exchange and that, following admission, it expects that its shares will be eligible for inclusion in the FTSE All-Share and FTSE 250 indices. PSH says that its listing on Euronext Amsterdam will […]
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23 Jun 2016 3 min read
Brazil’s woes knock Hansa
Hansa Trust, which has published results for the year ended 31 March 2016, says it has had a challenging year, particularly due to its exposure to the Brazilian market and the economic woes that Brazil continues to face. However, there have been a number of bright spots within the portfolio. The NAV has fallen from 1138.6p […]
In The Press
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19 Aug 2026 1 min read
James Carthew comments on Pershing Square in Investors’ Chronicle
James Carthew comments on Pershing Square’s revamp in Val Cipriani’s article: “The portfolio feels increasingly mainstream to me and I am struggling to see how the 1.5 per cent annual management fee is justified,” Read the article here
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04 Jun 2026 1 min read
Investment trust insider on uncertain markets
James Carthew: How I’m investing in an increasingly uncertain market The S&P 500 is nearing an all-time high and several tech companies are eyeing mega IPOs, yet several risks could set markets crashing. Three things are making me nervous about markets currently; valuations (especially in the US), the lack of a resolution to the Iran […]
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31 Mar 2026 1 min read
Investment trust insider on US trusts
James Carthew: How trusts are swapping mega-caps for value Markets are beginning to look beyond the small handful of mega-cap stocks that have long led returns. For many years, US equities have been dominated by a narrow group of mega-cap stocks. The meteoric rise of companies such as Nvidia sucked the air out of the […]
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07 Apr 2025 1 min read
Investment trust insider on Trump’s tariff effects
A couple of weeks ago, I was discussing the possible impact of tariffs on Vietnam. If you recall, the managers of VinaCapital Vietnam Opportunity Fund (VOF) were fairly sanguine about the prospect, reasoning that the US would see Vietnam as an ally in the region and recognise that it was making an effort to address […]
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10 Dec 2024 1 min read
Scottish Mortgage, Finsbury Growth & Income and other trusts with catalysts
By Emma Wallis, News editor, Trustnet, 10 December 2024: Some of the largest and best-known investment trusts are on the cusp of events that could boost their share prices, narrow their discounts and reward shareholders, including Scottish Mortgage and Pershing Square Holdings.. A significant catalyst for Scottish Mortgage could be its 4.8% allocation to Space […]
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06 Dec 2024 1 min read
Pershing Square starts buybacks as Ackman hails Trump election
by Val Cipriani, Investors’ Chronicle, December 6, 2024: Bill Ackman’s Pershing Square Holdings (PSH) will buy back $100mn (£79mn)-worth of shares as it attempts to close a persisting discount to net asset value (NAV), after a difficult second half of the year for the trust. Ackman’s vehicle has been unpopular with investors recently despite an […]
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11 Nov 2024 1 min read
Investment trust insider on Trump and financials
Investment trust insider on Trump and financials – James Carthew: The winners of Trump’s regulation bonfire Trusts that will leap on Donald Trump’s looser financial regulations and an environment of higher-for-longer interest rates. It will take some time for the dust to settle following the US election. The US equity market responded positively, but US […]
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09 Sep 2024 1 min read
Investment trust insider on AVI Global Trust
Investment trust insider on AVI Global Trust – James Carthew: AVI Global can extend its excellent track record Discounts across global markets present opportunities for the UK-based bargain hunter, which recently cashed in on Starwood’s Balanced Commercial Property bid. The investment companies sector continues to shrink. So far in September, we have seen bids for Tritax […]
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23 Jul 2024 1 min read
How to get rich from Donald Trump’s likely return to the White House
By James Baxter-Derrington, The Telegraph, 22 July 2024: Surviving an assassination attempt has likely propelled Donald Trump into a second term in the White House, but investors would be foolish to think any knowledge of his first term could prepare them for the next. Experts predict that Mr Trump will likely become the second president […]
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08 Mar 2024 1 min read
The most expensive trusts relative to their history
By Matteo Anelli, Senior reporter, Trustnet, 07 March 2024: Premiums are rare in the investment trusts industry, which suffers from chronic discounts, but there are still some trusts that have caught investors’ eyes and garnered traction over the past five years, according to data from QuotedData. Earlier this morning, we looked at the trusts that […]
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28 Feb 2024 1 min read
Should you buy, hold or fold Bill Ackman’s Pershing Square investment trust?
By Emma Wallis, News editor, Trustnet, 28 February 2024: Pershing Square Holdings has a history of headline-grabbing derivatives trades that have delivered billions of dollars in profit, a track record of top-quartile performance over one, three and five years, and a star manager in US hedge fund veteran Bill Ackman. Yet the UK’s third-largest investment […]
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13 Feb 2024 1 min read
Investment trust insider on North American funds
James Carthew: JAM or Pershing? Which is best to capture US growth? JPMorgan American was its sector’s best performer in 2023 with strong numbers following a revamp five years ago. However, Pershing Square’s record can’t be dismissed either. Within the North America sector, last year’s winner was JPMorgan American (JAM), which generated an underlying investment […]
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17 Jan 2024 1 min read
Is it time to invest in Pershing Square, the British investment trust led by an outspoken US billionaire?
By ANNE ASHWORTH, Daily Mail, 13 January 2024: Until late last year, the billionaire US activist investor Bill Ackman was almost unknown outside Wall Street and the City, despite a series of corporate battles. But his fame has now spread worldwide in the wake of his successful free-speech campaign to unseat the president of his […]
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16 Aug 2023 1 min read
Investment trust insider on the return of arbitrageurs
Investment trust insider on the return of arbitrageurs – James Carthew: The unfit trusts at risk from an ‘arb’ attack Investment company bargains abound following the discount widening that has plagued the sector. We have seen some welcome proactive moves by boards to address the problem. What does not seem to have emerged yet is […]
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18 Jul 2023 1 min read
Investment trust discount dilemma: Is buying for less a bargain or a cause for concern?
By ANNE ASHWORTH, Daily Mail, 15 July 2023: When in a clothing store, the reduced rail is always my first destination. But my enthusiasm for a bargain is tempered by scepticism. The items may cost less, but they must also be the pieces my wardrobe needs, rather than impulse purchases. The same considerations apply when […]
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13 Feb 2023 1 min read
Investment trust insider on Pershing Square
Investment trust insider on Pershing Square – James Carthew: Pershing Square on my buy-list after fresh US listing talk In the North American sector, the best-performing fund over 2022 was North American Income Trust (NAIT), which grew total net asset value (NAV) by 7.3% and oversaw a 12.8% total return to in shareholders driven by […]
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27 Sep 2022 1 min read
Which FTSE 100 investment trust should you hold?
Eve Maddock-Jones, Investment Week, 26 September 2022: For the first time in the history of the FTSE 100, the index features four investment trusts: Scottish Mortgage, 3i, Pershing Square Holdings and F&C… All four trusts can count themselves as heavyweights of the closed-ended space, for different reasons. While F&C holds heritage, IT Global peer Scottish […]
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16 May 2022 1 min read
Eight star fund managers you can buy on the cheap
Sam Benstead from interactive investor, 11th May 2022: The stock market rout this year has created a rare opportunity to buy shares in investment trusts run by star managers at large discounts to the value of their investments. Headline bargains include a 38% discount on Pershing Square Holdings run by Bill Ackman, a 10% discount […]
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06 Apr 2021 1 min read
Investment trust insider on hedge funds
Investment trust insider on hedge funds – James Carthew: Hedge funds proved their worth last year if you can stomach the fees A few of the listed hedge funds have published results recently. Pershing Square (PSH) and the two Brevan Howard funds – BH Global (BHGG) and BH Macro (BHMG) – had bumper years, largely on […]
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11 Jan 2021 1 min read
7 Funds To Back In The Post-Vaccine World
7 Funds To Back In The Post-Vaccine World James Phillipps Contributor, Forbes Dec 17, 2020,07:37am EST|447 views U.S. equity, technology and environmental funds topped the charts this year, but where is the smart money going in 2021? After the strength of the S&P 500’s rally, powered by big tech, many investors are looking further […]
