37 documents showing 1–37
Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)
Three contrarian longs at undemanding multiples: BILL needs Rule of 40 discipline, Tripadvisor should break up TheFork and fix Viator, and Fluor must separate its $4bn NuScale stake.
N4
V4
C4
⌂
◫
”
⇌
Pershing Square Holdings PSH
PSH delivered 26.7% NAV / 36.0% TSR in 2023; 31.2% 5-yr CAGR
N2
V3
C3
⌂
Sony Corporation 6758.T
Sony trades at a ~50% conglomerate discount; spinning Semiconductors into 'Sony Technologies', divesting listed stakes, and refocusing on entertainment unlocks ~2x SOTP upside.
N5
V4
C4
⌂
◫
”
⇌
Bayer AG BAYN
Bayer at €88/11x trades in no-man's land between Monsanto deal-sceptics and deal-believers; whether the merger closes or breaks, Bayer shareholders get cake.
N5
V3
C3
⌂
◫
Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)
ValueAct's edge is concentrated, board-level positions in differentiated, recurring-revenue businesses — picking quality and avoiding leverage, complexity and bad governance.
N4
V2
C2
⌂
Date
Fund
Target
Thesis
Scores
Feb 11, 2026
Pershing Square
Pershing Square Holdings
PSH
Pershing Square's 22.6% 8-year NAV CAGR validates the permanent-capital model; 2025's 33.9% TSR narrowed the NAV discount and the HHH/Vantage transformation extends the compounding runway.
N3
V4
Nov 21, 2025
Grizzly Research
Industry meta-study: 24 firms that sued short sellers (2018-2025)
Firms that sue activist short sellers underperform the S&P 500 by 72% long-term — the lawsuit is a bluffing signal that confirms, rather than refutes, the short thesis.
N3
V2
Oct 17, 2025
Starboard Value
Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)
Three contrarian longs at undemanding multiples: BILL needs Rule of 40 discipline, Tripadvisor should break up TheFork and fix Viator, and Fluor must separate its $4bn NuScale stake.
N4
V4
Feb 11, 2025
Pershing Square
Pershing Square Holdings
PSH
Fund-level recap: PSH's 22.9% seven-year NAV CAGR, conservative leverage and PSCM stake sale set up a narrowing of the persistent ~30% discount to NAV.
N2
V3
Sep 24, 2024
Citron Research
Multiple (portfolio update)
AGL short worked: $5 PT set when stock was $25, fell to target on unprofitable model
N2
V2
Feb 08, 2024
Pershing Square
Pershing Square Holdings
PSH
PSH delivered 26.7% NAV / 36.0% TSR in 2023; 31.2% 5-yr CAGR
N2
V3
Feb 01, 2024
Starboard Value
Multiple (firm-level overview)
conference presentation
N2
V3
Dec 06, 2023
Palliser Capital
Samsung C&T Corporation
028260 KS
Samsung C&T trades at a 63% discount to its $40.4bn NAV; fixing capital allocation, governance and the opaque group structure closes a $25bn value gap worth ~170% upside.
N5
V4
Oct 17, 2023
Starboard Value
GoDaddy
GDDY
GoDaddy missed its 2022 Investor Day commitments as Tech & Development costs ballooned; cutting costs to hit 33%+ EBITDA margins re-rates FCF/share to $10+ and closes the peer-multiple gap.
N3
V3
Oct 17, 2023
Starboard Value
GoDaddy, News Corp, Fortrea
Starboard pitches three ideas: News Corp should separate Digital Real Estate to unlock ~50% upside, GoDaddy should expand margins to 33%+, and Fortrea can hit 18% peer margins under Tom Pike.
N4
V3
Oct 13, 2023
Starboard Value
Multiple (GoDaddy, News Corp, Fortrea)
GDDY, NWSA, FTRE
Starboard pitches three activist ideas at the 2023 13D Monitor Summit — GoDaddy margin expansion, News Corp digital-real-estate separation, and Fortrea CRO profitability fix — each with 50%+ upside.
N4
V3
Feb 09, 2023
Pershing Square
Pershing Square Holdings
PSH
PSH's hedging-led 2022 outperformance and 25%+ five-year compounding deserve a narrower discount to NAV; buybacks, rising dividend and FTSE 100 inclusion are closing the gap.
N2
V3
Feb 11, 2022
Pershing Square
Pershing Square Holdings (fund portfolio)
PSH
PSH delivered 26.9% NAV return in 2021 and 50.1% 3-year CAGR, beating most major indices
N2
V3
Feb 18, 2021
Pershing Square
Pershing Square Holdings
PSH
PSH returned 70.2% NAV / 84.8% TSR in 2020, beating S&P by 5,180 bps
N2
V3
Feb 05, 2020
Pershing Square
Pershing Square Holdings (fund-level portfolio update)
PSH
Pershing Square's 2019 return to its concentrated activist playbook drove a 58.1% NAV year; two new positions (Agilent, Berkshire) and a 28.9% NAV discount extend the compounding runway.
N2
V3
Aug 05, 2019
Pershing Square
United Technologies; ADP
UTX; ADP
press release
N1
V1
Jun 13, 2019
Third Point
Sony Corporation
6758.T
Sony trades at a ~50% conglomerate discount; spinning Semiconductors into 'Sony Technologies', divesting listed stakes, and refocusing on entertainment unlocks ~2x SOTP upside.
N5
V4
Jun 06, 2019
Oasis Management
N/A (Japanese M&A regulatory guidelines; Alps Alpine cited as precedent)
Dealreporter coverage of Japan's new METI M&A guidelines that strengthen special committees and independent directors in MBOs, with Oasis Management endorsing the reforms as minority-shareholder protection.
N2
V1
Feb 13, 2019
Pershing Square
Pershing Square Holdings, Ltd.
PSH
PSH offers an activist portfolio compounding well above the S&P 500, available at a 27% discount to NAV, with a new dividend, buybacks, and insider buying narrowing the gap.
N3
V3
Jan 29, 2018
Pershing Square
Pershing Square Holdings, Ltd.
PSH
After a -4% 2017, Pershing Square restructures to a leaner investment-centric team, reaffirms core principles, and launches a $300mm PSCM tender to close PSH's ~20% NAV discount.
N2
V3
Jan 29, 2018
Pershing Square
Pershing Square Holdings (fund-level portfolio update)
PSH
After a fourth losing year driven by Valeant and Herbalife, Pershing Square has downsized, returned to core principles, and offers PSH investors an attractive reset entry point.
N3
V3
Apr 24, 2017
Pershing Square
Pershing Square Holdings Portfolio (MDLZ, APD, CMG, HHC, NOMD, HLF short, FNMA/FMCC)
PSH
Pershing Square's 2017 European investor meeting recaps a concentrated multi-position book (MDLZ, APD, CMG, HHC, NOMD, HLF short, GSEs) and asks investors to approve a London LSE listing and 5% buyback to close PSH's NAV discount.
N3
V3
Jan 26, 2017
Pershing Square
Pershing Square Holdings Portfolio (multiple)
PSH
2016 losses of -13.5% were driven overwhelmingly by Valeant; balance of portfolio performed well
N3
V3
Jan 26, 2017
Pershing Square
Pershing Square Holdings Portfolio (multi-position)
PSH
After a -13.5% 2016 driven by Valeant, Pershing recaps a concentrated portfolio (Mondelez, Air Products, Restaurant Brands, Chipotle) where margin and turnaround catalysts should restore long-term outperformance versus the S&P.
N3
V3
Nov 28, 2016
Greenlight Capital
Bayer AG
BAYN
Bayer at €88/11x trades in no-man's land between Monsanto deal-sceptics and deal-believers; whether the merger closes or breaks, Bayer shareholders get cake.
N5
V3
Apr 26, 2016
Pershing Square
Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)
Mondelez 13% EBIT margin vs 17-26% peers implies +600-700 bps optimized EBIT upside under 3G playbook
N3
V3
Apr 26, 2016
Pershing Square
Multiple holdings (Pershing Square portfolio)
Fund-level recap after Q1 2016's -25.6% drawdown: Ackman defends the contrarian book — MDLZ margin upside, APD turnaround, CP execution — while reaffirming the Herbalife pyramid-scheme short.
N3
V3
Jan 28, 2016
Pershing Square
Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)
After a -20.5% 2015, Pershing concedes mistakes on Valeant/Platform/CP but argues its portfolio holdings trade at a substantial discount to intrinsic value and that permanent capital lets it wait for convergence.
N4
V3
Aug 01, 2015
Carl Icahn
Icahn Enterprises L.P. (self)
IEP
IEP is Carl Icahn's public activist vehicle — a diversified holding company that has compounded at 19.2% since 2000 by buying undervalued businesses and forcing change as a controlling owner.
N2
V3
Jul 01, 2015
Oasis Management
Japanese listed companies (market-level)
Japan's twin Corporate Governance and Stewardship Codes, paired with strong Companies Act shareholder rights, will drive an ROE revolution making Japan one of the best long-term equity markets.
N3
V3
Apr 28, 2015
Pershing Square
Pershing Square Portfolio (multiple positions)
Pershing Square's 2015 portfolio recap: 9 positions led by the Allergan win, new Valeant stake, ongoing CP/APD transformations, and the Herbalife pyramid-scheme short.
N3
V3
Feb 17, 2015
Muddy Waters
Bolloré SA
BOL FP
Bolloré's Breton-Pulleys circular ownership masks that public float is 42.8% not 24.3%; at €4.37 shares trade at 41% of €10.63 NAV — 95% upside to €8.50.
N5
V2
Jan 29, 2015
Pershing Square
Pershing Square portfolio (multi-target)
Pershing Square delivered 40.4% net returns in 2014, driven by Allergan's forced sale to Actavis, Herbalife's 52% decline, and Canadian Pacific's continued transformation under Hunter Harrison.
N3
V3
Jan 29, 2015
Pershing Square
Pershing Square portfolio (Allergan, Herbalife, Canadian Pacific, Air Products, Restaurant Brands, Platform Specialty, Zoetis, Howard Hughes, Fannie/Freddie)
Pershing Square's 2014 annual recap: 40.4% net return, Allergan sold at a 75% premium, Herbalife short down 52%, and a $2.8bn PSH IPO making 46% of AUM permanent capital.
N3
V3
Jan 29, 2015
Pershing Square
Pershing Square Portfolio (multi-position annual update)
Pershing Square delivered 40.4% net in 2014 — Allergan's sale to Actavis, Herbalife's 50% drop and Seifi Ghasemi's Air Products turnaround — and IPO'd PSH for permanent capital.
N3
V3
Oct 01, 2012
ValueAct
Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)
ValueAct's edge is concentrated, board-level positions in differentiated, recurring-revenue businesses — picking quality and avoiding leverage, complexity and bad governance.
N4
V2
—
TCI Fund
TCI portfolio companies
Climate change is a material investment risk, so TCI demands portfolio companies disclose emissions and a credible transition plan, or face votes-against and divestment.
N2
V2