36 documents showing 1–36

Pershing Square Holdings PSH.L

PSH NAV grew 20.9% and TSR 33.9% in 2025, beating S&P, FTSE 100 and HFRX Activist indices

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.

Pershing Square Holdings (self) PSH.NA / PSHD.LN

PSH trades at a 30% discount to NAV despite 22.9% 7-year compound NAV returns

Multiple (portfolio update)

AGL short worked: $5 PT set when stock was $25, fell to target on unprofitable model

Pershing Square Holdings (own closed-end fund review) PSH

PSH trades at a 27% discount to NAV despite 31.2% 5-yr compound NAV return

Multiple (firm-level overview)

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.

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.

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.

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.

Pershing Square Holdings (fund-level annual update) PSH

PSH outperformed S&P 500 by 930bps in 2022 thanks to interest-rate hedge

Pershing Square Holdings (fund-level annual update; covers portfolio including Lowe's, Universal Music Group, Hilton, Chipotle, Restaurant Brands, Howard Hughes, Domino's, Netflix, PSTH) PSH

PSH delivered 26.9% NAV return in 2021 and 50.1% 3-yr CAGR, outperforming activist and equity hedge indices

Pershing Square Holdings (own fund) PSH

PSH returned 70.2% NAV / 84.8% TSR in 2020, beating S&P by 5,180 bps

Pershing Square Holdings (fund) — portfolio includes Agilent, Berkshire Hathaway, Chipotle, Hilton, Restaurant Brands, Lowe's, Howard Hughes, Fannie Mae/Freddie Mac PSH

PSH delivered 58.1% NAV return in 2019, beating S&P by 2,660bps — return to roots is working

United Technologies; ADP UTX; ADP

PSH exited United Technologies as of June 10, 2019

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.

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.

Pershing Square Holdings, Ltd. (annual portfolio update; covers CMG, ADP, QSR, LOW, SBUX, HLT, UTX, HHC, FNMA/FMCC) PSH

PSH trades at 27% discount to NAV despite 13.8% net CAGR since 2004 vs 8.4% for S&P 500

Pershing Square Holdings (PSH) — portfolio review PSH

Returning to roots: smaller investment-centric team, reaffirmed core principles, growth from returns not AUM

Pershing Square Holdings (fund-level annual review covering multiple portfolio companies: ADP, QSR, MDLZ, HHC, CMG, FNMA/FMCC, PAH, NKE, HLF, SPGI) PSH

Pershing Square has restructured to a smaller, investment-centric organization — 'returning to our roots'

Pershing Square Portfolio (multiple positions)

Core longs (QSR, MDLZ, CMG, APD, HHC) are high-quality businesses in mid-transformation with untapped margin upside

Portfolio-wide update (Mondelez, Air Products, Restaurant Brands, Chipotle, Howard Hughes, Fannie/Freddie, Valeant, Herbalife short, Platform Specialty, Nomad, CP, Zoetis)

Mondelez EBIT margin of 15.4% sits ~1,200bps below Kraft Heinz's 27.6% — a fixable gap

Multiple (PSH portfolio update)

Long-term track record intact: 503% cumulative vs S&P 163% since 2004 inception

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.

Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, FNMA/FMCC, NOMD, HLF)

Mondelez margin gap to peers (13% vs 17-26%) implies +600-700bps of optimized EBIT upside

Multiple (Pershing Square portfolio: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, NOMD, HLF-short)

Mondelez EBIT margin of 13.1% is far below peers (Kraft Heinz 26.5%, Hershey 20.0%) and well short of 3G playbook results

Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)

2015 was -20.5% but portfolio trades at substantial discount to intrinsic value

Icahn Enterprises L.P. (self) IEP

IEP stock returned 1,426% since Jan 2000 vs. 89% for S&P 500

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.

Multiple (portfolio update: AGN, VRX, CP, APD, ZTS, HHC, QSR, PAH, FNMA/FMCC, HLF)

Allergan delivered 89% return as Valeant bid catalyzed auction ending at Actavis $242 vs. $128 cost

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.

Multiple (Pershing Square portfolio - annual update)

2014 net returns of 40.4% vs S&P 500's 13.7%, driven by Allergan (+19.1%), CP (+7.0%), and Herbalife short (+6.1%)

Multiple (Pershing Square Holdings portfolio: Allergan, Herbalife, Air Products, Canadian Pacific, Restaurant Brands International, Platform Specialty Products, Zoetis)

PSH returned 40.4% net in 2014 vs 13.7% for S&P 500

Multiple (PSH portfolio: AGN, HLF short, APD, CP, QSR/BKW, PAH, ZTS, HHC, FNMA/FMCC)

Concentrated activist strategy delivered 40.4% net returns in 2014 vs. 13.7% for S&P 500

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.

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.