◆ Contrarian Corpus

12 documents showing 1–12

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Pershing Square Feb 11, 2026

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 C4
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Pershing Square Feb 11, 2025

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 C3
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Pershing Square Feb 08, 2024

Pershing Square Holdings PSH

PSH delivered 26.7% NAV / 36.0% TSR in 2023; 31.2% 5-yr CAGR

N2 V3 C3
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Palliser Capital Dec 06, 2023

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 C4
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Pershing Square Feb 09, 2023

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 C2
Pershing Square Feb 05, 2020

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 C3
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Third Point Jun 13, 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.

N5 V4 C4
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Pershing Square Feb 13, 2019

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 C3
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Pershing Square Jan 29, 2018

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 C2
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Pershing Square Jan 29, 2018

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 C3
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Pershing Square Apr 28, 2015

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 C3
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Pershing Square Jan 29, 2015

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 C3
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