23 documents <span class="dim" style="font-size:13px; font-family: var(--mono); margin-left:12px;"> showing 1–23

Starboard Value Oct 17, 2025

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 Feb 11, 2025

↗ source

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.

Citron Research Sep 24, 2024

Multiple (portfolio update)

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

N2 V2 C1

Pershing Square Feb 08, 2024

Pershing Square Holdings PSH

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

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

Starboard Value Oct 17, 2023

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.

Starboard Value Oct 17, 2023

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 C3

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 11, 2022

Pershing Square Holdings (fund portfolio) PSH

PSH delivered 26.9% NAV return in 2021 and 50.1% 3-year CAGR, beating most major indices

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.

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

Pershing Square Feb 13, 2019

↗ source

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.

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

⇌

Pershing Square Apr 24, 2017

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.

Pershing Square Jan 26, 2017

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 C2

Greenlight Capital Nov 28, 2016

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

⌂ ◫

↗ source

Pershing Square Apr 26, 2016

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 C2

Pershing Square Apr 26, 2016

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.

Pershing Square Jan 28, 2016

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 C3

Muddy Waters Feb 17, 2015

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 C2

◫

Pershing Square Jan 29, 2015

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.

ValueAct Oct 01, 2012

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