Pershing Square Holdings PSH.L
The three reasons
- 1
PSH NAV grew 20.9% and TSR 33.9% in 2025, beating S&P, FTSE 100 and HFRX Activist indices
- 2
Discount to NAV narrowed from 31.2% to 24.1%; 74mm shares repurchased at ~29% avg discount
- 3
Megacaps GOOG/UBER/AMZN/META bought at compelling multiples versus 18-30% EPS growth
Primary demands
- Close PSH's persistent discount to NAV through strong performance, buybacks and marketing
- Execute HHH transformation into a diversified holding company (Vantage acquisition)
- Re-evaluate PSUS IPO structure to address investor feedback
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (7)
Notes
Annual investor update for Pershing Square Holdings, not a single-target contrarian thesis. Structure follows standard PSH format: Chairman's intro, Strategic update (PSUS IPO / HHH / Vantage), Performance review, Market commentary (post-COVID megacap valuation), Equity portfolio update by position, Exited positions (CMG, HLT, CPKC, NKE), Q&A. The annotated share-price-over-time charts (FNMA/FMCC page 57, CMG page 76, GOOG page 63, HHH page 70, QSR page 68) are excellent specimens of narrative event-tagged timelines. Deck effectively functions as a 'portfolio playbook' rather than an activist campaign deck. Classified campaign_phase='follow_up' as this is one of a recurring series of annual presentations.