Pershing Square Holdings

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

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.

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

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.

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.