Pershing Square Holdings (PSH)

Pershing Square Holdings (PSH) is a closed-ended investment vehicle with net assets of $14.2bn. It is the flagship fund of Pershing Square Capital Management (Pershing Square), a US management firm led by Bill Ackman. PSH offers exposure to what Pershing Square describe as a highly concentrated, carefully curated portfolio of companies (see Portfolio section).

At the time of the IPO of PSH in 2014, Pershing Square were known as a long/short activist investor, having been founded in 2004. They might be considered value investors, in that the team aim to own companies for as long as the gap between what they see as intrinsic value and the market price has room to narrow. Following a challenging period of performance from PSH’s launch (see Performance section), in 2018 the team announced that they would no longer short companies and ‘go back to their roots’ in investing long-only in companies, but keeping the potential to mitigate losses from macro-shocks through forms of hedging.

As time has gone on and market dynamics have changed, mega-cap companies have come into focus for the manager. Alphabet, Amazon and most recently Meta (which PSH bought in November 2025, but only recently announced) are significant holdings in the portfolio currently.

The combined annual return of the strategy from launch of the management company to 9/02/2026 is very impressive, at 15.9% per annum versus the S&P 500’s annualised return of 10.7% per annum. However, long-term performance numbers have been significantly improved by two very strong years of performance between 2019 and 2020 inclusive. Despite this, since IPO PSH is still significantly behind the S&P 500 Index.