REG-Pershing Square Holdings, Ltd. Net Asset Value(s)
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260303:nBw5X6sZpa&default-theme=true
Net Asset Value(s)
Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value
and Performance Report for February 2026
Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) today released the following
regular monthly Net Asset Value (NAV) and Performance Report for the month of
February 2026. The information has also been posted to the PSH website,
www.pershingsquareholdings.com
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fpershingsquareholdings.com%2Fperformance%2Fnet-asset-value-and-returns%2F&esheet=54436798&newsitemid=20260302088484&lan=en-US&anchor=www.pershingsquareholdings.com&index=1&md5=36af909224434fc7fbfff8f8871c0c40)
. Monthly net asset value and performance are calculated at the close of
business on the last business day of the month.
PERSHING SQUARE CAPITAL MANAGEMENT, L.P. PERSHING SQUARE HOLDINGS, LTD.
Portfolio Update
February 28, 2026
Summary Results ((1)) Number of Positions ((2))
February YTD 2026
Gross Performance -7.6% -9.8% Long 13
Net Performance -7.7% -10.1% Short 0
NAV/Share (in USD) $76.74 Total 13
NAV/Share (in GBP) £56.95
Equity & Debt Exposure Composition By Market Cap ((3) (4)) Portfolio Composition by Sector ((5))
Net Portfolio Long Short
Large Cap 110% 110% 0% Consumer Services RE Corp.
Mid Cap 11% 11% 0% Financials Restaurant
Small Cap 1% 1% 0% Leisure & Hospitality Special Purpose Rights Company
Total 122% 122% 0% Media Technology
Note: Large Cap >= $5b; Mid Cap >= $1b; Small Cap < $1b
Assets Under Management
Pershing Square Holdings, Ltd. AUM((6)*) $ 17,130.8M
Total Core Strategy AUM((7)*) $ 18,918.5M
Total Firm AUM (Core Strategy & HHH)((8)*) $ 28,344.2M
*Includes PSH bond proceeds of $2.3 billion and €1.15 billion
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All investments involve the possibility of profit and the risk of loss, including the loss of principal. This document does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. All information is current as of the date hereof and is subject to change in the future.
(1) Performance results are presented on a gross and net-of-fees basis. Net
returns reflect the deduction of, among other expenses, management fees,
brokerage commissions, administrative fees, and accrued and/or crystallized
performance fees, if any, and include the reinvestment of all dividends,
interest, and capital gains from our underlying portfolio companies. Net
returns reflect the performance of Pershing Square Holdings, Ltd.'s (the
"Company") Public Shares. Depending on the timing of an individual
investor’s specific investment, net performance for an individual investor
may vary from the net performance as stated herein. Gross returns reflect the
performance of the Company’s shares in the aggregate and are presented
before the deduction of management fees and performance fees, if any. The
Company has periodically engaged in share repurchases whereby its buyback
agent has repurchased Public Shares subject to certain limitations. Any
positive impact on performance due to these share buybacks is reflected
herein. Performance data and other information contained herein are estimated
and unaudited. Performance is based on the dollar return for the specific
period, including any and all dividends paid by the Company, calculated from
the beginning of such period to the end of such period.
(2) Reflects the number of positions in issuers in which the Company has
previously publicly disclosed an investment. Cash, cash equivalents, direct or
indirect currency or other hedges and income/expense items are excluded.
Multiple financial instruments (for example, common stock and derivatives on
common stock) associated with one (1) issuer count as one (1) position. A
position that is included in the number of positions will be removed from the
table only if the investment becomes 0.0% of the portfolio.
(3) For the purpose of determining the equity and debt exposures, investments
are valued as follows: (a) equity or debt is valued at market value, (b)
options referencing equity or debt are valued at market value, (c) long call
options and short put options (or vice-versa, short call options and long put
options) held on the same underlying issuer and with the same strike and same
expiry are grouped together and treated as synthetic equity positions, and are
valued at the market value of the equivalent long equity position (or
vice-versa, the equivalent short equity position), and (d) swaps or forwards
referencing equity or debt are valued at the market value of the notional
equity or debt underlying the swaps or forwards. Whether a position is deemed
to be long or short is determined by whether an investment has positive or
negative exposure to price increases or decreases. For example, long puts are
deemed to be short exposure.
(4) Includes all issuer equity, debt, and derivatives related to issuer equity
and debt, and associated currency hedges. Cash, cash equivalents, direct or
indirect currency or other hedges and income/expense items are excluded. The
market values of associated currency hedges are included as part of the
associated investment. In the event that there is a change in market cap
category with respect to any non-publicly disclosed position, this information
is not updated until such position is publicly disclosed.
(5) Portfolio composition is reflective of the publicly disclosed portfolio
positions as of the date of this report. A position in an issuer is only
assigned to a sector once it has been publicly disclosed.
(6) “Pershing Square Holdings, Ltd. AUM” equals the net assets of Pershing
Square Holdings, Ltd. calculated in accordance with GAAP without deducting
amounts attributable to accrued performance fees, while adding back the
principal value of the Company’s debt outstanding ($2.3 billion and €1.15
billion translated into USD at the prevailing exchange rate at the reporting
date, 1.18). Any performance fees crystallized as of the end of the year will
be reflected in the following period’s AUM.
(7) “Total Core Strategy AUM” equals the net assets of Pershing Square,
L.P., Pershing Square International, Ltd. and Pershing Square Holdings, Ltd.
(collectively, the “Core Funds”) calculated in accordance with GAAP
without deducting amounts attributable to accrued performance fees, while
adding back the principal value of the Company’s debt outstanding ($2.3
billion and €1.15 billion translated into USD at the prevailing exchange
rate at the reporting date, 1.18). Redemptions effective as of the end of any
period (including redemptions attributable to crystallized performance fees,
if any) will be reflected in the following period’s AUM.
(8) “Total Firm AUM” is defined as the sum of (i) “Total Core Strategy
AUM,” as described in footnote 7, and (ii) the market capitalization of HHH
as of February 28, 2026, plus its net mortgages, notes, and loans payable as
reported in the most recent Form 10-Q or Form 10-K available as of the date of
this report. HHH and Pershing Square Capital Management, L.P. ("Pershing
Square") entered into a Services Agreement on May 5, 2025 pursuant to which
Pershing Square will provide HHH with investment, advisory and other ancillary
services including corporate development, transaction execution and capital
markets assistance. Pershing Square will also assist HHH in identifying and
hedging macro-related risks. The Core Funds own 18,852,064 HHH shares in the
aggregate. The Company's methodology for calculating Total Firm AUM may differ
from the methodology used by Pershing Square to calculate AUM in other
contexts, including certain of Pershing Square's public filings.
Note: Each Public Share in the Company carries at all times one vote per
share. The total voting rights in the Company ("Total Voting Rights") may vary
over time given the capital and voting structure of the Company. As of
February 28, 2026, Total Voting Rights were 351,780,451. There are 175,538,445
Public Shares and 1 Special Voting Share (held by VoteCo) outstanding (the
share classes have 1 vote and 176,242,006 votes per share, respectively). In
addition, the Company currently holds 35,418,305 Public Shares in Treasury;
these Public Shares are not eligible to vote. Following the crystallization
event on December 31, 2025, the high water mark per share has been adjusted to
$85.32.
Under the Financial Conduct Authority’s Disclosure Guidance and Transparency
Rules (DTR 5), anyone who, directly or indirectly, acquires or disposes of
shares in the Company and whose voting rights reach, exceed, or fall below
certain thresholds must notify the Company. For UK issuers, the initial
notification threshold is 3% of the Company’s total voting rights, with
additional notifications required at each 1% increment above that level,
whether increasing or decreasing. In addition, under the Company’s Articles
of Incorporation, a person is required to notify the Company of the number of
the Public Shares it holds or is deemed to hold (through such person’s
direct or indirect holding of financial instruments) if this number reaches,
exceeds or falls below 3%, 4%, 4.25%, 4.50%, 4.75% or 5% of the total number
of outstanding Public Shares.
The Company pays a performance fee to the investment manager of 16% of the NAV
appreciation on fee-bearing shares above a high water mark, less an
“additional reduction”. The additional reduction is equal to 20% of the
aggregate performance allocations/fees and management fees (on non-performance
fee paying funds) earned by the investment manager on certain other funds
managed by the investment manager during the calculation period, plus any
amount of additional reduction carried forward from previous calculation
periods ($0.0M as of December 31, 2025).
About Pershing Square Holdings, Ltd.
Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) is an investment holding
company structured as a closed-ended fund.
Category: (PSH:MonthlyNAV)
Media Contact
Camarco
Ed Gascoigne-Pees / Julia Tilley +44 (0)20 3781 8339,
mediainquiries@pershingsquareholdings.com
(mailto:mediainquiries@pershingsquareholdings.com)
View source version on businesswire.com:
https://www.businesswire.com/news/home/20260302088484/en/
(https://www.businesswire.com/news/home/20260302088484/en/)
Pershing Square Holdings, Ltd.
Copyright Business Wire 2026Recent news on Pershing Square Holdings
See all newsREG-Pershing Square Holdings, Ltd. Transaction in Own Shares
AnnouncementREG-Pershing Square Holdings, Ltd. Net Asset Value(s)
AnnouncementREG-Pershing Square Holdings, Ltd. Transaction in Own Shares
AnnouncementREG-Pershing Square Holdings, Ltd. Transaction in Own Shares
AnnouncementREG-Pershing Square Holdings, Ltd. Transaction in Own Shares
Announcement