UPDATE: Pershing Square launched a closed-ended fund in the US in April 2026, but it has yet to have much effect on PSH's own discount. Pershing Square made an offer for UMG in early 2026, but then sold its holding a few months later after failing to get support from UMG's management. PSH returned 21% in 2025 but -13% in the first six months of 2026.

PSH Pershing Square Holdings (ticker: PSH) was launched as a private fund at the end of 2012, listed on Euronext in October 2014, and in London in May 2017 (although there is a separate private fund that follows the same strategy that dates back ...