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 ...
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I am back from my holiday break but there is no in-depth fund profile this week as Stuart is now also away. His next profile, of the Diverse Income Trust, will appear this coming week. However there are plenty of recent profiles you may have missed, so do double check the back catalogue. Our weekly summaries of company announcements and movements in share prices, NAVs and discounts are posted as usual again this week. You can also read the latest thoughts on discounts from the Kepler Intelligence team.
The narrative and the price There were plenty of good reasons, both fundamental and techn...
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UPDATE: A revised version of this profile was published in June 2025.
Pershing Square Holdings (ticker: PSH) is the third-largest investment trust on the London market with net assets of around £8bn. Although it traces the history of its returns back to 2004, the trust was first listed on the Euronext market in Amsterdam in 2014 before adding a London listing in 2017. Pershing Square is run by the hedge fund manager Bill Ackman, who is a big fan of the investing approach taken by Warren Buffett, and it runs a very concentrated portfolio of between 8 and 12 positions. Ackman has a history of a...
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My notes include some random thoughts on topical issues. I have also updated the Money Makers portfolio and will be reporting on their progress (spoiler alert: pretty much as expected). Stuart Watson's profile this week is of Capital Gearing Trust, the absolute return trust well known to followers of mine over the past few years. It is celebrating the 40th anniversary of Peter Spiller's appointment as manager of the trust this month.
Bill Ackman is still learning For an investor whose personal net worth can be measured in hundreds of millions of dollars, it is encouraging to see that he still...
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Jonathan Davis The markets are quiet so it is a good time to catch up on some reading and wider research. The notebook therefore is in diary format this week, highlighting a small sample of the things that caught my eye. Stuart Watson has added an interesting profile of Montanaro European Smaller Companies. The Q and A this week is with Alex O'Cinneide, CEO of the investment firm that manages Gore Street Energy Storage, one of two trusts that have recently raised big sums from investors to support their entry into this important sub-sector of the energy transition theme. (Disclosure: I recentl...
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Jonathan Davis The notebook this week lists the 20 trusts that made up the original 20-trust portfolio that I wrote about last week. I also add a series of short notes and links across a variety of topics. In this week's Q and A I talk to Stephanie Sirota, a director of RTW Ventures, a recently launched trust that invests in medicines, biotech and medical technology. It is not a trust that I own myself (it does not meet enough of my criteria), but it has performed spectacularly since its launch in 2019 and operates in what is clearly potentially a very high growth area.
PRS REIT I am pleased ...
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Jonathan Davis These notes are currently presented in a diary format and are normally updated day by day. My plan now is to keep updating the entries until the weekend when you can read all the entries in one go, alongside the trust news and data posts, should you prefer. By their nature these notes are somewhat transitory in nature.
Monday 29th March The week starts with news of another hedge fund implosion on Wall Street. This time it is a entity called Archegos, run by a man called Bill Hwang, who started life working for Julian Robertson, one of the superstars of the hedge fund business...
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