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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Pershing Square Holdings
Pershing Square Holdings (PSH) investor relations material
Pershing Square Holdings H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary13 Aug, 2026
Executive summary
Focus on long-term compounding from high-quality holdings, with strong NAV growth targeted even without new investments.
Portfolio is concentrated in durable growth companies, with capital deployed during recent market volatility at attractive valuations; six new investments established: Visa, Mastercard, Netflix, S&P Global, Intercontinental Exchange, and Alcon.
New fund launches, including Pershing Square Ventures and Pershing Square USA, Ltd. (PSUS), are planned and will be episodic and driven by opportunity, not necessity.
Strategic transformation of Howard Hughes from a real estate company to an insurance-led conglomerate is underway, supported by a $1 billion investment in preferred stock for the Vantage Group Holdings acquisition.
Share buyback program expanded by $100 million in May 2026, with 75.7 million shares repurchased since 2017 for $1.9 billion.
Financial highlights
Fee-paying assets under management (AUM) stand at approximately $23 billion.
Year-to-date performance is up 20%, with fee-paying assets growing by $4.6 billion.
Net loss attributable to equity shareholders was $1.93 billion for H1 2026, compared to a profit of $1.92 billion in H1 2025.
Net assets fell to $12.94 billion as of June 30, 2026, from $15.05 billion at year-end 2025.
PSUS is trading at a significant discount to NAV (approx. $50 NAV vs. high $30s share price); NAV per share declined 12.6% in H1 2026, with share price down 23.9%.
Outlook and guidance
Portfolio companies expected to grow EPS at an average annual rate of 20% over the next 3–5 years.
Expectation of continued strong compounding from core holdings, with potential for further capital deployment as opportunities arise.
Plans to add investment-grade leverage to PSUS, targeting 15%-20% debt to total assets, with rating agency discussions starting in September.
Board and management focused on narrowing the NAV discount and enhancing shareholder value through marketing and engagement.
Dividend policy is to return substantially all free cash flow to shareholders quarterly; buybacks considered if practical.
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Latest events from Pershing Square Holdings
- Shareholders receive a 78% premium in a U.S. relisting deal targeting major value creation.PSH
M&A announcement - NAV per share surged 20.9% in 2025, with net profit of $2.53B and strong capital actions.PSHH2 2025
- NAV up 20.9% in 2025, major strategic moves, and strong portfolio outperformance.PSHInvestor update
- Portfolio delivered over 20% YTD return, led by strong tech and asset management holdings.PSHQ3 2025 Investor Call
- Relisting plans target $300B+ taxpayer value, share price gains, and minimal market risk.PSHInvestor Update
- Universal Music's decline weighed on results, but long-term growth outlook remains strong.PSHQ3 2024 Investor Call
- Q1 2025 saw strong outperformance, strategic reallocations, and major new investments.PSHQ1 2025 Investor Call
- $900M investment at a 46.4% premium drives shift to a diversified holding company.PSHInvestor Update
- NAV rose 10.2% in 2024, with new investments and strategic actions to enhance value.PSHInvestor Update
Next Pershing Square Holdings earnings date
H2 202617 Feb, 2027
Pershing Square Holdings
Next Pershing Square Holdings earnings date
H2 202617 Feb, 2027
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Frequently asked questions
Pershing Square Holdings, Ltd. is a British investment trust dedicated to delivering long-term value. Founded in 2012, Pershing Square Holdings is a constituent of the FTSE 100 Index. A closed-ended fund, it is managed by Bill Ackman of Pershing Square Capital Management.