Pershing Square Holdings, an investment holding company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. Pershing Square is an alternative **** et manager that primarily manages capital in publicly traded investment vehicles, with 98% of its capital structure dedicated to such **** ets, including Howard Hughes Holdings. This capital permanency allows for long-term investments, fostering sustainable competitive advantages and yielding substantial market returns since 2018. The investment strategy focuses on acquiring high-quality companies at safe price points, anticipating significant annual EPS growth of 15% or more in the coming years. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its second-quarter 2026 investor letter, Pershing Square Holdings Howard Hughes Holdings Inc. (NYSE:HHH). Headquartered in The Woodlands, Texas, Howard Hughes Holdings Inc. (NYSE:HHH) develops and manages master planned communities. On August 18, 2026, Howard Hughes Holdings Inc. (NYSE:HHH) closed at $65.76 per share. The one-month return of Howard Hughes Holdings Inc. (NYSE:HHH) was 1.07% and its shares lost 10.68% over the past 52 weeks. Howard Hughes Holdings Inc. (NYSE:HHH) has a market capitalization of $3.93 billion.
Pershing Square Holdings stated the following regarding Howard Hughes Holdings Inc. (NYSE:HHH) in its Q2 2026 investor letter:
"At Howard Hughes Holdings Inc. (NYSE:HHH) in June, we closed the acquisition of Vantage Group Holdings Ltd. ("Vantage"), a specialty insurance and reinsurance company. We thereafter announced a leadership transition whereby former Arch Capital Group (NASDAQ: ACGL) CEO Marc Grandisson became Executive Chairman of Vantage, and David Gansberg, Marc's former co-President, will become CEO of Vantage when his non-compete ends in June of next year. Marc and David recently worked as close partners to grow Arch, one of the most successful insurance and reinsurance companies. During Marc's nearly seven-year tenure as CEO, Arch delivered a total shareholder return of 298%, or 23.2% per annum, compared to 144% and 14.4% for the S&P Insurance Index over the same period.
With the benefit of Marc's and David's leadership and Pershing Square's fee-free management of Vantage's investment portfolio, we believe that HHH is well-positioned to become what we have deemed a modern-day Berkshire Hathaway. While HHH generates a small portion of Pershing Square's fee revenues today, we believe that HHH now has the potential to accelerate its growth in intrinsic value and share price, which will drive HHH's market capitalization and, in turn, the variable service fees that we will earn from the company..." (Click here to read the full text)

#howard #vantage #capital

Pershing Square Holdings, an investment holding company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. Pershing Square is an alternative ****** et manager that primarily manages capital in publicly traded investment vehicles, with 98% of its capital structure dedicated to such ****** ets, including Howard Hughes Holdings. This capital permanency allows for long-term investments, fostering sustainable competitive advantages and yielding substantial market returns since 2018. The investment strategy focuses on acquiring high-quality companies at safe price points, anticipating significant annual EPS growth of 15% or more in the coming years. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its second-quarter 2026 investor letter, Pershing Square Holdings highlighted Alcon Inc. (NYSE:ALC) as a new position. Alcon Inc. (NYSE:ALC) is a Swiss-based healthcare and medical technology company focused on eye care products. On August 18, 2026, Alcon Inc. (NYSE:ALC) closed at $73.55 per share. The one-month return of Alcon Inc. (NYSE:ALC) was 9.21% and its shares lost 9.24% over the past 52 weeks. Alcon Inc. (NYSE:ALC) has a market capitalization of $37.14 billion.
Pershing Square Holdings stated the following regarding Alcon Inc. (NYSE:ALC) in its Q2 2026 investor letter:
"Alcon Inc. (NYSE:ALC) is the world's leading ophthalmology company, with a dominant position in surgical vision, strong positions in vision care and contact lenses, and a small but promising pharmaceuticals business. It benefits from attractive long-term, mid-single-digit market growth supported by aging population demographics, rising global incomes, and improved access to healthcare.
Alcon is the premier franchise in this industry, benefiting from a massive global installed base, strong brand affinity, and unrivaled commercial capabilities. The core of Alcon's business is its dominant surgical vision franchise, supported by a 30,000-unit capital equipment installed base. This installed base anchors a highly attractive stream of high-margin recurring consumables revenue — a classic "razor / razor blade" model — which in turn funds Alcon's ability to field the industry's largest sales, commercial, and research organizations, powering its innovation flywheel..." (Click here to read the full text)

#square #investment #company

Pershing Square Holdings, an investment holding company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. Pershing Square is an alternative ****** et manager that primarily manages capital in publicly traded investment vehicles, with 98% of its capital structure dedicated to such ****** ets, including Howard Hughes Holdings. This capital permanency allows for long-term investments, fostering sustainable competitive advantages and yielding substantial market returns since 2018. The investment strategy focuses on acquiring high-quality companies at safe price points, anticipating significant annual EPS growth of 15% or more in the coming years. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its second-quarter 2026 investor letter, Pershing Square Holdings highlighted S&P Global Inc. (NYSE:SPGI). S&P Global Inc. (NYSE:SPGI) is a financial services and ****** ytics company that provides benchmarks, data, ****** ytics, and workflow solutions in the global capital, energy, commodity, and automotive markets. On August 18, 2026, S&P Global Inc. (NYSE:SPGI) closed at $418.04 per share, reflecting a market capitalization of $123.24 billion. S&P Global Inc. (NYSE:SPGI) posted a one‑month return of -2.57%, while its shares lost 20.66% over the past 52 weeks.
Pershing Square Holdings stated the following regarding S&P Global Inc. (NYSE:SPGI) in its Q2 2026 investor letter:
"Earlier this year, we initiated a position in S&P Global Inc. (NYSE:SPGI), a business we have admired for decades and previously owned in 2017. S&P Global provides benchmarks, data, ****** ytics, and workflow tools to 19 customers in the financial and energy markets. The business generates over 80% of profits from three dominant benchmark franchises: Ratings, Indices, and Platts. The remaining profits are derived from the sale of proprietary and non-proprietary data and insights delivered to customers across a range of channels, together with embedded, primarily desktop-based workflow and ****** ytics tools. The company also previously owned an automotive data and ****** ytics business, which was spun off into a separate public company in July 2026.
Our opportunity to invest in S&P Global arose amid concerns of AI disintermediation of the company's data offerings and workflow and ****** ytics products, including Capital IQ. In February 2026, the stock declined more than 25% from peak-to-trough following Anthropic's launch of Claude Cowork and SPGI's release of 2026 organic growth guidance that was below the company's medium-term financial targets announced at their November 2025 Investor Day. As a result, the stock's valuation declined from 25 to 19 times earnings per share, the lowest valuation in the previous five years, and a bargain level for a company that is often cited as one of the world's highest-quality businesses..." (Click here to read the full text)

#NYSE #pershing

Netflix (NFLX) shares closed 5.4% higher on Aug. 13 after Bill Ackman's Pershing Square Holdings (PSHZF) disclosed a new stake in the streaming giant. The move added a vote of confidence at a time when NFLX stock is trading well below its peak.
The investment case is straightforward: Netflix has experienced a sharp valuation reset, but its underlying growth and profitability outlook remain strong.
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#netflix #strong #holdings

London BTC Company Ltd (LSE:BTC, OTCQB: VINZF) is expanding the scope of its Nevada exploration strategy to include antimony, adding exposure to the US-designated critical mineral alongside the gold and silver potential already identified across its growing project portfolio.
The company's antimony will now form part of ongoing exploration targeting in Nevada, where London BTC has ***** embled a portfolio of early-stage precious metals projects through its wholly owned US subsidiary, Tethered Gold LLC.
The move broadens a strategy that has so far concentrated on gold and silver, with recent work producing high-grade surface results from several projects.
At the Amonett-Frank Gold-Silver Project in Pershing County, recent ***** ays returned gold grades of up to 143.1 grams per tonne (g/t), the highest recorded to date across London BTC's US portfolio.
Black Star has also returned surface ***** ays of up to 16.23 g/t gold and 50.5 g/t silver, with mineralisation identified across 2 target areas separated by around 2.5 kilometres.

#london

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As Anthropic preps for its initial public offering, there's a math puzzle not even its ultrafrontier models can solve: What's the right price?
Not just the price of its eventual IPO (though that's certainly top of mind these days), but also the price of using its suite of high-powered artificial intelligence tools. On Thursday, Bloomberg reported that Anthropic is in talks to pay $6 billion for startup Decart, which makes software that improves chip efficiency, reducing the cost of training and running AI. It's a big sign that it's reading the room on cheaper open-source models.
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READ ALSO: Growth at Fast Food Joints Like Wendy's Looks Soggy Next to Casual-Dining Chains and Ackman's Pershing Touts Value Investing Amid Bid to Stir Demand for Funds

#anthropic

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Back to Pershing Square one? It's been a busy year for Bill Ackman. In addition to listing his alternative ****** et manager Pershing Square and its new stock-picking fund Pershing Square USA, he abandoned a $1.5 billion position in Universal Music after the company said no to a $65 billion takeover.
On Thursday, he revealed one of the biggest shakeups at those funds in years, writing that Pershing took on six new holdings in the second quarter: Netflix, Mastercard and Visa, eye care firm Alcon, exchange operator Intercontinental, and financial data provider S&P Global. You can expect to hear a lot about it.
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READ ALSO: Anthropic's $6 Billion Deal Talks With Decart Show Focus on Cost Efficiency and Growth at Fast Food Joints Like Wendy's Looks Soggy Next to Casual-Dining Chains

#cost

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There's only one place you can sit in a booth surrounded by Egyptian columns, European-style frescos, and fiery blown-glass light fixtures that resemble the Eye of Sauron and scarf down a slice of "Reese's Peanut ***** er Chocolate Cake Cheesecake." That's Cheesecake Factory of course, which, along with other kitsch dine-in chains, is having a moment as diners ditch fast food for sit-down experiences they can't have at home (or so one hopes).
Chains including Cheesecake Factory, BJ's, IHOP and Chili's have seen sales and foot traffic climb alongside their shares, while fast-food companies like Wendy's are struggling to keep sales warm.
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READ ALSO: Anthropic's $6 Billion Deal Talks With Decart Show Focus on Cost Efficiency and Ackman's Pershing Touts Value Investing Amid Bid to Stir Demand for Funds

#fast

Staying at one company for decades was once a badge of honor. But as layoffs have become more common and workers have turned to job hopping for higher pay and career growth, employee loyalty has become harder to find. Billionaire investor Bill Ackman, however, still believes earning employee loyalty is worth every penny.
That's why his hedge fund Pershing Square, which manages roughly $35 billion in ***** ets, offers its four dozen employees generous workplace benefits, including broad ownership and an even rare degree of flexibility for Wall Street.
"There's not a person at Pershing Square that doesn't own multiple millions of dollars of stock in the company—whether you're cleaning the ***** e or at the front desk or another role in the company," Ackman told Fortune's Editor-in-Chief Alyson Shontell on a recent episode of Fortune's ***** ans and Disruptors of Industry podcast. "We believe in taking care of our people."
Ackman's approach to retention goes beyond financial incentives. While Perishing employees are required to work from the office five days a week—that policy only applies for 10 months of the year. During July and August, employees can spread out as they like, with the company's investment team moving to the Hamptons together, either in homes they rent or own, to work.
"We look after people, and so that when you operate that way, people don't think about going anyplace else," Ackman said.

#become

Surprisingly enough, most hedge funds habitually underperform the broad market. That's what makes any of them that reliably beat the S&P 500 of such interest.
And that's what makes Bill Ackman's hedge fund Pershing Square Capital Management (NYSE: PS) so interesting right now. Although it lagged early this year, it has outperformed -- albeit unevenly -- the broad market since its launch in 2004. Moreover, its flagship fund Pershing Square Holdings' (OTC: PSHZF) positions are leading the marketwide bullish charge again right now.
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Even more incredible is that rather than diversifying this portfolio, a mere seven stocks account for 98% of the fund's total value. Here's a rundown of those seven.
Just because Ackman likes them doesn't necessarily mean they're all right for your portfolio. He and Pershing's investors are accustomed to inconsistent performance. You may not be able to afford such uncertainty and prolonged dry spells from your portfolio.

#right #Portfolio #hedge

For anyone trying to understand the wealth management industry, in general, and the clearing and custody business, in particular, the most important concept is likely basis points.
That's industry-speak for hundredths of a percentage point. And those numbers speak to how most wealth management firms and their service providers do business by collecting their share of basis points out of the fees paid by clients. With traditional commissions and fund expense ratios falling off a cliff in recent decades, service providers like giant custodian BNY Pershing are trying to adapt to a much different industry with drastically lower margins.
In fact, Mark Tibergien, who was CEO of Pershing Advisor Solutions, the company's registered investment advisory firm custody and services unit, from October 2007 to June 2020, told Financial Planning that, over his tenure, the firm's revenue-per-asset tumbled. The number dropped to about a third of its previous size to between eight and 12 basis points by the time he left from around 25 to 30 when he started at Pershing.
So it's not surprising that Pershing began charging at least some of its RIA clients a custody fee last year for the "services that help them run their businesses more effectively and efficiently," Tibergien said in an interview. Since transaction fees have fallen to "virtually zero right now, in terms of margins" and profits are falling across the board for custodians, companies like Pershing are finding new sources of revenue, he said.
At the same time, they're trying to maintain their traditional safekeeping, surveillance and operational duties for advisory firms while meeting the growing service and technology demands of financial advisors and their clients.

SpaceX is acquiring AI coding company Cursor in a $60 billion all-stock deal.
Bill Ackman said ****** eX's mega-valuation allows it to do M&A without worrying about dilution.
SpaceX's M&A potential is an "important component" of the company's value, Ackman said.
Just days after its blockbuster IPO, ****** eX announced it's acquiring Cursor in a $60 billion deal.
Bill Ackman — the billionaire founder of Pershing Square Capital Management — says ****** eX's massive public valuation is helping it do M&A, which he sees as a major piece of the company's growth story.

We just covered the Top 10 Stock Picks of 10 Famous Billionaires. Brookfield (NYSE:BN) ranks #9 (see Top 5 Stock Picks of 5 Famous Billionaires).
Number of Hedge Funds: 47
Top Pick Of: Bill Ackman — Pershing Square Capital
Brookfield (NYSE:BN) has quietly become an indirect play on the AI infrastructure buildout, thanks to its exposure to power. AI data centers consume enormous amounts of electricity, and Brookfield is positioned to supply it. It has a framework agreement to provide 10.5 gigawatts of power to Microsoft. It also has a separate deal to supply 3,000 megawatts to Alphabet, with that Google contract valued at roughly $3 billion over its lifetime.
Digital infrastructure is another piece. Through its infrastructure portfolio, Brookfield operates around 150 data centers, 308,000 telecom sites, and 77,000 kilometers of fiber optic networks. These **** ets are increasingly tied to AI growth and hyperscaler expansion.

Pershing Square Holdings, Ltd. UK Regulatory Announcement: Net ******* et Value(s) http://dlvr.it/TL2mqQ

http://dlvr.it/TL2mqQ