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
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
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