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
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
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