{"checkedOn":"17 October 2026","units":"USD millions unless stated; returns are percentage points","fund":{"date":"30 June 2026","source":"I","pages":"PDF pp.28–30","assets":16715.030046,"liabilities":3779.123893,"equity":12935.906153,"openingEquity":15049.406887,"cash":201.26584,"dueFromBrokers":137.01938,"dueToBrokers":8.175991,"securities":16363.033379,"otherReceivables":13.711447,"derivativeAssets":0,"derivativeLiabilities":94.627506,"bondCarryingValue":3621.505775,"otherPayables":4.658874,"deferredTaxPayable":50.155747,"publicEquity":12935.434571,"specialVotingEquity":0.471582,"endShares":174262536,"openingShares":176382491,"navPerShare":74.23,"bridge":[{"label":"Opening equity · 31 December 2025","value":15049.406887,"source":"I","page":30},{"label":"Investment gains/losses, including commodity interests","value":-1889.388972,"source":"I","page":29},{"label":"Bond currency translation gain","value":37.519198,"source":"I","page":29},{"label":"Dividend income","value":69.364962,"source":"I","page":29},{"label":"Interest income","value":20.682721,"source":"I","page":29},{"label":"Management fees","value":-99.92741,"source":"I","page":29},{"label":"Performance fees","value":0,"source":"I","page":29},{"label":"Interest expense","value":-69.316658,"source":"I","page":29},{"label":"Professional and other expenses","value":-6.716231,"source":"I","page":29,"calculation":"5.366835 + 1.349396"},{"label":"Net tax benefit","value":9.183096,"source":"I","page":29},{"label":"Share buybacks · equity statement","value":-120.444972,"source":"I","page":30},{"label":"Dividend distributions · equity statement","value":-64.456468,"source":"I","page":30},{"label":"Closing equity · 30 June 2026","value":12935.906153,"source":"I","page":30}],"bridgeNote":"Equity reconciliation, not an investment-return calculation. Trading purchases and sales are not additional income. Public-share NAV also reflects changes in share count.","liquidityNote":"Due from brokers includes cash, derivative collateral and unsettled receivables; it is not all freely deployable cash. Do not add it to cash and call the sum available liquidity. Cash and Treasury equivalents may still be needed for obligations.","brokerDefinitionSource":{"source":"A","page":84,"printedPage":82}},"performance":{"currency":"USD","basis":"Official net NAV total returns and shareholder total returns include dividends. Period returns are not annualised unless stated.","matched":[{"period":"FY2025","start":"1 January 2025","end":"31 December 2025","nav":20.9,"shareholder":33.9,"sp500":17.9,"annualised":false,"source":"A","page":9,"note":"Official annual report shareholder-return series."},{"period":"H1 2026","start":"1 January 2026","end":"30 June 2026","nav":-12.6,"shareholder":-23.9,"sp500":10.2,"annualised":false,"source":"I","page":5,"note":"Discount widened from 24.1% at year-end to 34.0%."},{"period":"YTD to 11 August 2026","start":"1 January 2026","end":"11 August 2026","nav":-4.3,"shareholder":-17.9,"sp500":13.7,"annualised":false,"source":"I","page":5}],"latestNavOnly":[{"period":"YTD","end":"30 September 2026","nav":-9.6,"shareholder":null,"annualised":false,"source":"S","page":1},{"period":"1 year","end":"30 September 2026","nav":-11.3,"shareholder":null,"annualised":true,"source":"S","page":1},{"period":"3 years","end":"30 September 2026","nav":null,"shareholder":null,"annualised":true,"source":"S","page":1},{"period":"5 years","end":"30 September 2026","nav":9.4,"shareholder":null,"annualised":true,"source":"S","page":1},{"period":"10 years","end":"30 September 2026","nav":16.8,"shareholder":null,"annualised":true,"source":"S","page":1}],"longTermNote":"Matched shareholder total-return series for the latest 1/3/5/10-year periods has not been verified. Leave missing cells blank; share-price growth excludes dividends and is not a substitute. September NAV history shows cumulative 5/10-year returns whereas the fact sheet annualises them.","attributionH1":{"source":"I","page":11,"gross":-11.9,"net":-12.6,"buybackAccretion":0.3,"otherIncomeExpense":-0.3,"managerFeeGap":-0.7,"note":"Rounded published attribution. Gross is before management/performance fees but already includes other income/expense and buyback effects. Do not subtract interest again from this gross-to-net gap.","positions":[{"name":"Amazon","contribution":1.7},{"name":"Restaurant Brands","contribution":0.7},{"name":"Fannie Mae","contribution":-2.8},{"name":"Freddie Mac","contribution":-2.7},{"name":"Universal Music Group","contribution":-2.6},{"name":"Uber","contribution":-1.7},{"name":"Meta","contribution":-1.5},{"name":"Remaining positions","contribution":-3}]},"weeklySnapshots":[{"periodEnd":"2026-10-27","nav":77.95,"price":50.5,"currency":"USD","mtdReturn":1.7,"qtdReturn":1.7,"ytdReturn":-8,"shareholderReturn":null,"source":"https://pershingsquareholdings.com/performance/nav/","locator":"2026 weekly table,27October row","basis":"Reported weekly NAV and same-date exchange closing price; total NAV returns, not shareholder returns","observedOn":"2026-10-28","navGbp":58.54,"priceGbp":38.1}]},"fees":{"source":"I","pages":"PDF pp.29, 44–45","period":"Six months ended 30 June","rows":[{"label":"Management fees · after HHH reduction","current":99.92741,"prior":95.092821,"source":"I","page":29},{"label":"Performance fees · accrued and crystallised","current":0,"prior":369.134126,"source":"I","page":29},{"label":"Professional fees","current":5.366835,"prior":3.724746,"source":"I","page":29},{"label":"Other expenses","current":1.349396,"prior":1.192504,"source":"I","page":29},{"label":"Interest expense","current":69.316658,"prior":44.928001,"source":"I","page":29},{"label":"Total statement expenses","current":175.960299,"prior":514.072198,"source":"I","page":29}],"offsets":[{"label":"HHH management fee reduction · already reflected above","current":3.029569,"prior":0.653314,"source":"I","page":44},{"label":"Potential performance-fee reduction available · not cash income","current":3.307457,"prior":null,"source":"I","page":45}],"actualAverageNav":null,"averageNavNote":"A verified time-weighted average NAV denominator is unavailable. Do not present expense divided by the midpoint of opening/closing equity as an exact ongoing-charge ratio. H1 expenses are not annualised.","annualHistory":[{"period":"FY2025","management":207.995255,"performance":489.198531,"professional":9.120678,"other":2.437116,"interest":112.813503,"total":821.565083,"source":"A","page":75},{"period":"FY2024","management":188.818228,"performance":226.588185,"professional":10.05604,"other":3.031876,"interest":77.292603,"total":505.786932,"source":"A","page":75}],"contract":{"managementRate":1.5,"performanceRate":16,"source":"S","page":2,"note":"Management fee charged quarterly on the preceding quarter-end fee-paying NAV before accrued performance fees, reduced for attributable HHH fees. Performance fees require appreciation above the adjusted high-water mark and are reduced by contractual other-fund offsets. A discount magnifies ongoing NAV expenses relative to your purchase price; 16% is not an automatic annual charge."}},"buybacks":{"period":"H1 2026","source":"I","pages":"PDF pp.11, 30–31, 43","sharesRepurchased":2119955,"openingShares":176382491,"endShares":174262536,"equityStatementCost":120.444972,"cashFlowPaid":119.560571,"reportedNavAccretion":0.3,"priorH1EquityCost":154.74096,"priorH1CashFlowPaid":155.298188,"quarterlyDividend":0.1837,"dividendsEquityStatement":64.456468,"dividendsCashPaid":64.452537,"note":"Repurchased public shares are held in treasury and excluded from shares outstanding. Trade-date equity amounts and cash settlements differ; use the cash-flow amount for cash spent and the equity amount in the NAV bridge. Published +0.3 percentage-point H1 NAV accretion is already in the NAV return; do not add it again.","latestProgram":{"asOf":"30 June 2026","authorised":100,"spent":40.4,"shares":768054,"averageDiscount":31.7,"source":"I","page":43,"note":"May 2026 programme only; not total H1 buybacks."},"latestRepurchase":{"asOf":"29 October 2026","publishedOn":"30 October 2026","periodEnd":"2026-10-29","published":"2026-10-30","sharesRepurchased":24812,"averagePriceUsd":51.3,"publicSharesOutstanding":172444518,"treasuryShares":38512232,"referenceNavPerShareUsd":77.95,"referenceNavPerShareGbp":58.54,"referenceNavDate":"27 October 2026","source":"https://pershingsquareholdings.com/pershing-square-holdings-ltd-announces-transactions-in-own-shares-29-october-2026/","location":"Total Buyback and trading-venue tables; resulting outstanding/treasury shares and reference-NAV paragraph","note":"18,348 PSH plus 6,464 PSHD shares reconciles total 24,812. Prior28October outstanding172,469,330 less24,812=172,444,518; treasury38,487,420 plus24,812=38,512,232. Reference NAV and market quotes retain own dates. Wire receipt29October18:21:37UTC; issuer page30October."}},"debt":{"asOf":"30 June 2026","source":"I","pages":"PDF pp.6, 28, 51–52","reportedDebtToCapital":21.9,"carrying":3621.505775,"fairValue":3429.406101,"usdFace":2300,"eurFace":1150,"weightedCost":3.6,"weightedMaturityYears":5,"bonds":[{"currency":"EUR","face":500,"coupon":1.375,"maturity":"1 October 2027","source":"I","page":51},{"currency":"EUR","face":650,"coupon":4.25,"maturity":"29 April 2030","source":"I","page":51},{"currency":"USD","face":500,"coupon":3.25,"maturity":"15 November 2030","source":"I","page":51},{"currency":"USD","face":700,"coupon":3.25,"maturity":"1 October 2031","source":"I","page":51},{"currency":"USD","face":200,"coupon":3,"maturity":"15 July 2032","source":"I","page":51},{"currency":"USD","face":500,"coupon":5.5,"maturity":"28 October 2032","source":"I","page":51},{"currency":"USD","face":400,"coupon":4.95,"maturity":"15 July 2039","source":"I","page":51}],"bondCouponExpenseH1":65.495218,"bondEffectiveFinanceCostH1":68.413344,"bondCouponCashPaidH1":78.498768,"allInterestExpenseH1":69.316658,"allInterestCashPaidH1":79.273214,"covenantNote":"Report says bonds have no mark-to-market covenants and no margin leverage. A key-person event tightens the specified debt-to-capital covenant from one-third to one-quarter and may require remediation; see PDFp52. Ordinary distribution restrictions also matter."},"sources":[{"id":"I","title":"PSH June 2026 interim report","url":"https://assets.pershingsquareholdings.com/wp-content/uploads/2026/08/13002306/Pershing-Square-Holdings-Ltd.-June-2026-Interim.pdf","basis":"PDF page numbers, two greater than printed report pages"},{"id":"A","title":"PSH 2025 annual report","url":"https://assets.pershingsquareholdings.com/wp-content/uploads/2026/02/18175039/Pershing-Square-Holdings-Ltd.-2025-Annual-Report.pdf","basis":"PDF page numbers; FY2025 statement of income PDFp75 / printedp73"},{"id":"S","title":"PSH September 2026 fact sheet","url":"https://assets.pershingsquareholdings.com/wp-content/uploads/2026/10/14141351/PSH-Fact-Sheet-September-2026-Website.pdf"},{"id":"N","title":"Official dated NAV and prices","url":"https://pershingsquareholdings.com/performance/nav/"},{"id":"BB20261014","title":"PSH 14 October 2026 repurchase and resulting share count","url":"https://pershingsquareholdings.com/pershing-square-holdings-ltd-announces-transactions-in-own-shares-and-weekly-summary-of-transactions-in-own-shares-14-october-2026/","location":"Total Buyback table and paragraph following trading-venue breakdown"},{"id":"BB20261015","title":"PSH repurchase and public shares outstanding · 15 October","url":"https://pershingsquareholdings.com/pershing-square-holdings-ltd-announces-transactions-in-own-shares-15-october-2026/","location":"Total Buyback table and resulting shares paragraph"},{"id":"BB20261016","title":"PSH repurchase and public shares outstanding · 16 October","url":"https://pershingsquareholdings.com/pershing-square-holdings-ltd-announces-transactions-in-own-shares-16-october-2026/","location":"Total Buyback table and resulting shares paragraph"},{"id":"BB20261019","title":"PSH repurchase and public shares outstanding · 19 October","url":"https://pershingsquareholdings.com/pershing-square-holdings-ltd-announces-transactions-in-own-shares-19-october-2026/","location":"Total Buyback table and resulting shares paragraph"},{"id":"BB20261020","title":"PSH repurchase and public shares outstanding · 20 October","url":"https://pershingsquareholdings.com/pershing-square-holdings-ltd-announces-transactions-in-own-shares-20-october-2026/","location":"Total Buyback table and resulting shares paragraph"},{"id":"BB20261021","title":"PSH repurchase and public shares outstanding · 21 October","url":"https://pershingsquareholdings.com/pershing-square-holdings-ltd-announces-transactions-in-own-shares-and-weekly-summary-of-transactions-in-own-shares-21-october-2026/","location":"Total Buyback table, trading-venue breakdown and resulting shares paragraph"},{"id":"BB20261022","title":"Pershing Square Holdings, Ltd. Announces Transactions in Own Shares – 22 October 2026","url":"https://pershingsquareholdings.com/pershing-square-holdings-ltd-announces-transactions-in-own-shares-22-october-2026/","location":"Total Buyback table, trading-venue breakdown and resulting shares paragraph (lines 8–29)"}],"limitations":["Latest matched 1/3/5/10-year shareholder total returns remain unverified.","Actual average NAV and expense-to-average-NAV ratios are not estimated from endpoints.","Fund figures are not inferred from manager-wide 13F weights.","Private valuations, derivatives and contractual claims make a single portfolio-wide P/E or FCF yield potentially misleading."]}