Concentration and key-person dependence
Several Pershing vehicles share an approach. They are not independent bets on different investment teams. A large mistake or succession disruption can affect confidence and results.
Reported financial summary
Fund observations retain their individual dates. Historical reported prices are not live quotations; capital measures use a separate balance date.
- NAV per share
- 77.95USD per share · At 27 October 2026
- Reported market price
- 50.5USD per share · At 27 October 2026
- Net assets
- 13,258USD million · At 30 September 2026
- Assets under management
- 16,861USD million · At 30 September 2026
Definitions, sources and limitations
- NAV per share Reported. Point-in-time fund observation. PSH official NAV and same-date LSE price history
- Reported market price Reported. Point-in-time fund observation. PSH official NAV and same-date LSE price history
- Net assets Reported. Point-in-time fund observation. PSH September 2026 fact sheet · holdings, capital and fees — PDF pp.1–2
- Assets under management Reported. Point-in-time fund observation. PSH September 2026 fact sheet · holdings, capital and fees — PDF pp.1–2
Figures use the same dataset as the interactive history, displayed in the stated units with up to six decimal places. Reporting periods are not editorial review dates. Missing values are not zero. Date definitions · Published corrections
PSH · ownership in the London fund
This page covers PSH, the closed-ended investment fund. Portfolio companies earn operating profits; their securities contribute to PSH net assets. The investment manager charges fees. Those three layers have different financial statements.
What it can affect next · second-order effects
Portfolio losses reduce NAV and can weaken confidence. A widening discount can further reduce market-price returns without changing portfolio-company earnings. Fees and borrowing costs reduce what remains in the fund.
Operating interpretation; not a forecast. Dated evidence and disclosure limits remain in the metrics and source sections.
NAV return → shareholder return → discount → costs → leverage → repurchases
PSH · the fund shareholder’s economics
Each ticker is a different ownership claim. PS earns management income; PSH and PSUS hold separate investment portfolios. Shared management creates overlapping exposures, not identical shareholder results.
This page contains PSH’s own NAV, returns, accounts and holdings research. The manager’s fee earnings belong on PS; the US fund’s accounts belong on PSUS.
PSH · the London fund shareholder’s flywheel
- Portfolio businesses generate earnings and cash and reinvest or distribute them.
- Security values and income change PSH’s assets; fees, financing and other liabilities reduce net assets.
- Capital retained in the fund stays invested. Portfolio decisions and repurchases affect the assets attributable to each public share.
- NAV total return records the fund result after costs; traded-share total return also reflects the changing discount or premium.
Test the flywheel against H1 2026
Investment result: published gross return was −11.9%; net NAV return was −12.6%. The gap includes manager fees under the report’s attribution basis; gross already includes certain other income and expenses, so interest must not be deducted again.
Costs: reported management fees were US$99.927m, performance fees zero, and total statement expenses US$175.960m for the six months.
Per-share allocation: approximately 2.120m public shares were repurchased, with US$119.561m cash paid. The report attributes +0.3 percentage points of NAV return to repurchases; this is already in the net return.
Listed shareholder result: shareholder total return was −23.9%, while the discount widened from 24.1% at year-end to 34.0% at June. This shows why NAV and shareholder returns must be tracked separately.
Figures are the dated PSH observations already retained in Financial history, with original interim-report references and calculation notes. These six-month results are not annualised.
What reinforces the cycle? Retained investment gains can enlarge the capital participating in subsequent investment results. Underlying company reinvestment can improve earning power, but not every improvement immediately raises the market price. Repurchases are a conditional capital-allocation mechanism; discount narrowing is not a dependable flywheel.
NAV total return and NAV per common share
- What it measures
- NAV is assets less liabilities and senior claims, divided by the relevant common shares. NAV total return includes distributions on the stated reinvestment basis.
- Why it matters
- Tests the portfolio outcome after fund-level expenses rather than the size of the fund.
- What it can affect next
- Retained investment gains can support a larger invested capital base; losses reduce it.
- What could mislead you
- NAV per share alone omits distributions. Do not add portfolio-company earnings to their securities’ values again.
Shareholder total return and discount / premium
- What it measures
- Total return follows the traded share price and distributions. Discount = 1 − market price / same-date NAV per share, in the same currency.
- Why it matters
- Separates the fund’s investment result from what a listed shareholder experienced.
- What it can affect next
- A widening discount can offset NAV gains; narrowing can amplify market-price gains. Neither is guaranteed.
- What could mislead you
- Discount narrowing is not an operating flywheel or proof of investment merit. PSH and PSUS have separate market prices and NAVs.
Actual expenses and fee drag
- What it measures
- Management fees, applicable performance fees, operating expenses and financing costs borne by the fund.
- Why it matters
- Identifies how much of the gross investment result is retained by shareholders.
- What it can affect next
- Recurring expenses reduce capital left invested; performance-fee offsets can reduce the relevant expense when applicable.
- What could mislead you
- Published fee rates are not total expense ratios. Net NAV returns already include applicable costs; do not subtract them twice.
Debt, preferred claims, cash and liquidity
- What it measures
- Borrowing and any preferred capital sit ahead of common shares; usable liquidity must cover obligations.
- Why it matters
- Shows how much exposure and financing risk each common share carries.
- What it can affect next
- Losses reduce common equity while senior claims remain; margin, refinancing or payout needs can constrain portfolio decisions.
- What could mislead you
- Use the instrument’s own disclosed capital structure. Do not copy PSH debt or leverage ratios into PSUS, or treat restricted cash as freely available.
Portfolio concentration and underlying business cash generation
- What it measures
- Position weights describe exposure; company earnings, cash flow and balance sheets help explain that exposure.
- Why it matters
- Connects movements in NAV to the economics of the businesses held.
- What it can affect next
- Weakness across related holdings can affect several positions at once; common management does not create independent diversification.
- What could mislead you
- PSH, PSUS and manager-wide 13F disclosures have different perimeters and dates. Do not assign 13F weights to either fund’s NAV.
Share issuance, repurchases and distributions
- What it measures
- Changes in the common share count and cash transferred into or out of the fund.
- Why it matters
- Tests whether capital allocation changes NAV and exposure for each remaining share.
- What it can affect next
- Repurchases below NAV can increase NAV per remaining share before costs, while reducing fund cash. Issuance has its own per-share economics.
- What could mislead you
- A larger fund is not automatically better for existing owners. Distributions transfer assets out; they do not create an extra layer of return.
PSH fee terms and reporting basis ↗ · existing PSH history, accounts and sources below.
How the fees connect · benefits and trade-offs between shareholders
| Arrangement | PSH | PSUS |
|---|---|---|
| Annual management rate | 1.5% of fee-paying NAV before accrued performance fees | 2% of NAV |
| Performance fee | 16% of qualifying NAV appreciation above a high-water mark, subject to reductions | No performance fee |
Fee offset: PSH’s contractual performance-fee reduction includes 20% of qualifying PSUS management fees. It reduces PSH’s applicable performance-fee burden, rather than being a cash dividend from PSUS to PSH. Unused offsets carry forward under the agreement; they do not guarantee an immediate cash benefit.
Second-order effect: more PSUS fee-paying capital can generate more management revenue for PS, while increasing the offset against PSH performance fees. Assess the net effect after offsets, costs and compensation. Growing PSUS assets is not itself an investment gain for PSUS common shareholders.
Repurchase trade-off: a PSH repurchase below NAV can raise NAV per remaining PSH share before costs, yet reduces fund assets and can reduce the manager’s fee base. What helps one instrument’s per-share arithmetic need not enlarge the other’s revenue.
PSH fee terms ↗ · PS fee definitions and offset arrangement ↗ · PSUS fees and PS performance compensation ↗
The latest matched snapshot
13 Oct 2026Net asset value / public share
Official · 13 October 2026PSH / PSHD
NAV and market price
Year-end balances, followed by the latest dated 2026 observation in a dashed outline. Dividends are not reinvested in these balance lines.
The sterling listing
PSH trades in sterling; PSHD trades in US dollars. NAV is published in both currencies. Sterling quotes in pence must be divided by 100 before comparing with pound NAV.
Fund capital · 30 September 2026
A separate dated balance snapshot; these are not 13 October balances.
Explore the tracker
Use the same four sections as Altius. Tap an underlined metric for its explanation.
The flywheel and its failure points.
Research · 18 Oct 2026This is PSH, the investment fund. NAV and shareholder returns matter here; the manager’s FRE margin and earnings multiple belong to Pershing Square Inc., not PSH.
How the fund operates
- PSH holds a concentrated portfolio of businesses. Cash generation, debt, acquisition prices and subsequent market values affect its results.
- Changes in portfolio values and income affect NAV, after fees, financing costs and losses. Underlying company earnings are not added to NAV separately from those values.
- Retained capital remains invested. Repurchases below NAV can increase NAV per remaining share, before transaction costs; the cash used leaves the fund.
- Shareholder total returns reflect NAV changes, distributions and changes in the market discount. Discount narrowing is optional, not guaranteed.
This causal framework is interpretation, not a forecast or a promise of returns.
What we track, and why
Open a metric to connect the number with the flywheel, its risks and the next question to ask. Dated observations are snapshots; monitoring fields without verified values are labelled.
Loading metric explanations…
What could break the cycle?
Leverage and liquidity
Borrowing magnifies both gains and losses. Long maturities help with timing, but do not prevent portfolio losses.
Fees and valuation
Management and eligible performance fees reduce the wealth retained by PSH investors. The share-price discount describes the gap to reported fund net assets; it does not assess the investment merits of the portfolio.
Discount and capital allocation
A persistent discount can hold back share-price returns. Monitor repurchase discipline, costs and the opportunity cost of cash used.
The record over time.
Completed annual balances, matched returns and separate interim fund accounts.
The history behind the snapshot
Completed years. NAV total returns include distributions; year-end NAV and price balances do not.
The businesses inside.
15 main names in the September 2026 fact sheet, plus two separately disclosed smaller positions. Open a company for its economics and valuation inputs.
Company financials: latest verified scorecardsOpen a company for current TTM cash generation, comparable YTD changes and its operating drivers. Completed annual history and the original FY2025 reference are kept separately. Tap an underlined metric for a basic explanation.Market-data snapshot: 16 October 2026Latest scorecards use verified TTM cash denominators and dated quotes. Historical FY2025 ratios remain inside the reference section. Scorecards use dated historical financial results. All financial amounts are USD unless stated.
13F portfolio weights · 30 June 2026Percentages use Pershing Square Inc.'s consolidated 13F, including Pershing Square Capital Management and other included managers. Each issuer's reported value is divided by the full filing total. These manager-wide weights have a different scope from PSH's September holdings list and are not percentages of PSH NAV.
Refresher · how the fund works
How the fund works.
Read the investment company and its underlying businesses at two different levels.
What NAV measures
Net asset value is the value of fund assets after liabilities. Listed holdings generally move with market prices; private or structured holdings require estimates. NAV per share divides the net assets attributable to public shares by those shares. It is an accounting estimate of net assets, not a guaranteed sale price.
Why the shares can trade at a discount
PSH is a closed-ended fund. Buyers and sellers set its share price in the market rather than redeeming each share for NAV. Fees, governance, liquidity, concentration and investor demand can affect that price. A discount can persist or widen even when portfolio businesses improve.
The discount measures the gap to reported NAV. It does not establish whether the underlying companies themselves are cheap.
NAV changes and market-price changes
NAV per share can rise as investments gain value or shares are repurchased below NAV. The market-price change also depends on the discount at the start and end of the measurement period. A widening discount can offset NAV growth. Distributions, investment losses, financing costs and fees also affect the result.
NAV divided by market price expresses reported net assets per pound of market value. This ratio does not change the earnings of the portfolio businesses themselves and does not establish investment merit.
Fees, high-water mark and offsets
The stated management fee is 1.5% a year of the relevant fee-paying net assets before accrued performance fees. The stated performance fee is 16% of qualifying appreciation above a high-water mark, subject to contractual reductions.
Offsets linked to fees earned on other managed funds and HHH arrangements can reduce amounts payable. These are not simply 16% of every year's stock-price gain. Reported NAV already reflects applicable accrued expenses; future fees still affect future returns.
Debt magnifies outcomes
Borrowing gives PSH more investment exposure than its shareholder equity alone would fund. Gains can therefore help NAV more, while losses and interest costs hurt more. AUM, gross investment exposure, total assets and shareholder NAV are different measures and should not be added together.
Why company valuation methods vary
For operating businesses, compare earnings and cash generation with the equity price. Brookfield's distributable earnings are a company-defined allocator measure. Land developers have uneven cash flows. Fannie Mae and Freddie Mac common shares depend heavily on Treasury claims, recapitalisation and dilution. SPARC has no operating earnings engine yet.
Company refreshers in Portfolio are analytical interpretations based on the linked filings. Historical multiples use the dates and reported financial periods shown.
Recent changes that affect the refresher
PSH's interim report records exits from Alphabet and Universal Music during H1 2026 and Hertz in July. They are excluded from the current company list. HHH added Vantage in June. ICE and Alcon were initiated after June. S&P Global's Mobility separation changes comparisons with its original FY2025 accounts.
This page covers the London-listed Pershing Square Holdings, Ltd. It is distinct from Pershing Square USA and from the listed investment manager.
Check the evidence.
Official fund disclosures and portfolio-company filings. Market observations are kept in a separate dated snapshot.
Financial inputs ↓Technology inputs ↓Networks & healthcare inputs ↓Property, financials & other inputs ↓Fund inputs ↓Quote snapshot ↓
Calculation conventions
13F weight = sum of an issuer's reported rows / full information-table value total. Values are reported in dollars, not thousands. The two Howard Hughes rows are aggregated once. The complete denominator includes Hertz and PSUS; weights are not renormalised to only the September PSH names. Absent holdings are unreported, not assumed to have a zero position.
Discount = 1 − share price / NAV per share, using the same date and currency. A positive displayed discount means the price is below NAV. NAV per dollar paid = NAV / price.
FCF proxy = GAAP operating cash flow − gross cash PP&E purchases − separately reported capitalised software. Visa bundles property, equipment and technology. It is before financing-lease principal unless noted. Company-defined cash-flow measures are displayed separately where they differ.
P/FCF uses the disclosed dated equity-value proxy / the matching historical FCF proxy. Market caps with unverified share-count denominators are withheld. Historical FY2025 and updated TTM scorecards state their own periods and share bases. P/E uses the dated price / FY2025 diluted EPS. QSR P/FCF instead uses price × verified FY2025 common and exchangeable shares, explicitly marked as an historical-share estimate. No PSH discount is applied to company multiples.
Calculated operating EBITDA = operating income + separately identifiable reported D&A; company adjusted or non-IFRS EBITDA is labelled. Full-company cash flow can include minority interests. Book value per share uses common equity and actual same-date year-end shares, with rounded denominators noted. Missing or misleading metrics remain unfilled.
Annual growth = FY2025 / comparable FY2024 − 1. No 2026 YTD flow is compared with a full year. Historical company valuation multiples use FY2025 denominators, not TTM or forecasts.
Checked on 17 October 2026. This is a dated research snapshot; automatic website refresh is not connected.
About this information centre
Historical data and business explanations only. No forecasts, price targets or stock recommendations.
This site explains company operations, fund structures, financial statements and key metrics. Coverage reflects subjects being studied, not a ranked shortlist or an endorsement. It provides no buy, hold or sell recommendations, personal investment advice, or invitation to invest in a fund.
Reported observations, calculated measures, management commentary and editorial interpretation are distinguished by their labels and sources. Dates, currencies, accounting definitions and disclosure gaps matter. Figures are dated snapshots and may change; past performance does not establish future results.
Historical NAV growth, financial results and dated ratios describe past observations. This site does not forecast results or recommend stocks. Research notes are written by the user and do not generate investment assessments.
Company coverage and reported portfolio holdings do not constitute a model portfolio. A description of a company’s purchases, sales or share repurchases records its activity; it is not an instruction to readers. This educational scope does not constitute FCA approval or a legal compliance certification.
Research notebook · Altius + Berkshire + Pershing