Rankings Financial data & insurance broking Pershing Square Holdings
Pershing Square Holdings
79
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- NAV performance vs market−6
- Concentration and leverage−3
- Capital allocation−2
Strengths
- Management ownership+2
- Long-term return+1
How the score is built
From 100 to 79, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 3,854 GBX
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −20%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−10 of −30
- −6NAV performance vs marketNAV per share fell 12.6% in H1 2026 (S&P 500 +10.2%) and is −6.9% year to date as of 13 Oct 2026; a lag of over 20 percentage points in the half-year, after 2025 delivered +20.9% vs 17.9%.
- −2Capital allocationThe biggest losses in H1 came from Fannie Mae and Freddie Mac, Uber and Meta, and the failed attempt to take over Universal Music; the loss on investments was USD 1.89bn vs a gain of USD 2.44bn a year earlier.
- −2FeesManagement fee 1.5% and performance fee 16% of the gain above the high water mark (minus a reduction); a high fee level for a concentrated portfolio of large, liquid US stocks that shareholders could own directly.
Price
Today's multiples against the company's own history and its peers. · 1 finding−1 of −35
- −1Discount to net asset valueThe discount is about 36% (3,802 GBX vs NAV of 59.51 GBP) vs 34.6% in June 2025, 34.0% in June 2026 and a 12-month average of about 29%; at the wide end of its own history, but the discount has been persistent and structural (fees, key-person risk), so it will not close on its own.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−7 of −35
- −3Concentration and leverageOnly 13 long positions at year-end (17 in July 2026) and historically about 115% net long exposure; bond debt equal to debt/equity of 0.28. A single failure in a large position hits NAV hard.
- −2Political risk (Fannie/Freddie)A large part of the H1 loss came from Fannie Mae and Freddie Mac, whose value depends on a political decision to release them from government conservatorship; the outcome is controlled by Washington, not by the companies' operations.
- −2Governance and key personThe return depends on Bill Ackman alone, who also runs Howard Hughes (converted into an insurance holding company) and other Pershing entities; the chairman steps down at year-end, and the board calls the discount a priority without having announced new measures beyond buybacks.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Management ownershipInsiders (the Pershing Square manager and employees) own 23.9% of the shares; management has a large personal stake in NAV performance.
- +1Long-term returnAnnual return of 15.9% since 2004 vs 10.7% for the S&P 500 according to the 2025 annual report.
Caveats
What the score does not capture, or where the data is weak.
Investment company: revenue, earnings, ROE/ROIC and P/E are fair-value changes on the portfolio and not meaningful; the PEG formula therefore gives 'n/a', and there is no analyst coverage at stockanalysis (forecast 404). Valued at a discount to net asset value (NAV 78.86 USD / 59.51 GBP as of 13 Oct 2026; price 3,802 GBX on 16 Oct gives about a 36% discount). Scored on the GBX line PSH in London (quote/lon/PSH); there is also a USD line (PSHD), and it has not been checked which line Nordnet shows. The portfolio companies' own findings (Uber, Brookfield, Alphabet, Amazon, Hilton, Fannie/Freddie etc.) are not counted, only PSH's exposure. Buybacks (share count -3.2%) and dividend are financed by the portfolio, not by FCF, and therefore give no plus. The full discount history 2016-2024 and ongoing charges have not been found; position weights have not been found. Industry set to 'Finance, data & insurance brokerage' like Investor AB and Exor.
Also in Financial data & insurance broking
The highest scores in the same industry.
