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Pershing Square Sees Howard Hughes Becoming Modern-Day Berkshire After Vantage Deal
Pershing Square Holdings said Howard Hughes Holdings Inc. (NYSE:HHH) is well-positioned to become a modern-day Berkshire Hathaway after closing its acquisition of specialty insurer Vantage Group Holdings Ltd. in June. In its second quarter 2026 investor letter, Pershing Square announced a leadership transition at Vantage, with former Arch Capital Group CEO Marc Grandisson becoming Executive Chairman and David Gansberg set to become CEO when his non-compete ends in June of next year. Pershing Square noted that during Grandisson'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. The firm believes Howard Hughes now has the potential to accelerate growth in intrinsic value and share price, which would drive its market capitalization and the variable service fees Pershing Square earns from the company. Howard Hughes Holdings closed at $65.76 per share on August 18, 2026, with a market capitalization of $3.93 billion.
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Pershing Square Holdings Buys Back 21,488 Shares
Pershing Square Holdings announced it purchased 21,488 of its own public shares on 18 August 2026 through agent Jefferies International Limited. The buyback comprised 16,000 shares on the London Stock Exchange under ticker PSH at an average price of 53.50 USD, and 5,488 shares under ticker PSHD at an average price of 53.38 USD. The overall average price paid per share was 53.47 USD. The shares will be held in treasury, leaving 173,107,979 public shares outstanding, with 37,848,771 shares held in treasury. The net asset value per public share related to this buyback was 81.26 USD, calculated as of 11 August 2026.
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Pershing Square Holdings Q2 2026 Earnings Call Highlights Strategic Leverage and NAV Growth
Pershing Square Holdings Ltd reported its Q2 2026 earnings call, highlighting expectations for high compounding rates from its underlying portfolio companies to drive net asset value growth over time. The company's portfolio includes high-quality businesses such as Amazon, Meta, Microsoft, Alcon, and Netflix, and it plans to use investment-grade debt to enhance long-term returns. CEO Bill Ackman noted that the first new fund launch will be Pershing Square Ventures, targeted for fall or end of year, and that a favorable outcome for Fannie Mae and Freddie Mac could increase fee-paying assets by 30% overnight. The company also plans to add 15% to 20% debt to total assets for PSUS, with rating agency meetings beginning in early September followed by a bond offering. Ackman described the trading discount of PSUS to NAV as 'absurd' and a solvable problem, with plans for more aggressive marketing to financial advisers.
PSHD.LSE
Pershing Square Plans Venture Fund and PSUS Leverage
Pershing Square held its first earnings call as Pershing Square Inc., with CEO Bill Ackman outlining plans for a new venture fund and steps to improve trading in Pershing Square USA Ltd. shares. Ackman said the firm's first planned new vehicle, Pershing Square Ventures, is targeted for a fall or year-end launch and would invest across a broad range of private companies, operating as a permanent-capital vehicle. He also said Pershing Square USA Ltd., or PSUS, was about 95% invested after raising $5 billion, and the company intends to add investment-grade debt with a target capital structure of roughly 15% to 20% debt to total assets. Ackman acknowledged PSUS shares traded at a substantial discount to net asset value of approximately $50 per share, calling the trading performance 'absurd' and promising a more comprehensive marketing effort. The firm also discussed transforming Howard Hughes into a 'modern-day Berkshire Hathaway' through its insurance subsidiary Vantage, and continues to evaluate potential transactions for its special purpose acquisition rights company, SPARC.
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Pershing Square Holdings buys back 30,175 shares at average $52.82
Pershing Square Holdings announced it purchased 30,175 of its own public shares on 7 August 2026 at an average price of $52.82 per share. The buyback was executed through Jefferies International Limited across two tickers on the London Stock Exchange, with 21,852 shares bought under ticker PSH at an average of $52.84 and 8,323 shares under ticker PSHD at an average of $52.75. The shares will be held in treasury, leaving 173,307,273 public shares outstanding and 37,649,477 shares in treasury. The net asset value per share related to this buyback was $77.10 as of 31 July 2026.
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Pershing Square Holdings buys back 33,333 shares at average $49.76
Pershing Square Holdings announced it purchased 33,333 of its own public shares on 24 July 2026 through agent Jefferies International Limited. The buyback was split across two tickers on the London Stock Exchange: 22,765 shares under PSH at an average price of 3,729 pence, equivalent to $49.75, and 10,568 shares under PSHD at an average price of $49.77. The overall average price paid per share was $49.76. The shares will be held in treasury, leaving 173,616,257 public shares outstanding after the transaction.
PSHD.LSE
Pershing Square Holdings to Publish Semiannual Financial Statements on August 13, 2026
Pershing Square Holdings, Ltd. plans to publish its 2026 semiannual financial statements on August 13, 2026. The release will include the Investment Manager's quarterly portfolio review. Concurrently, Pershing Square Inc., the parent company of PSH's Investment Manager, plans to release its second quarter 2026 financial results and host an earnings webcast and conference call. Following that, Pershing Square CEO Bill Ackman and CIO Ryan Israel will host a live Spaces Q&A event at 3:00 p.m. BST on X, open to all investors, media, and the public, with a simulcast on the Pershing Square Inc. website.
Pershing Square Holdings buys back 37,033 shares at average $51.93
Pershing Square Holdings announced it purchased 37,033 of its own public shares on 15 July 2026 at an average price of $51.93 per share. The buyback was executed through Jefferies International Limited across two tickers on the London Stock Exchange, with 25,566 shares bought under ticker PSH at an average of $51.98 and 11,467 shares under ticker PSHD at an average of $51.81. The shares will be held in treasury, leaving 173,861,784 public shares outstanding after the transaction. The net asset value per public share related to this buyback was $77.06 as of 14 July 2026.
Pershing Square Holdings buys back 36,414 shares at average $50.36
Pershing Square Holdings announced it purchased 36,414 of its own public shares on 3 July 2026 through agent Jefferies International Limited. The buyback was executed across two tickers on the London Stock Exchange: 27,643 shares under PSH at an average price of 3,771 pence, equivalent to $50.36, and 8,771 shares under PSHD at an average price of $50.37. The overall average price paid was $50.36 per share. The purchased shares will be held in treasury, leaving 174,156,007 public shares outstanding after the transaction.
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Pershing Square Holdings Reports June 2026 NAV of $74.23 Per Share
Pershing Square Holdings released its monthly net asset value and performance report for June 2026, reporting a NAV per share of $74.23 in USD and £55.96 in GBP. The fund posted a gross performance of -8.2% for the month and -11.9% year-to-date, with net performance of -8.3% and -12.6% respectively. As of June 30, 2026, the portfolio held 16 publicly disclosed positions, with net long exposure of 127% and no short exposure. Total firm assets under management stood at $32.6 billion, including $16.5 billion in Pershing Square Holdings AUM.
Pershing Square Holdings Appoints Julian Ide as Independent Non-Executive Director
Pershing Square Holdings has appointed Julian Ide as an independent non-executive director, effective June 18, 2026. The appointment follows a thorough search process and a recommendation by the Nomination Committee. Mr. Ide brings over 35 years of asset management experience, having served as CEO of Old Mutual Global Investors, Source ETF, and Martin Currie, and most recently as Vice Chair of Franklin Templeton. He currently serves as an independent non-executive director of Rathbones Asset Management and is a trustee of the Sir Jules Thorn Trust.
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