Mission Statement, Vision, & Core Values (2026) of Pershing Square Holdings, Ltd.

At the heart of concentrated, activist investing stands Pershing Square Holdings, Ltd. (PSH), a Guernsey-based investment trust founded in 2012 and managed by Pershing Square Capital Management under Bill Ackman, whose presence on the FTSE 100 underscores its market significance; PSH pursues a focused strategy targeting 8 to 12 core, high-quality North American companies with predictable, recurring cash flows, guided by a mission to maximize long-term compound growth in intrinsic value per share and grounded in core values of integrity, excellence, innovation, collaboration and transparency; as of May 2025, stakeholders can evaluate this disciplined, concentrated approach against stated net assets across Pershing Square entities totaling approximately $1.8 billion and €1.15 billion, alongside regular NAV-per-share and share price reporting that reflects the trust's commitment to shareholder communication and accountability.

Pershing Square Holdings, Ltd. (PSH.AS) - Intro

• Inception: 2012 (Guernsey)
• Manager: Pershing Square Capital Management, L.P.; Chief Investment Officer: Bill Ackman
• Listing: London Stock Exchange; FTSE 100 constituent
• Portfolio construction: Typically 8-12 core holdings, concentrated exposure to large-cap North American companies
• Investment objective: Maximize long-term compound annual growth in intrinsic value per share through active, concentrated equity positions

• Reporting cadence: Quarterly NAV updates, annual report and shareholder communications
• Concentration policy: Focused holdings to enable high-conviction positions and active engagement
• Performance emphasis: Long-term intrinsic value compounding rather than short-term market timing

Pershing Square Holdings, Ltd. (PSH.AS) - Overview

• Mission: deliver exceptional value to investors by investing in high-quality, durable businesses with predictable, recurring cash flows and by maximizing long-term compound annual growth in intrinsic value per share.
• Investment approach: concentrated, high-conviction portfolio (typically 8-12 core holdings) enabling deep fundamental analysis, active engagement, and capital allocation that can meaningfully influence outcomes.
• Process & team: disciplined security selection, rigorous fundamental analysis, and ongoing active management by a dedicated investment team focused on risk-adjusted, long-term returns.
• Shareholder focus: transparent, regular communications (letters, reports, investor presentations) to align management actions with investor interests.

• Concentrated allocation: By design, a small number of high-conviction positions comprise the majority of invested capital - enabling focused engagement and monitoring.
• Cash-flow emphasis: Target companies typically exhibit stable, recurring free cash flow and defensive economics that support compounding intrinsic value.
• Active capital allocation: The team allocates capital based on fundamental forecasting of intrinsic value and opportunity to influence corporate outcomes.

• Investor communications: periodic shareholder letters and investor presentations outline NAV performance, portfolio positioning, realized/unrealized gains, and activist initiatives.
• Alignment with shareholders: concentrated holdings and public activism demonstrate a strategy intended to close the gap between market price and intrinsic value.
• Risk management: focus on downside protection through deep fundamental due diligence and position sizing consistent with concentrated portfolio construction.

Pershing Square Holdings, Ltd. (PSH.AS) - Mission Statement

• Concentrated, high-conviction portfolio construction targeting long-duration compounders.
• Rigorous fundamental research and operational engagement with portfolio companies.
• Transparent reporting and regular shareholder communications, including quarterly NAV disclosures and periodic investor letters.
• Alignment of interests between management, the investment team, and shareholders.

• Delivering superior long-term returns for shareholders through a concentrated portfolio of strategically selected investments (typically a limited number of high-conviction positions, often in the low double digits).
• Being a trusted partner for investors, with clear, frequent updates on portfolio performance and strategic decisions.
• Fostering a culture of integrity and excellence - transparent, honest, and accountable decision-making at every level.
• Driving innovation in investment sourcing and portfolio construction while remaining focused on capital preservation and downside risk management.
• Building collaborative, value-adding relationships with portfolio company management teams to support sustainable growth and operational improvement.

• Governance: Board oversight combined with a professional investment team aligned through carry and fee structures administered by Pershing Square Capital Management.
• Culture: Emphasis on accountability, evidence-based decision-making, and rigorous downside protection.
• Shareholder alignment: Concentrated position sizes and transparent communications foster alignment between management and long-term investors.

• Performance objective: Generate superior risk-adjusted returns over multi-year horizons by owning durable businesses at attractive valuations.
• Risk controls: Careful position sizing, liquidity management suited to a closed-ended structure, and continual reassessment of downside scenarios.
• Engagement strategy: Constructive, active involvement with portfolio companies to unlock operational improvements and long-term value.

Pershing Square Holdings, Ltd. (PSH.AS) - Vision Statement

• Integrity: Pershing Square Holdings, Ltd. (PSH.AS) upholds transparency, honesty, and accountability in all actions, ensuring trust with investors and stakeholders through clear reporting and governance.
• Excellence: The company is dedicated to delivering superior performance in investment practices and operational efficiency, striving for the highest standards in portfolio construction and execution.
• Innovation: PSH seeks new opportunities and creative strategies for growth, embracing change and adapting to evolving market conditions and capital structures.
• Collaboration: The firm values teamwork-internally among investment and operations teams and externally with portfolio company management-to create durable value.
• Transparency: Emphasis on open communication and clear reporting ensures investors are well-informed about activities, performance, and risk exposure.
• Accountability: Pershing Square Holdings takes responsibility for its investment decisions and operational commitments, aligning incentives with long-term shareholder outcomes.

• Concentrated portfolio construction to generate outsized returns per position while maintaining rigorous risk controls.
• Active engagement with portfolio companies to drive strategic, operational, and capital‑allocation improvements.
• Regular, detailed investor communications, including NAV updates, quarterly letters, and public filings to uphold transparency.
• Alignment of interests through fee structures and insider ownership to ensure accountability to long‑term shareholders.