Pershing Square Holdings (PSH.L)
Bill Ackman's London-listed fund holding a tight, concentrated bunch of big US companies - a portfolio wrapped in a share, not an actual business.
Is Pershing Square Holdings a good stock for a UK beginner?
The honest version: Bill Ackman's London-listed fund holding a tight, concentrated bunch of big US companies - a portfolio wrapped in a share, not an actual business.
Over about 2 years to 2026-07-31. This is the share price only - reinvesting the dividends would add to it. Past performance is not a guide to the future, and it could just as easily have fallen.
Prices move on results, news and the mood of the whole market - no single headline explains a day, and a quiet week is usually just noise, not a signal.
the manager's stock selection continues to add value over a full market cycle and the discount narrows structurally
concentrated positions produce weaker returns than the broad market over a full cycle and/or the discount to net asset value widens structurally
What does Pershing Square Holdings do?
PSH isn't a company that makes anything - it's a closed-end investment fund run by Bill Ackman's Pershing Square. Its share price mostly reflects the combined value of a small handful of large US holdings the manager has picked, plus or minus the discount the shares trade at versus the fund's net asset value (NAV - what the holdings are actually worth). A price-to-book: The share price versus the company's net assets per share (its book value). Under 1 can look cheap, though it varies a lot by industry. ratio of 0.61 means the shares change hands well below that stated NAV, which is common for closed-end funds like this one. The one thing worth watching -> momentum has been slightly negative over the past year, and the fund's own 1.4% dividend yield: The yearly dividend as a percentage of the share price - roughly the income you'd earn from dividends alone. is modest, because the return case really rests on how the underlying holdings do and whether that discount narrows or widens.
On our factor screen it looks strongest on quality and value, and weakest on momentum.
- ✓Pays a dividend - about 1.4% a year
- ✓Growing - revenue up about 20% over the year
- ✓Very profitable - turns about 73% of sales into profit
- ·Low P/E of 4 vs last year's earnings
- ✓Low debt - a sturdier balance sheet
- ✓Strong return on shareholder money (ROE 18%)
- Value screens high (77/100)
- Quality screens high (84/100)
- Growth screens high (76/100)
- High Value (82) and Quality (85) factor scores among the highest of the six stocks covered
- Price-to-book of 0.61 means shares trade at a notable discount to stated net asset value
- Momentum screens low (12/100)
- Performance depends heavily on a small number of large positions, so any one holding's weakness has an outsized effect
- The discount to net asset value can widen as well as narrow, adding a layer of return volatility beyond the underlying holdings
- Returns are tied to US equity market conditions and the specific sectors the fund is concentrated in
What do Pershing Square Holdings's numbers mean?
Does Pershing Square Holdings pay a dividend?
Yes - Pershing Square Holdings currently pays a dividend of about 1.4% a year (the yearly payout as a share of the price). A dividend is a slice of profit handed to shareholders; the yield moves as the price moves, and a company can cut or stop it.
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What are the scenarios for Pershing Square Holdings?
An illustrative range for the year ahead, with the assumption behind each case — not a prediction or a price target.
What are the pros and cons of Pershing Square Holdings?
How many points the write-up makes each way — a balance check, not a score or verdict.
- High Value (82) and Quality (85) factor scores among the highest of the six stocks covered
- Price-to-book of 0.61 means shares trade at a notable discount to stated net asset value
- Concentrated exposure to a small number of large, well-known US companies via a single London-listed vehicle
- Lowest Momentum score (13) of the six stocks, reflecting a slightly negative 12-month price trend
- Very low dividend yield (1.4%) versus the other stocks covered, so the return case depends mostly on capital movements
- Concentration in a handful of holdings means single-stock risk is much higher than in a diversified fund
- Performance depends heavily on a small number of large positions, so any one holding's weakness has an outsized effect
- The discount to net asset value can widen as well as narrow, adding a layer of return volatility beyond the underlying holdings
- Returns are tied to US equity market conditions and the specific sectors the fund is concentrated in
- Key-person/manager risk, given the fund's identity is closely tied to its specific investment manager
The write-up's own warning lights — if these start happening, the case above changes.
- The discount to net asset value widens further from current levels despite stable or improving underlying holdings
- The concentrated positions lag the broad US market over consecutive periods
- Momentum stays negative even as the broader US market rises
Built from public filings & market prices, checked for an education-only tone, and never a price target. How we make these →