PSHZF - Pershing Square Holdings H1 2025 Letter To Shareholders

2025-08-24 20:20:00 ET

To the Shareholders of Pershing Square Holdings ( PSHZF ), Ltd.:

PSH generated strong NAV performance in the first half of 2025 of 15.5% compared with a 6.2% return for the S&P 500 ((SP500), (SPX)) over the same period. 6 PSH's year-to-date NAV return as of August 19, 2025 was 17.7% compared to 9.9% for the S&P 500 over the same period.

Investors who invested in Pershing Square, L.P. at its inception on January 1, 2004, and transferred their investment to PSH at its inception on December 31, 2012 ("Day One Investors") have grown their equity investment at a 16.4% compound annual rate over the last nearly 22 years, a 27-times multiple of their original investment, compared with a 10.5% return ( 9times multiple) had they invested in the S&P 500 over the same period. ⁷ ...

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