LongSPGINov 2026
S&P Global Inc.
Pershing Square believes S&P Global's valuation fails to reflect the strength of its market-leading benchmark businesses, proprietary financial data, and long-term earnings…
Pershing Square Inc.
Concentrated, long-term fundamental value investing in high-quality, durable growth companies trading below estimated intrinsic value, supplemented by select asymmetric special situations. The firm primarily manages permanent capital through publicly traded investment vehicles.$23B AUM15 published ideas
Pershing Square Inc. is a publicly traded alternative asset manager led by Chief Executive Officer William A. Ackman and Chief Investment Officer Ryan Israel. The firm manages approximately $23 billion in fee-paying assets, 98% of which consists of permanent capital. Its investment strategy focuses on owning approximately 12 to 15 high-quality businesses with strong competitive positions, durable earnings growth, and attractive valuations. Pershing Square targets long-term gross investment returns of 20% or more annually and also pursues special situations with asymmetric return potential.
Ideas from Pershing Square Inc.
LongALCNov 2026
Alcon Inc.
Pershing Square believes Alcon offers an attractive opportunity to invest in a high-quality medical technology business at an unusually depressed valuation. The company reported…
LongMSFTNov 2026
Microsoft Corporation
Pershing Square believes Microsoft is uniquely positioned to monetize artificial intelligence through two complementary channels: Microsoft 365 and Azure. Azure revenue growth…
LongUBERNov 2026
Uber Technologies
Pershing Square believes Uber's share price substantially undervalues its mobility and delivery businesses because investors are overestimating the disruptive threats from…
LongMETANov 2026
Meta Platforms, Inc.
Pershing Square believes Meta's substantial AI investment is an offensive growth strategy rather than merely defensive spending to protect its existing advertising franchise…
LongAMZNNov 2026
Amazon.com, Inc.
Pershing Square believes investors are significantly underestimating Amazon's earnings and free cash flow potential because they are excessively focused on the near-term costs of…
LongBNNov 2026
Brookfield Corporation
Pershing Square believes Brookfield is substantially undervalued following a 20% year-to-date share price decline caused primarily by concerns affecting the alternative asset…
LongQSRNov 2026
Restaurant Brands International Inc.
Pershing Square believes Restaurant Brands International offers an attractive combination of durable operating growth, improving capital efficiency, and an undervalued earnings…
LongHHHNov 2026
Howard Hughes Holdings Inc.
Pershing Square is pursuing the transformation of Howard Hughes Holdings from a capital-intensive real estate developer into a diversified holding company combining a…
LongFNMANov 2026
Federal National Mortgage Association
Pershing Square considers Fannie Mae an asymmetric special situation with the potential to generate returns exceeding ten times its current share price if the company exits…
LongFMCCNov 2026
Federal Home Loan Mortgage Corporation
Pershing Square believes Freddie Mac represents a highly asymmetric investment opportunity tied to the potential termination of US government conservatorship. Alongside Fannie…
LongNFLXNov 2026
Netflix, Inc.
Pershing Square believes Netflix is undervalued because investors are placing excessive emphasis on slowing engagement growth and traditional watch-time metrics while overlooking…
LongMANov 2026
Mastercard Incorporated
Pershing Square believes Mastercard offers durable long-term earnings growth supported by global electronic payment adoption, international transaction growth, and the expansion…
LongVNov 2026
Visa Inc.
Pershing Square believes Visa is an attractively valued, high-quality payments franchise capable of sustaining strong earnings growth through secular payment digitization…
LongICENov 2026
Intercontinental Exchange, Inc.
Pershing Square believes Intercontinental Exchange represents an undervalued financial infrastructure franchise with attractive long-term growth prospects across exchanges…
Letters covered
- Q3 2026 Letter to ShareholdersNovember 2, 2026
Source PDFs are not republished here; only extracted ideas and quotes.