Pershing Square Holdings NAV declines and lags S&P 500 in first half

Pershing Square Holdings Ltd on Thursday called its performance in the first half of 2026 "disappointing", but pledged to address the widening discount between its net asset value and share price.

The Guernsey-based investment holding company said net asset value per public share decreased 13% to USD74.23 in the six months ended June 30 from USD85.32 the year prior.

The firm swung to a pretax loss of USD1.94 billion in the six months ended June 30 from a profit of USD1.90 billion the year prior.

Investment losses amounted to USD1.89 billion in the period compared to gains of USD2.44 billion a year ago.

Basic and diluted losses per public shares were USD11.00 compared to earnings of USD10.60 before.

Shares in Pershing Square were up 0.1% at 3,896.08 pence each in London on Thursday morning but have fallen 19% in the year-to-date.

Pershing said the first half was "disappointing" with NAV per share declining 13%, and its share price falling 24%, as the discount to NAV widened.

The firm said while it notes that the S&P 500 delivered a total return of 10% over the same period, "it has always been clear that the Investment Manager's objective is not to track or beat an index on a quarterly basis."

Pershing said it recognises that the "level of the discount, and its persistence, are of real concern" to

shareholders.

"A sustained narrowing of the discount is a priority for the board, which keeps under active review the

measures it has available to that end. The board remains of the view that the most powerful driver of both long-term shareholder returns and a sustained narrowing of the discount will be strong absolute and relative NAV performance."

The dividend was boosted to USD0.1837 per share from USD0.1646.

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