PERSHING SQUARE HOLDINGS Business Summary

Pershing Square Holdings Ltd (PSH) is a Guernsey-incorporated, closed-ended investment holding company that operates as a concentrated, research-intensive fundamental value investor. The firm generates revenue primarily through a dual-fee structure consisting of a 1.5% annual management fee on net assets and a 16% performance fee on NAV appreciation above a high-water mark, subject to a unique fee-offset arrangement from other Pershing Square funds. Its business model is centered on a single segment: a high-conviction portfolio typically comprising 8 to 12 large-cap, North American-domiciled companies such as Universal Music Group, Alphabet, and Meta Platforms. PSH distinguishes itself in the market as an activist-oriented vehicle that seeks to catalyze long-term governance and operational changes, positioning it as a more aggressive, concentrated alternative to diversified peers like Scottish Mortgage Investment Trust, RIT Capital Partners, and Legal & General Group. Leadership is anchored by Founder and CEO William A. Ackman, a prominent activist investor and Harvard Business School alumnus who established the management firm in 2003. The executive team includes Chief Investment Officer Ryan Israel, who oversees the firm's core strategy and recently expanded his role to include the CIO position at Howard Hughes Holdings, and Chief Financial Officer Michael Gonnella, who manages the firm's complex capital structure and debt issuances. The company is governed by an independent Board of Directors chaired by Rupert Morley, with notable members including Senior Independent Director Charlotte Denton and Chief Legal Officer Halit Coussin. As of early 2026, the leadership team is actively steering the firm through a strategic transformation, including the anticipated public listing of its management company, Pershing Square Capital Management, to further institutionalize the brand.