Pershing Square Holdings, an investment holding company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the year, the fund generated a NAV performance of 26.7% versus 26.3% for the principal benchmark the S&P 500 index. In 2023, the portfolio companies performed exceptionally well, significantly increasing their stock prices. Portfolio companies sustained growth in revenue, profitability, and shareholder value despite two conflicts and a prolonged increase in interest rates. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Pershing Square Holdings featured stocks like Howard Hughes Holdings Inc. (NYSE:HHH) in the fourth quarter 2023 investor letter. Headquartered in The Woodlands, Texas, Howard Hughes Holdings Inc. (NYSE:HHH) develops and manages commercial, residential, and mixed-use real estate. On March 26, 2024, Howard Hughes Holdings Inc. (NYSE:HHH) stock closed at $71.39 per share. One-month return of Howard Hughes Holdings Inc. (NYSE:HHH) was -6.56%, and its shares lost 7.09% of their value over the last 52 weeks. Howard Hughes Holdings Inc. (NYSE:HHH) has a market capitalization of $3.588 billion.
Pershing Square Holdings stated the following regarding Howard Hughes Holdings Inc. (NYSE:HHH) in its fourth quarter 2023 investor letter:
“Howard Hughes Holdings Inc. (NYSE:HHH) delivered strong business performance in 2023, highlighting the high-quality nature of its well-located master-planned communities (“MPCs”) and resilient business model.
In its land sales segment, the company generated a record $341 million in full-year profits. New home sales in HHH’s communities, a leading indicator of future land sales, increased an impressive 45% in 2023. The surge in new home sales continues to be driven by a significant shortage of resale housing inventory as existing homeowners are reluctant to give up their low-rate mortgages. This dynamic has led to robust homebuilder demand against a backdrop of limited supply of vacant lots in HHH’s MPCs. The resulting supply-demand imbalance has supported strong pricing growth with the company’s average price per acre for residential land sold exceeding $1 million in Q4 2023, up 22% year-over-year, a record-high milestone for the company…” (Click here to read the full text)
Aerial view of high-rise buildings representing the investing and ownership of Equity Real Estate Investment Trust.
Howard Hughes Holdings Inc. (NYSE:HHH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Howard Hughes Holdings Inc. (NYSE:HHH) was held by 27 hedge fund portfolios, compared to 20 in the previous quarter, according to our database.
We discussed Howard Hughes Holdings Inc. (NYSE:HHH) in another article and shared the list of best real estate stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
