Pershing Square Holdings’ Q2 2025 Investor Letter

Pershing Square Holdings, an investment holding company, released its first half 2025 investor letter. In the first half of 2025, the company’s NAV per share increased by 15.5% and 17.7% year-to-date through August 19, 2025. The company’s share price rose by 9.9% and 16.5% during these periods, while the S&P 500 increased by 6.2% and 9.9%, respectively. The first half of 2025 was characterized by complex macroeconomic and geopolitical dynamics, contributing to broad uncertainty. In addition, please check the fund’s top five holdings to know its best picks in 2025.

A copy of Pershing Square Holdings’ Q2 2025 investor letter can be downloaded here.