Pershing Square’s Q1 2019 Investor Letter

Pershing Square Capital Management is an NYC-based hedge fund that was founded and is still run by a renowned investor and billionaire, Bill Ackman. The fund was launched back in 2004, and as of March 2018, it has around $8.2 billion in assets under management. Bill Ackman is a long term value investor with expertise in special situations investments. Pershing Square usually runs a very concentrated portfolio, and at the end of Q1 2019, its equity portfolio counted only 8 long positions. More information about its quarterly results you can find in its Q1 2019 Investor Letter below. We bring you one part of it here:

“Dear Shareholder,

Pershing Square Holdings generated strong performance during the first quarter of 2019 and year-to-date. NAV per share increased 36.9% during the first quarter and by 38.4%1 year-to-date, compared with the S&P 500’s year-to-date total return of 13.9%. All of our portfolio companies have generated substantial positive performance in line with their continued business progress as we discuss in detail below:

Portfolio Update Below are the contributors and detractors to gross performance of the portfolio for the first quarter of 2019 and year-to-date 20192:

Pershing Square Table Image

You can download a copy of Pershing Square’s Q1 2019 Investor Letter here:


You can also see the list of our 2019 Q1 investor letters and download them on this page.