Pershing Square Holdings
Look-through NAV vs. the share price — the "basket" (sum of its stakes + private assets − net debt) against what the market pays for the holdco. The gap is the discount/premium; watch it widen and narrow. S&P 500 · PSH.L.
| Brookfield BN | $2.5B | 20% | |
| Amazon AMZN | $2.7B | 22% | |
| Uber UBER | $2.2B | 18% | |
| Microsoft MSFT | $2.1B | 17% | |
| Restaurant Brands QSR | $1.7B | 13% | |
| Meta META | $1.5B | 12% | |
| Howard Hughes HHH | $1.4B | 11% | |
| Seaport Entertainment SEG | $136M | 1% | |
| Hertz HTZ | $35M | 0% | |
| Alphabet GOOG | $109M | 1% | |
| Other / private / cash (static, 2026-03) | $1.6B | net debt $3.6B | |
Ackman's closed-end fund — concentrated, ~118% net exposure, NAV ~88% mark-to-market. Positions = the Q1-2026 13F share counts; net debt = PSH's public bonds (the leverage); otherNAV = the off-13F GSE (Fannie/Freddie) + SPARC + cash. Universal Music was fully EXITED in June 2026 (dropped here). Published NAV ≈ $71/sh (Mar-2026), ~−27% discount. Verify against PSH's own monthly NAV report.
Stake prices + FX live; net debt / private NAV / share counts are estimates — verify against the holdco's NAV statement. Not investment advice.