Pershing Square Holdings Annual Letters and Investor Presentations
Bill Ackman's annual shareholder letters and investor presentations for Pershing Square Holdings. This is a rare public, year-by-year record of how a concentrated activist fund picks, defends and exits its positions.
Free to read
Because Pershing Square Holdings is listed in London and Amsterdam, its manager publishes the annual and semiannual reports, monthly performance reports and the yearly investor presentation online. The annual report opens with Ackman's letter to shareholders, which reviews each major holding, explains new positions and exits, and gives his view of the fund's record since 2004.
For students of concentrated investing and activism, the letters show the full cycle: the thesis for a quality business, the engagement with management, what went wrong when it did, and why the fund sold. The investor presentation, usually published in February, condenses the same story into slides with valuation work on each holding.
The site shows a terms-of-use notice before you enter. Filter the materials page by Letters and Presentations, and use the year filter to go back to 2014. Read a few years in a row to judge how Ackman's reasoning holds up against what happened.
Start with
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1
Letter to Shareholders, 2025 Annual Report
Ackman's latest full-year review of each holding and of the fund's long-term record.
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2
2026 Annual Investor Update Presentation
The slide version, with the investment case for each position laid out.