Managed by Pershing Square Capital Management, L.P.William A. Ackman
Latest factsheet
31 Aug 2026
Net assets
£10.29bn
vs asset value
33.9% discount
Borrowing
20.70%
Dividend yield
1.40%
The Company's investment objective is to preserve capital and seek maximum, long-term capital appreciation commensurate with reasonable risk. A substantial majority of the Company's portfolio is typically allocated to 8 to 12 core holdings usually comprising liquid, listed mid-to-large capitalization North American companies. The Investment Manager seeks to invest in high-quality growth businesses, which it believes have limited downside and that generate predictable, recurring cash flows, and in certain cases seeks to catalyze managerial, operating and governance changes as levers to create substantial, enduring and long-term shareholder value. The Investment Manager aims to manage risks through careful investment selection and portfolio construction, engaging in typically only one to three new core investments each year. The Investment Manager may use opportunistic hedging strategies to mitigate market-related downside risk or to take advantage of asymmetric profit opportunities.
33.9% discount — the shares change hands for less than the value of what the trust owns. Unlike an open-ended fund, a trust’s shares are bought and sold on the stock exchange, so their price is whatever buyers and sellers agree — not the value of the portfolio behind them.
