Pershing Square Holdings, founded by renowned investor Bill Ackman, is known for its unique investment strategy that combines concentrated portfolio management and activist investing. Ackman is one of the world's most famous and controversial activist investors, known for high-profile battles such as the Carl Icahn versus Bill Ackman Herbalife (HLF -1.43%) battle of 2016.
LSE: PSH
Key Data Points
Regardless of how you feel about Pershing Square's profile or some of its high-profile fumbles, returns on some Ackman deals -- such as his bet against mortgages during the 2007-2009 global financial crisis -- have yielded out-of-this-world returns.
Is Pershing Square stock publicly traded?
Pershing Square is publicly traded, but not in the United States. Pershing Square Capital Management operates as a private hedge fund, primarily serving institutional investors and family offices.
While it has a publicly listed fund (Pershing Square Holdings) on the London Stock Exchange (LSE) and Euronext Amsterdam under the ticker symbol PSH, it has not yet been listed on a U.S. exchange.
When will Pershing Square IPO?
Ackman filed initial public offering (IPO) plans for Pershing Square in early 2024. However, he withdrew the application just a few days before the fund's debut on the New York Stock Exchange.
IPO
The withdrawal appeared to result from declining investor interest. The fund reportedly sought to raise as much as $25 billion from investors, but in the days before the expected launch, it revised its target downward to $2 billion.
As of November 2025, Ackman hadn't filed new plans to take Pershing Square public.
How to buy Pershing Square stock
Buying stock on the LSE differs slightly from buying stock in the United States. Americans can buy stocks on the London Stock Exchange through international brokerages like Interactive Brokers (IBKR +0.08%), Charles Schwab (SCHW -0.61%), and Fidelity.
The first thing to note is that transactions are conducted in British pounds (GBP), requiring currency conversion, which the brokerage typically handles for a fee. Although minuscule for your average retail investor, fees can add up. Investors also must comply with two regulatory bodies: the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
You should also be aware of the tax regulations in the U.K. and how those apply to U.S.-based investors. Since the market hours are different in the U.K., trades might not be realized until the next trading day due to the time zone difference.
Follow these steps to buy Pershing Square stock.
- Open your brokerage account: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Should I invest in Pershing Square?
Deciding whether to invest in Pershing Square depends on your personal circumstances and investment strategy. Here are some key points to consider.
When you might consider investing in Pershing Square
- You believe in the power of activist investing. Pershing Square is the poster child for this, where significant stakes are taken to push for strategic changes. Ackman's approach aims to unlock value in companies through active engagement, making it appealing to those who believe in this hands-on investment style.
- You like Pershing Square's track record. Pershing Square has demonstrated an ability to recover from market downturns. The fund's various strategic maneuvers in challenging economic times, such as the COVID-19 pandemic, have showcased its ability to protect and grow investor capital.
- You want value transparency. Pershing Square is known for its public disclosure of investment theses. This openness allows investors to stay informed about the fund's strategies and holdings, providing peace of mind and alignment with investors who champion great communication.
When you might avoid investing in Pershing Square
- You prefer passive investing strategies like tracking an index. The fund's activist methods involve significant intervention in portfolio companies, contrasting sharply with the passive investment approach of buying and holding diversified index funds.
- You dislike Bill Ackman. Ackman is often criticized for everything from his hair to what many perceive as his self-importance and willingness to risk investors' money to fight battles against other Wall Street titans for an ego boost. If you view Ackman as unlikeable, that's one reason not to invest in Pershing Square.
- You prioritize ethical or socially responsible investing (ESG). If your investment decisions are heavily influenced by environmental, social, and governance (ESG), Pershing Square's focus on financial performance and strategic changes might not align with your values. However, it's also crucial to note that ESG scores can be easily manipulated through tactics like greenwashing.
Is Pershing Square profitable?
Yes, Pershing Square Holdings (PSH) is profitable, reporting a net income of $1.17 billion in 2024, though this marked a decrease from the $2.49 billion earned in 2023.
The fund achieved a 10.2% return based on its net asset value in 2024, underperforming the S&P 500 index, which had a 23.3% total return that year. Since its inception in 2004, PSH has maintained a compound annual return of approximately 15.9%.
Does Pershing Square pay a dividend?
Yes, Pershing Square Holdings Ltd. pays a dividend. The fund makes quarterly dividend payments, which, in 2025, were $0.1646 per share. This marked an increase from the quarterly dividends of $0.1456 per share that the fund paid in 2024. Based on the current value as of November 2025, the annual dividend yield is approximately 1.05%.
Related investing topics
ETFs with exposure or similar strategies to Pershing Square
Many exchange-traded funds (ETFs) and index funds track a specific index. Some ETFs with significant Pershing Square holdings include financial sector ETFs and hedge fund replication ETFs.
ETF Name and Ticker | Exposure to Pershing Square-Related Companies | Category | Expense Ratio |
|---|---|---|---|
ProShares Hedge Replication ETF (NYSEMKT:HDG) | Mimics the performance of hedge fund strategies, including activist investors like Pershing Square | Hedge Fund Replication | 0.95% |
NYLI Hedge Multi-Strategy Tracker ETF (NYSEMKT:QAI) | Provides diversified exposure to multiple hedge fund strategies, including long/short equity and event-driven approaches similar to Pershing Square | Multi-Strategy | 0.88% |
Global X Guru Index ETF (NYSEMKT:GURU) | Tracks the top holdings of hedge funds, providing direct exposure to the equity investments made by prominent hedge funds such as Pershing Square | Hedge Fund Holdings | 0.75% |
Goldman Sachs Hedge Industry VIP ETF (NYSE:GVIP) | Follows an index of hedge fund managers' most important long equity ideas, offering exposure to dynamic market themes | Hedge Fund Holdings | 0.45% |
The bottom line on Pershing Square
As with any investment, buying or selling Pershing Square stock should be done in conjunction with a thorough analysis of both the investment target and the entire industry. Although Pershing Square has had its share of controversies, its track record speaks for itself.
Its ability to weather multiple storms is seen as some of the most agile maneuvering in finance. If you believe in the activist investor model and are comfortable with the track record, then Pershing Square might be right up your alley.
