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Pershing Square Holdings — 2025 Annual Report

Pershing Square

2025 was another year of impressive performance for PSH on an absolute and relative basis.

Through the end of the year, PSH’s Net Asset Value (“NAV”) per share, including dividends, increased 20.9%, compared with a 17.9% return for the S&P 500 over the same period.i,ii In addition to another year of strong performance, the Investment Manager made significant progress on a number of strategic initiatives that position PSH for continued success in the years ahead.

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Cadarn Capital EU A/S is a tied agent of Acolin Europe AG, authorized and regulated by BaFin.
This is a marketing communication. Please refer to the prospectus of the respective funds and to the KID / KIID before making any final investment decisions. Past performance does not predict future returns.