What the presentation disclosed
Pershing Square’s February 11, 2026 investor presentation reviewed three new investments and four exits over the preceding twelve months. It identified Hertz, Amazon and Meta among the additions. It recorded exits from Chipotle, CPKC and Nike in 2025 and Hilton in 2026.
The presentation’s review period spans more than one calendar year. These disclosures describe historical portfolio decisions and do not establish that the same positions or weights remain in place today.
Source: Pershing Square annual investor presentation, February 11, 2026.
An exit is not a complete investment thesis
FOLITIC analysis: A manager can sell because of valuation, opportunity cost, risk concentration or a changed view of a business. A list of exits does not isolate the reason or reveal the precise execution prices. It is especially important not to infer a negative operating forecast from the fact that a holding disappeared.
In a concentrated portfolio, replacing several companies can materially change the sources of earnings and market sensitivity. Investors comparing the strategy with their own holdings should examine overlap and common risks, rather than copying a list whose trades may have occurred months earlier.
How to use the record responsibly
The presentation is valuable as evidence of the manager’s capital allocation process over a defined period. Later reports are needed to update the picture. Pershing Square Holdings is a listed closed end vehicle managed by Pershing Square, so its market price and portfolio asset value can also diverge. Following the manager’s disclosed decisions is different from buying that vehicle or reproducing its overall exposure.
Photo: File photograph of the Hilton San Diego Bayfront hotel, illustrating a company discussed in the portfolio review. Credit: Bernard Gagnon via Wikimedia Commons. Licensed under CC BY SA 3.0. Displayed with a responsive crop. The photograph illustrates the location or subject and does not depict the reported transaction.
