Pershing Śmierć

Pershing Square Holdings Reports Disappointing Performance in Q1

Key Points

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• Pershing Square Holdings reported a 13% decline in its net asset value (NAV) in the first quarter of 2023.
• The fund's flagship fund, Pershing Square International, saw its NAV fall by 19.3%.
• The losses were driven by a sharp decline in the value of the fund's technology holdings.

Performance Analysis

Pershing Square Holdings, the investment firm led by Bill Ackman, reported a disappointing performance in the first quarter of 2023. The fund's NAV declined by 13%, underperforming the S&P 500 index, which was down by 4.6% over the same period.

The fund's flagship fund, Pershing Square International, saw its NAV fall by 19.3%. The losses were driven by a sharp decline in the value of the fund's technology holdings. The fund's largest holding, Netflix, fell by 35% in the first quarter.

Outlook

In a letter to investors, Ackman said that he believes the fund's performance will improve in the second half of the year. He pointed to the fund's strong cash position and its ability to invest in undervalued companies.

However, some analysts are more cautious about the fund's outlook. They point to the fund's high exposure to technology stocks, which could continue to weigh on its performance in the coming months.