Pershing Square Capital Management, L.P.

Investment Strategy

Pershing Square Capital Management employs a concentrated, value-oriented investment strategy focused on acquiring significant (but generally non-controlling) positions in a limited number of large capitalization companies, mainly in North America. The firm emphasizes high-quality businesses with predictable cash flows and limited downside risk, often utilizing activist tactics to catalyze improvements in management, operations, and governance that drive long-term shareholder value. Pershing Square typically holds 8 to 12 core investments and may engage in selective hedging to mitigate market risk or create asymmetric upside opportunities. The firm generally adds only one to three new core positions each year, prioritizing deep diligence and risk management.