Pershing Square Holdings, Ltd. (LSE: PSH / PSHD), the closed-ended investment holding company managed by Bill Ackman's Pershing Square Capital Management, has announced the purchase of 21,929 of its own Public Shares on 4 November 2026 through its appointed agent, Jefferies International Limited. The buyback was executed across two LSE-listed share classes, PSH and PSHD, at a combined average price of $53.21 per share. The transaction was conducted at a material discount to the company's most recently published net asset value per share of $78.89, a figure calculated as of 31 October 2026, which investors may consider a key reference point when assessing the buyback's strategic rationale.

Key Points

  • Pershing Square Holdings, Ltd. (LSE: PSH / PSHD) is a closed-ended investment holding company listed in London
  • PSH repurchased 21,929 Public Shares of no par value on 4 November 2026 via Jefferies International Limited
  • Average price paid across both share classes was $53.21; NAV per share stood at $78.89 / £58.89 as of 31 October 2026
  • Investors may watch for further weekly buyback disclosures published to the PSH corporate website under EU Delegated Regulation 2016/1052

PSH and PSHD Buyback Breakdown: Price Ranges Across Both LSE Share Classes on 4 November 2026

The 21,929 shares repurchased were split between two LSE-listed tickers. Under the PSH ticker, 17,244 shares were acquired at prices ranging from a low of 3,862 pence ($52.00) to a high of 4,014 pence ($54.05), with an average of 3,949 pence ($53.17) per share. The remaining 4,685 shares were purchased under the PSHD ticker at prices between $52.30 and $54.00, achieving an average of $53.34 per share. All per-share prices were calculated by Jefferies International Limited, which acted as PSH's agent for the transaction. Purchased shares will be held in Treasury.

Treasury Share Position and Public Shares Outstanding Following the 4 November Repurchase

Following the completion of this buyback, PSH reports 172,353,965 Public Shares outstanding. Excluded from that figure are 38,602,785 Public Shares currently held in Treasury, which now includes the shares acquired on 4 November 2026. The announcement confirms that the one special voting share, held by PS Holdings Independent Voting Company Limited, has not been affected by this transaction. The buyback was executed in accordance with the EU Commission Delegated Regulation (EU) 2016/1052, with full weekly transaction details published to the PSH corporate website.

NAV Discount Remains a Key Metric for PSH Investors Watching the Ongoing Buyback Programme

The net asset value per Public Share relevant to this buyback was stated at $78.89 (£58.89), calculated as of 31 October 2026. The shares were repurchased at an average of $53.21, representing a significant discount to that NAV figure. For investors in closed-ended funds such as PSH, the persistence of a wide discount to NAV is both a risk factor and a commonly cited rationale for active buyback programmes, as repurchasing shares below intrinsic value can be accretive to remaining shareholders over time.