Pershing Square Holdings, Ltd. (LSE: PSH / PSHD), the closed-ended investment holding company managed by Bill Ackman's Pershing Square Capital Management, announced on 5 November 2026 that it repurchased 22,671 of its own Public Shares 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 53.96 USD per share. With the net asset value per Public Share standing at 78.89 USD as of 31 October 2026, investors may note the buyback was conducted at a meaningful discount to the fund's reported NAV.

Key Points

  • Pershing Square Holdings, Ltd. (LSE: PSH / PSHD) — a closed-ended investment holding company listed in London
  • PSH repurchased 22,671 Public Shares on 5 November 2026 via Jefferies International Limited
  • Average price paid was 53.96 USD per share; NAV per Public Share was 78.89 USD as of 31 October 2026; total Public Shares outstanding after the buyback stand at 172,331,294
  • Investors should watch whether PSH continues buybacks at this NAV discount and how treasury share levels evolve

PSH and PSHD Buyback Volumes and Price Ranges on the London Stock Exchange

Of the 22,671 shares repurchased, 18,143 were purchased under the PSH ticker at an average of 4,008 pence (53.99 USD), with prices ranging from a low of 3,828 pence (51.57 USD) to a high of 4,050 pence (54.56 USD). A further 4,528 shares were acquired under the PSHD ticker at an average of 53.81 USD, with a price range of 51.60 USD to 54.50 USD. All transactions were executed on the London Stock Exchange, and the per-share prices were calculated by Jefferies International Limited, PSH's appointed buyback agent.

Treasury Share Position and Outstanding Public Share Count Following the November Transaction

Following the 5 November 2026 repurchase, PSH holds a total of 38,625,456 Public Shares in Treasury, which are excluded from the outstanding share count. After giving effect to the buyback, 172,331,294 Public Shares remain outstanding. The announcement confirms that the one special voting share, held by PS Holdings Independent Voting Company Limited, was unaffected by the transaction. PSH's structure as a closed-ended fund means treasury share accumulation through buybacks can influence the fund's discount management strategy over time.

NAV Discount Highlighted as PSH Repurchases Shares Below 78.89 USD Book Value

The net asset value per Public Share relevant to this buyback was recorded at 78.89 USD, equivalently 58.89 GBP, calculated as of 31 October 2026. With shares repurchased at an average of 53.96 USD, the transaction was conducted at a notable discount to NAV. For closed-ended funds such as PSH, persistent NAV discounts are a key metric monitored by investors, and buyback programmes are a commonly used mechanism that fund boards deploy in an attempt to narrow that gap over time.