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 repurchase of 22,932 of its own Public Shares on 12 November 2026 at an average price of 52.80 USD per share. The buyback was executed through appointed agent Jefferies International Limited across both LSE tickers, PSH and PSHD. The announcement notes that the shares will be held in Treasury, and that PSH's net asset value (NAV) per Public Share stood at 83.35 USD as of 10 November 2026, representing a significant premium to the average buyback price paid.

Key Points

  • Pershing Square Holdings, Ltd. (LSE: PSH / PSHD)
  • PSH repurchased 22,932 Public Shares on 12 November 2026 at an average price of 52.80 USD via Jefferies International Limited
  • NAV per Public Share was 83.35 USD / 62.46 GBP as of 10 November 2026; 38,741,825 shares are now held in Treasury
  • Investors should watch the pace and scale of further buybacks relative to the persistent NAV discount

PSH Executes Dual-Ticker Buyback Across LSE-Listed PSH and PSHD on 12 November 2026

The 22,932 shares repurchased were split across PSH's two London Stock Exchange listings. Under the PSH ticker, 18,211 shares were acquired at prices ranging from a low of 3,968 pence (52.52 USD) to a high of 4,008 pence (53.05 USD), with an average of 3,988 pence (52.78 USD). The remaining 4,721 shares were purchased under the PSHD ticker at prices between 52.50 USD and 53.10 USD, averaging 52.88 USD. All prices were calculated by Jefferies International Limited, PSH's appointed buyback agent, the announcement states.

Treasury Share Position and Outstanding Public Shares After the 12 November Transaction

Following the completion of this buyback, PSH has 172,214,925 Public Shares outstanding. The announcement confirms that 38,741,825 Public Shares are now held in Treasury and are excluded from the outstanding share count. The repurchased shares carry an ISIN code of GG00BPFJTF46 and are of no par value. The company's one special voting share, held by PS Holdings Independent Voting Company Limited, was not affected by this transaction, the disclosure confirms.

NAV Discount Provides Context for PSH's Ongoing Share Repurchase Programme

A key metric for investors in closed-ended funds is the relationship between the market price and the underlying NAV. PSH's NAV per Public Share was calculated at 83.35 USD (62.46 GBP) as of 10 November 2026, while shares were repurchased at an average of approximately 52.80 USD. This implies the buyback was conducted at a material discount to NAV, a dynamic that is consistent with PSH's stated rationale for its ongoing repurchase programme. Buybacks at a discount to NAV are generally considered accretive to remaining shareholders in a closed-ended fund structure.