Pershing Square Holdings, Ltd. (LSE: PSH / PSHD), the closed-ended investment holding company, has announced the purchase of 23,324 of its own Public Shares on 9 November 2026, acting through its agent Jefferies International Limited. The buyback was executed across two LSE-listed tickers — PSH and PSHD — at a combined average price of 52.68 USD per share. With a net asset value per Public Share of 78.89 USD as of 31 October 2026, the repurchase was conducted at a material discount to NAV, a detail investors in closed-ended funds typically monitor closely.

Key Points

  • Pershing Square Holdings, Ltd. (LSE: PSH / PSHD) is a closed-ended investment holding company
  • PSH repurchased 23,324 Public Shares on 9 November 2026 via Jefferies International Limited
  • Average price paid was 52.68 USD versus a NAV per share of 78.89 USD calculated as of 31 October 2026
  • Investors may watch future buyback frequency as PSH's outstanding share count and Treasury holdings continue to evolve

PSH Executes 9 November Buyback Across LSE Tickers PSH and PSHD

The 23,324 shares repurchased on 9 November 2026 were split across PSH's two London Stock Exchange listings. Under the PSH ticker, 18,584 shares were purchased at prices ranging from a low of 3,860 pence (51.79 USD) to a high of 3,950 pence (53.00 USD), with an average of 3,927 pence (52.69 USD). The remaining 4,740 shares were acquired under the PSHD ticker, with prices ranging from 51.80 USD to 53.10 USD and an average of 52.65 USD. All prices per share were calculated by Jefferies International Limited, PSH's appointed buyback agent.

Shares Transferred to Treasury, Reducing PSH's Outstanding Public Share Count

Following the transaction, PSH confirmed it will hold the repurchased shares in Treasury rather than cancelling them immediately. After this buyback, PSH's total Public Shares outstanding stand at 172,284,791. Separately, 38,671,959 Public Shares are now held in Treasury and are excluded from the outstanding count. The announcement also confirms that the one special voting share, held by PS Holdings Independent Voting Company Limited, has not been affected by this transaction, leaving PSH's governance structure unchanged.

NAV Discount Highlighted as Buyback Priced Well Below 78.89 USD Per Share

The announcement states that the net asset value per Public Share relevant to this buyback was 78.89 USD (58.89 GBP), calculated as of 31 October 2026. With shares repurchased at an average of 52.68 USD, the buyback was conducted at a significant discount to the stated NAV. For investors in closed-ended funds such as PSH, buybacks undertaken below NAV are generally considered accretive to remaining shareholders, as they acquire underlying assets at less than their attributed value. Investors may watch whether PSH continues this programme in subsequent sessions.