Pershing Square Holdings, Ltd.

Pershing Square Holdings, Ltd. is an investment holding company structured as a closed-ended fund. It principally acquires and holds significant, though generally non-controlling, positions in a concentrated portfolio of 8 to 12 large capitalization companies, primarily publicly traded and North American-domiciled. The fund's primary objective is to maximize its long-term compound annual growth in intrinsic value per share by targeting high-quality businesses with limited downside risk, predictable recurring cash flows, and potential for value creation through managerial, operational, or governance improvements. Managed by Pershing Square Capital Management, L.P., founded by William A. Ackman, it employs a long/short equity strategy, invests in value stocks across diversified global sectors, and includes fixed income via convertible and debt securities, supplemented by derivatives for hedging and opportunities. Domiciled in Guernsey since its formation on February 2, 2012, Pershing Square Holdings, Ltd. plays a notable role in the alternative investment landscape, offering investors exposure to activist-oriented, concentrated equity strategies benchmarked against indices like the S&P 500 and HFRX Global Hedge Fund Index.