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(Alliance News) - Pershing Square Holdings Ltd on Friday reported a rise in its first-half net asset value, navigating a "challenging backdrop well".
The investment firm said most of the companies in its portfolio contributed to its net asset value increase, while also making "substantial business progress" themselves.
The London listing is managed by Pershing Square Capital Management LP, which was founded by Bill Ackman.
Pershing Square Holdings reported a net asset value per public share of USD56.68 on June 30, rising 9.5% from USD51.76 at the end of December.
"The year began with significant and widespread uncertainty for global markets as central banks continued to raise key rates to tame inflation while avoiding an overreaction that would have a material negative impact on the economy. I am pleased to report that the investment manager has navigated this challenging backdrop well and delivered strong performance for PSH shareholders. While interest rates have continued to rise, the US economy has maintained broad-based positive momentum, avoiding a recession to date," Chair Anne Farlow commented.
"Most of PSH's portfolio companies contributed positively to the growth in our NAV in the first half of 2023. They have all continued to make substantial business progress and are well positioned for future growth."
PSH said dining chain Chipotle Mexican Grill Inc was the most positive contributor to its half-year performance. The period also saw it add Google owner Alphabet Inc to its portfolio, a stock it had been eyeing up "for some time".
The company added: "When the company's share price declined earlier this year, primarily due to concerns about the impact of AI, the investment manager's knowledge of the company led it to believe that the shares were trading at an attractive valuation. Since initiating the investment, Alphabet has been one of the best performing stocks in PSH's portfolio."
Shares in the company closed 1.2% lower at 2,902.00 pence each in London on Friday.
By Eric Cunha, Alliance News news editor
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