February 13, 2026Fact Sheets
January 2026 Fact SheetJanuary 15, 2026Fact Sheets
December 2025 Fact SheetDecember 12, 2025Fact Sheets
November 2025 Fact SheetNovember 14, 2025Fact Sheets
October 2025 Fact SheetOctober 14, 2025Fact Sheets
September 2025 Fact SheetSeptember 16, 2025Fact Sheets
August 2025 Fact SheetAugust 15, 2025Fact Sheets
July 2025 Fact SheetJuly 15, 2025Fact Sheets
June 2025 Fact SheetJune 16, 2025Fact Sheets
May 2025 Fact SheetMay 14, 2025Fact Sheets
April 2025 Fact SheetApril 14, 2025Fact Sheets
March 2025 Fact SheetMarch 14, 2025Fact Sheets
February 2025 Fact SheetMarch 5, 2025Fact Sheets
January 2025 Fact SheetDecember 31, 2024Fact Sheets
December 2024 Fact SheetNovember 30, 2024Fact Sheets
November 2024 Fact SheetPlease read the disclaimer below carefully. You must accept its terms before you can proceed.
Users of this website are responsible for observing all applicable laws and regulations in their relevant jurisdictions before proceeding to access the information contained herein. By proceeding to access the information, users are deemed to have represented and warranted that the applicable laws and regulations of their relevant jurisdiction allow them to do so. No information contained on this website constitutes or would be deemed to constitute an invitation in any jurisdiction to invest or otherwise deal in the shares of the Company.
None of the information contained in this website constitutes an offer to sell, or a solicitation of an offer to buy or subscribe for, any shares or other securities to the public.
None of the information contained in this website constitutes an offer to sell, or a solicitation of an offer to buy or subscribe for, any shares or other securities in the United States or in any other jurisdiction, nor shall it, or the fact of its distribution, form the basis of, or be relied upon, in connection with or act as an inducement to enter into any contract or commitment therefor.
Shares may not be purchased by an “employee benefit plan” within the meaning of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), including (i) an investor using assets of: (A) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to Title I of ERISA; (B) a “plan” as defined in Section 4975 of the U.S. Internal Revenue Code, as amended (the “IRC”), including an individual retirement account or other arrangement that is subject to Section 4975 of the IRC; or (C) an entity which is deemed to hold the assets of any of the foregoing types of plans, accounts or arrangements that is subject to Title I of ERISA or Section 4975 of the IRC.
The Company has not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), and investors will not be entitled to the benefits of that Act.
In addition, the shares in the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Consequently, shares in the Company may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, “U.S. persons” as defined in Regulation S under the Securities Act absent registration or an exemption from registration under the Securities Act. No public offering of any shares in the Company is being, or has been, made in the United States.
The Company is a registered closed-ended investment scheme registered pursuant to the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended and the Registered Collective Investment Scheme Rules 2008 issued by the Guernsey Financial Services Commission (the “Commission”). The Commission has not reviewed this disclaimer and takes no responsibility for the financial soundness of the Company or for the correctness of any of the statements made or opinions expressed with regard to it.
All investment is subject to risk. The value of the shares in the Company may go down as well as up. Past performance is no guarantee of future returns and there is no guarantee that the market price of the Company’s shares will fully reflect their underlying net asset value. There is also no guarantee that the Company’s investment objective will be achieved. Potential investors are advised to seek expert financial advice before making any investment decision and should be aware that they may not fully recover the amount invested.
Neither the Company nor Pershing Square Capital Management, L.P. (“PSCM”), the investment manager of the Company, assumes any obligation to update the information contained in the Company’s prospectus , unless a new offering in the Company will be undertaken.
Terms of Use of this Website
The information on this website is for information purposes only. Unless specifically stated otherwise, it does not constitute an offer to purchase or sell any security or investment product, nor does it constitute professional advice. Any product and service mentioned in this website are not offered to any person or entity in any jurisdiction or country where the advertisement, offer, solicitation, provision or sale of such product and service is restricted or prohibited by law or regulation or where PSCM or the Company or any of their respective affiliates would be subject to any regulation or licensing requirement.
If you proceed to access the information included in this website, you acknowledge that you have read and agree with the above statement and the Terms of Use.
Forward-Looking Statements
Nothing in this website is, or should be relied on as, a promise or representation as to the future. This website contains forward-looking statements, which reflect the views of the Company and PSCM with respect to, among other things, the Company’s operations. Investors can identify these forward-looking statements by the use of words such as “believe”, “expect”, “potential”, “continue”, “may”, “will”, “should”, “seek”, “approximately”, “predict”, “intend”, “plan”, “estimate”, “anticipate” or other comparable words. These forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Should any assumptions underlying the forward-looking statements contained on this website prove to be incorrect, the actual outcome or results may differ materially from outcomes or results projected in these statements. None of the Company, PSCM or any of their respective affiliates undertakes any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable law or regulation.
No Reliance
Although each of the Company and PSCM has taken all reasonable care to ensure that the information contained within this website is accurate no representation or warranty (including liability towards third parties), expressed or implied, is made as to its accuracy, reliability or completeness by the Company, PSCM, their respective affiliates and third parties that have provided information contained in this website. Opinions and any other contents expressed on this website are provided for your personal use and informational purposes only and are subject to change without notice. Nothing contained on this website constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision.
No Warranty
The information and opinions contained in this website are provided without any warranty of any kind, either expressed or implied, to the fullest extent permissible pursuant to applicable law. None of the Company, PSCM or any of their respective affiliates further assumes any responsibility for, and makes any warranties that, information and supplies contained on this website will be uninterrupted or error-free, that defects will be corrected, or that this website or the servers that make it available will be free of viruses or other harmful components.
Liability Waiver
You agree that under no circumstances, including, but not limited to, negligence, shall the Company or PSCM or any third party that has provided information contained in this website or any of their respective affiliates be liable for any direct, special or consequential damages that result from the access or use of, or the inability to access or use, the materials on this website. This does not exclude or restrict any duty or liability the Company or PSCM has to its customers under the regulatory system in the United Kingdom or Guernsey.
Linked Sites
Neither the Company nor PSCM has reviewed any website linked to this website and neither the Company nor PSCM is responsible for the contents of off-site pages or any other websites linked or linking to this website. If you follow any links off this website you do so at your own risk.
Links to this website may not be established without the prior written consent of the Company and PSCM.
Privacy
Please see our Online Privacy Notice.
Exclusions of Legal Liability
Although each of the Company and PSCM tries to make this site as accurate as possible and to use information obtained from other sources that the Company and PSCM believe to be reliable, each of the Company and PSCM does not guarantee, nor take any responsibility for, its accuracy.
The fact that information, products or services are shown on this website does not necessarily mean that you should rely on the information or that the information continues to be valid. All documents have their own shelf life and may be included on this website for historical reference purposes only.