Pershing Square Holdings, an investment holding company, released its first half 2025 investor letter. A copy of the same can be downloaded here. In the first half of 2025, the company’s NAV per share increased by 15.5% and 17.7% year-to-date through August 19, 2025. The company’s share price rose by 9.9% and 16.5% during these periods, while the S&P 500 increased by 6.2% and 9.9%, respectively. The first half of 2025 was characterized by complex macroeconomic and geopolitical dynamics, contributing to broa ...