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 broad uncertainty. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its second-quarter 2025 investor letter, Pershing Square Holdings highlighted stocks such as NIKE, Inc. (NYSE:NKE). NIKE, Inc. (NYSE:NKE) designs, develops, and markets athletic footwear, apparel, equipment, and accessories. The one-month return of NIKE, Inc. (NYSE:NKE) was -0.15%, and its shares lost 7.02% of their value over the last 52 weeks. On September 05, 2025, NIKE, Inc. (NYSE:NKE) stock closed at $73.91 per share, with a market capitalization of $109.16 billion.
Pershing Square Holdings stated the following regarding NIKE, Inc. (NYSE:NKE) in its second quarter 2025 investor letter:
“NIKE, Inc. (NYSE:NKE) is in the early stages of a turnaround under new CEO Elliott Hill. In the ten months since rejoining the company, Hill has moved with urgency, replacing 12 out of his 15 direct reports and resetting the culture and organizational structure with a renewed focus on sport. Hill’s “Win Now” strategy targets a return to profitable growth by accelerating product innovation, creating distinctive marketing, and rebuilding wholesale distribution, while right-sizing inventory levels across certain product lines and sales channels following several years of overreliance on direct-to-consumer and lifestyle footwear. While a full turnaround will take time, we are beginning to see encouraging signs of progress.
