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 Hertz Global Holdings, Inc. (NASDAQ:HTZ). Hertz Global Holdings, Inc. (NASDAQ:HTZ) is a leading vehicle rental company. The one-month return of Hertz Global Holdings, Inc. (NASDAQ:HTZ) was 1.30%, and its shares gained 93.97% of their value over the last 52 weeks. On September 05, 2025, Hertz Global Holdings, Inc. (NASDAQ:HTZ) stock closed at $5.47 per share, with a market capitalization of $1.7 billion.
Pershing Square Holdings stated the following regarding Hertz Global Holdings, Inc. (NASDAQ:HTZ) in its second quarter 2025 investor letter:
“Late last year, we began accumulating shares in Hertz Global Holdings, Inc. (NASDAQ:HTZ), a leading car rental company undergoing a turnaround. We believe Hertz’s share price can increase by a multiple of our cost in reasonably likely scenarios, but in light of its financial leverage, the risk of a permanent loss of capital is higher than for our typical core holdings. We acquired our position in Hertz (representing at inception 1.6% of our total assets) at an average cost of $3.81, as the market had discarded Hertz as an unprofitable business burdened by significant financial leverage, with many investors drawing unfavorable comparisons to the company’s bankruptcy during the COVID-19 pandemic when travel was brought to a standstill.15,16 We believe the new Hertz is poised for a recovery, with a favorable industry backdrop and a management team executing a sound turnaround strategy
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