PSH's stock currently trades at a 35% discount to NAV.

Judge as of 12 August 2026 (or the latest NAV date referenced in the statement). True if PSH's share price discount to its published NAV per share was 35% within ±1.5 percentage points. Mostly true if within ±3 points (32%–38%). Mixed if within ±5 points. Mostly false if a discount existed but differed from 35% by more than 5 points. False if PSH traded at a discount below 20% or at a premium.

Set before the research began.

1. E1 Morning briefing: Pershing Square stumbles, BIPS expands, plus CYN, JCH Association of Investment Companies (AIC) · 13 August 2026

   “An additional $100m buyback was authorised in May 2026 as the share price discount widened from 24.1% to 34% and was 33% at last night’s close.”

2. E2 Ackman’s Pershing Square Fund Is Still Trading At A Deep Discount Finimize · 28 November 2025

   “As of August 11th, shares were about 36% below the fund’s published NAV of $81.26.”

3. E3 Ackman’s Pershing Square Fund Is Still Trading At A Deep Discount Finimize · 28 November 2025

   “Using PSH’s published NAV of $81.26 per share on 11 Aug 2026 and the price you provided ($52.2205), the current discount to NAV is approximately 35.7%”

4. E4 Pershing Square Holdings NAV declines and lags S&P 500 in first half Alliance News (via AJ Bell) · 13 August 2026

   “Shares in Pershing Square were up 0.1% at 3,896.08 pence each in London on Thursday morning”

The AIC briefing [E1], an independent source dated 13 August 2026, puts PSH's share price discount at 33% at the 12 August close. That is 2 points from the claimed 35%, so it misses the ±1.5-point band for true but falls within the ±3-point band. Finimize [E2] gives about 36% below the published NAV of $81.26 as of 11 August, but that page's date (November 2025) doesn't match the 2026 figures, and [E3] reads like a generated reply, so both carry less weight. Together the evidence puts the discount at roughly 33–36%, which supports mostly true.