PSH's stock currently trades at a 33.9% discount to NAV.

Judge as of the date of the 2022 Pershing Square Holdings (PSH) report or letter that contains the statement. The test is whether PSH's share price stood at a 33.9% discount to its published net asset value (NAV) per share at the reference date the report uses. True: PSH's published NAV per share and its share price on the same date (London Euronext/LSE price, in the same currency) give a discount of 33.9%, allowing for rounding of ±0.2 points, or PSH's own official report states that figure. Mostly true: the discount on that date was within about 1 point of 33.9%, for example because of a slightly different reference date or price-currency basis. Mixed: there was a discount, but it differed by more than 1 and up to 3 points. Mostly false: there was a discount, but it differed by more than 3 points. False: the shares did not trade at a discount, or the discount was wildly different (for example under 20%).

Set before the research began.

1. E1 Pershing Square Holdings, Ltd. (June 2022 Interim Letter excerpt) Pershing Square Holdings, Ltd. · August 2022 Own record

   “Over the same periods, the discount to NAV of Public Shares listed in Sterling on the London Stock Exchange widened from 28.8% to 29.3% as of June 30, 2022 and further widened to 35.0% as of August 16, 2022”

2. E2 Pershing Square Holdings, Ltd. (June 2022 Interim Letter excerpt) Pershing Square Holdings, Ltd. · August 2022 Own record

   “The median and average discount to NAV for the top 100 equity closed-end funds with greater than a $1 billion market cap is 4% and 3% respectively compared with PSH’s current discount of 35%.”

3. E3 Pershing Square Holdings, Ltd. 2022 Annual Report Pershing Square Holdings, Ltd. · 28 March 2023 Own record

   “The discount to NAV for Public Shares traded on the LSE in Sterling widened from 21.3% on December 31, 2017 to 31.9% on December 31, 2022.”

4. E4 Pershing Square Holdings, Ltd. 2022 Annual Report Pershing Square Holdings, Ltd. · 28 March 2023 Own record

   “This lower return reflects the 34% discount to NAV at which PSH’s stock currently trades.”

PSH's 2022 Annual Report contains the same sentence, giving the figure as 34%: "This lower return reflects the 34% discount to NAV at which PSH's stock currently trades" [E4]. That is consistent with 33.9% after rounding, but a whole-number figure can't confirm the ±0.2-point match needed for "true", so it supports only "within about 1 point". Other discount figures PSH gave for 2022 were 29.3% at June 30, 35.0% at August 16 and 31.9% at December 31 [E1, E2, E3], so a discount of about 34% fits the range that year. All of this evidence comes from PSH's own official reports; none of it is independent.