Do you mean AGT/AVI holding of PSH? I see it as biggest...

as at end of Oct... https://www.aviglobal.co...021/11/AGT-OCT-2021.pdf
Top Ten Equity Holdings
Holding %
Pershing Square Holdings 8.3
EXOR 7.0
Third Point Investors 6.4
KKR 6.3 Sony 5.4
Aker ASA 5.3
Oakley Capital Investments 5.3
Christian Dior 4.3
Fondul Proprietatea 3.9
Investor AB ‘B’ 3.9
TOTAL 56.1

thanks for the reference... I hadn't seen it... reposted below... https://citywire.co.uk/i...ery-renewables/a1595064


Pershing Square Holdings (PSH) shoots close to the top of the risers list this week – pipped only by the winding-up Cambium Global Timberland (TREE) – after the £6.6bn closed-end fund, run by US hedge fund manager Bill Ackman, posted a handy gain in the value of its portfolio.

The sterling-denominated shares notched up a 6.9% gain over five trading days to close at £31.15 on Thursday. While no doubt pleasing for shareholders, who will be hoping there’s more to come given PSH shares’ still cavernous 28% discount to net asset value (NAV), working out what propelled those gains is not straightforward – much like Ackman’s ongoing adventures with the likes of Spacs, Sparcs and swaptions.

The FTSE 100 investment company, which gives weekly updates to the market on the value of its portfolio, reported NAV per share stood at $57.31 (£43.27) on Tuesday, up nearly 6% in a week for sterling investors.

Universal Music Group, now PSH’s biggest holding by some distance after Ackman snapped up a 10% stake in the process of its spin-out from Vivendi, did make some headway, though its shares have basically traded sideways since its blockbuster September flotation. Pershing Square Tontine, Ackman’s special purpose acquisition company (Spac), to which PSH also has exposure, likewise did little. The Spac, a ‘blank cheque’ vehicle used for taking an as-yet-unknown private company public, is facing a lawsuit, while a potential replacement vehicle (the even more esoteric Sparc) is also awaiting US regulatory approval.

The answer may be simpler: a rebound in the 10-or-so holdings in large North American companies that make up the rest of PSH’s portfolio, many of which are exposed to ups and downs in the real economy. The likes of Burger King-owner Restaurant Brands and hotelier Hilton have bounced back strongly since the sell-off when the omicron coronavirus variant emerged a fortnight ago, while a weakening in the pound has also flattered that effect for UK investors. Even the exact exposures there are opaque (analysts at Numis recently described the fund’s NAV as ‘somewhat difficult to model’), however, and the difficulty of attributing those gains clearly says something about the persistently wide discount.

If you're referring to the fact that Ackman et al have large insider stakes, I see this as a positive not a negative. Skin in the game makes me more comfortable!

Had a quick look through here https://www.londonstocke...e-holdings-ltd/analysis and not seeing anything recent re buybacks.

Bit of a delayed answer, but if anyone's interested, it's worth dig through Kepler's research (it mostly is imho);

https://www.trustintelli...retail-apr-2021#summary

(you need to register, free)

"The board says that it monitors the discount closely and seeks opportunities to narrow it. In this regard, the board has powers to buy shares back, and this power has been used. Since 2 May 2017, when PSH initiated its first share repurchase programme, the company has repurchased 50.8 million shares at a total cost of $837m at a discount of 26.5%. The last buyback to occur was on 03/09/2020, at an estimated discount to NAV of 29%.

Lasting solutions to the discount, or a specific catalyst that would result in a re-rating are hard to identify. The articles of association requires that a winding up or termination of the management agreement requires a 75% vote in favour of such a resolution. Given that affiliates of the management company own c. 25% (on a fully diluted basis), then it seems likely they have a blocking vote. The board has undertaken a number of steps to address the discount, including obtaining a premium listing on the London Stock Exchange, repurchasing 21% of shares outstanding (since IPO), and initiating a quarterly dividend."