Investing.com -- Bill Ackman's Pershing Square Inc (NYSE:PS) reported a third-quarter net loss as lower performance fees and higher expenses outweighed growth in recurring management-fee income.
Pershing Square, the investment manager, reported a net loss attributable to the company of $19.9 million for the third quarter, compared with net income of $155.5 million a year earlier. Revenue fell 14.5% to $56.6 million, while total expenses rose to $76.7 million from $41.9 million.
Pershing Square continued expanding its investment portfolio in 2026, making seven new investments during the year and beginning to build an eighth position after the third quarter, as the fund manager reported higher fee-related earnings despite a quarterly net loss.
Its investment portfolio was expected to generate annual earnings-per-share growth of about 20% over the next three to five years, compared with 13% for the S&P 500.
The company reported a 3.5% net asset value return for the third quarter, outperforming the S&P 500's 2.3% gain, as Microsoft (NASDAQ:MSFT) and Meta Platforms Inc (NASDAQ:META) led portfolio performance.
Pershing Square said investor enthusiasm for companies supplying infrastructure for artificial intelligence had diverted attention from other businesses with durable earnings growth, creating opportunities to buy stocks at attractive valuations.
Original Article
Ackman's Pershing Square adds seven investments in 2026, reports Q3 loss
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