Investment Companies Daily: PSUS/PSH portfolio/discount, Latest UK Power Curves, SEIT managed wind down/dividend cut, USF NAV/ portfolio sale process, AIRE not recommending Glentstone bid

Research evidence excerpt

Investment Companies Daily: PSUS/PSH portfolio/discount, Latest UK Power Curves, SEIT managed wind down/dividend cut, USF NAV/ portfolio sale process, AIRE not recommending Glentstone bid

C A Z E N O V E Europe Equity Research

16 June 2026

Investment Companies Daily

PSUS/PSH portfolio/discount, Latest UK Power Curves,

SEIT managed wind down/dividend cut, USF NAV/

portfolio sale process, AIRE not recommending

Glenstone bid

• Pershing Square Holdings (PSH, Overweight) - Pershing Square USA European Investment Companies

AC (PSUS, Not Covered) portfolio and discount to NAV - PSH is managed by Christopher Brown

Pershing Square (PS, Not Covered) which recently launched a new US listed (44-20) 7134-4722

closed end fund, PSUS, that raised $5bn at IPO in April 2026. In a recent post christopher.brown@jpmorgan.com

on X.com Bill Ackman says that 85% of the PSUS IPO proceeds have now been Adam Kelly, CFA

deployed into twelve portfolio companies including eight which he names in (44-20) 7742-9526

the statement: Amazon, Microsoft, Uber Technologies, Meta Platforms, adam.kelly@jpmorgan.com

J.P. Morgan Securities plc

Brookfield Corporation, Restaurant Brands International, Fannie Mae and

Freddie Mac. These are all current investments within the PSH portfolio and Investment companies Research

in addition PSH has investments in Seaport Entertainment Group and Howard homepage -click here

Hughes Holding. We show what we think are the main disclosed PSH holdings

in Figure 2PSHdisclosedportfoliopositions(JPMefor%oftotalportfolio) and this includes the now completed $1bn invested in Howard

Hughes Holding non-voting exchangeable perpetual preferred shares as was Largest movers over the last week (%)

disclosed on 5/6/26.