Pershing Square Holdings, an investment holding company, released its second quarter 2026 investor letter. A copy of the letter can be downloaded here. Pershing Square is an alternative asset manager that primarily manages capital in publicly traded investment vehicles, with 98% of its capital structure dedicated to such assets, including Howard Hughes Holdings.
This capital permanency allows for long-term investments, fostering sustainable competitive advantages and yielding substantial market returns since 2018. The investment strategy focuses on acquiring high-quality companies at safe price points, anticipating significant annual EPS growth of 15% or more in the coming years. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its Q2 2026 investor letter, Pershing Square Holdings highlighted Uber Technologies, Inc. (NYSE:UBER) as a newly added position. Uber Technologies, Inc. (NYSE:UBER) is a multinational technology company that offers ridesharing, food delivery, freight, and other services. On August 17, 2026, Uber Technologies, Inc. (NYSE:UBER) closed at $74.99 per share, reflecting a market capitalization of $153.17 billion.
Uber Technologies, Inc. (NYSE:UBER) posted a one-month return of 4.81%, while its shares lost 21.33% over the past 52 weeks. Pershing Square Holdings stated the following regarding Uber Technologies, Inc. (NYSE:UBER) in its Q2 2026 investor letter: "Uber Technologies, Inc.'s (NYSE:UBER) share price was relatively unchanged during the second quarter and remains down 12% year-to date. Broad investor concern regarding the potential long-term impact of autonomous vehicles (AVs) continues to negatively weigh on Uber's stock, punctuated this quarter by evidence of an increasingly fraught relationship with its partner, Waymo.
Offsetting these concerns, the company continues to make significant progress with its many other strategic partners, with AV launches planned in multiple new cities later this year. Against this backdrop, Uber continues to demonstrate very strong operating and financial performance, with earnings on pace to grow approximately 35% this year. Valuation is increasingly disconnected from its fundamentals.
It now trades at 19 times earnings, near its lowest ever valuation." Uber Technologies, Inc. (NYSE:UBER) ranks 12 on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 153 hedge fund portfolios held Uber Technologies, Inc. (NYSE:UBER) at the end of the first quarter, up from 147 in the previous quarter. While we acknowledge the potential of Uber Technologies, Inc. (NYSE:UBER) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk.
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