Universal Music Group N.V./ADR

• Pershing Square Holdings Letter to Shareholders ↗ Pershing Square Holdings returned 20.9% on NAV in 2025, ahead of the S&P 500’s 17.9%, while its share price gained 33.9% as the NAV discount narrowed to 24.1%. The portfolio added Meta, Amazon and Alphabet, backed Howard Hughes Holdings’ Vantage acquisition, and exited Hilton, Chipotle, Canadian Pacific and Nike. 2025 +20.9% AMZN $2.8TBN $94BFMCC $3.6BFNMA $7.3B
• Pershing Square Holdings Letter to Shareholders ↗ Pershing Square added Amazon and increased Brookfield and Hertz while trimming UMG, Hilton and Chipotle and exiting Canadian Pacific amid tariff-driven volatility. It is transforming Howard Hughes Holdings into a diversified holding company, beginning with a planned property-casualty insurance platform whose assets it would manage without charge. Six-month period ended June 30, 2025 +15.5% HHH $4.1BAMZN $2.8TBN $94BCMG $47B
• Palm Harbour Capital Q4 2024 Letter ↗ Palm Harbour Capital added Compagnie de l’Odet, a Spanish copper miner and a Korean rice-cooker maker, while exiting H&T, OVS and DNO. The portfolio argues that Odet’s convoluted Bolloré cross-holding structure materially understates its underlying assets and that simplification could unlock value, while warning that US speculation and fiscal-policy risk have raised the cost of risk. fourth quarter — FCODF $6.5B0FHO delisted0NFS BOIVF $12B

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