Pershing Square Holdings, an investment holding company, has released its investor letter for the first half of 2024. A copy of the same can be downloaded here. It has been a productive year for Pershing Square, despite a slight decline in performance year to date through August 13, 2024. The company’s net asset value per share, including dividends, rose 5.7% in the first half of 2024 and fell 2.3% year to date through August 13, 2024, and its stock price rose 14.7% and fell 2.9%, respectively. The S&P 500 rose 15.3% and 14.9%, respectively, during the same period. Additionally, you can check out the fund’s top five holdings to find its best picks for 2024.
Pershing Square Holdings highlighted stocks like Howard Hughes Holdings Inc. (NYSE:HHH) in its Q2 2024 investor letter. Howard Hughes Holdings Inc. (NYSE:HHH) is a real estate development company. Howard Hughes Holdings Inc. (NYSE:HHH)’s one-month return was 8.87%, and its shares lost 0.16% of their value over the past 52 weeks. On August 21, 2024, Howard Hughes Holdings Inc. (NYSE:HHH) stock closed at $73.10 per share with a market cap of $3.672 billion.
Pershing Square Holdings stated the following about Howard Hughes Holdings Inc. (NYSE:HHH) in its second quarter 2024 investor letter:
Howard Hughes Holdings Inc. (NYSE:HHH) Results through the first half of 2024 demonstrate solid business momentum across all segments of its portfolio and underscore its uniquely advantageous business model as an owner of Master Planned Communities (“MPC”).
On the land sales side, the Company is on track to generate nearly $300 million in full-year profit. New home sales, a leading indicator of future developer demand for land, continue to be supported by the limited supply of pre-owned homes and the highly desirable qualities of HHH’s amenity-rich MPCs, which are well located in growth markets with favorable demographic trends. The strength of this demand is most evident in the prices the Company is able to achieve for its residential land, with the average price per acre reaching a historic high of $1.0 million last quarter.
Across the Company’s portfolio of stable, income-generating operating assets, net operating income (“NOI”) increased 4% on a comparable basis in the first half of the year, driven by strong leasing momentum and steady rent increases. At its Ward Village project in Hawaii, HHH continues to see robust sales momentum. The Company has pre-sold 51% of inventory at its newest condominium tower, The Launiu, despite sales only beginning in February. Outside of Ward Village, the Company is developing its first condominium project in the Woodlands, the Ritz-Carlton Residences. As the first luxury project of its kind in Houston, the Ritz-Carlton Residences has seen tremendous demand and has already pre-sold 65% of available units, representing $313 million in future sales…” (Click here to read the full text)
An open-plan office with smiling employees whose faces shine on the computer screens.
Howard Hughes Holdings Inc. (NYSE:HHH) is not on our list of the 31 most popular stocks among hedge funds. According to our database, 35 hedge fund portfolios held Howard Hughes Holdings Inc. (NYSE:HHH) at the end of the second quarter, compared to 32 in the previous quarter. While we recognize the potential of Howard Hughes Holdings Inc. (NYSE:HHH) as an investment, we believe AI stocks promise higher returns and do so in a shorter time frame. If you are looking for an AI stock that is as promising as NVIDIA but trades at less than 5 times earnings, read our report on the cheapest AI stock.
In another article, we discussed Howard Hughes Holdings Inc. (NYSE:HHH) and published the list of the best land and timber stocks to buy according to hedge funds. In a previous investor letter, Pershing Square Holdings reported on Howard Hughes Holdings Inc. (NYSE:HHH)’s solid performance for 2023. You can also find more investor letters from hedge funds and other leading investors on our Hedge Fund Q2 2024 Investor Letters page.
READ MORE: Michael Burry is selling these shares And A new dawn is dawning for US stocks.
Disclosure: None. This article was originally published at Insider Monkey.
