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Pershing Square Buys S&P Global at Bargain Price
19 Aug
Summary
- Pershing Square initiated a position in S&P Global during Q2 2026.
- S&P Global's stock fell due to AI concerns and lower growth guidance.
- The investment was made when S&P Global traded at a five-year valuation low.
Pershing Square Holdings announced in its second quarter 2026 investor letter that it has established a new position in S&P Global Inc. (NYSE:SPGI). The investment firm, known for its long-term investment strategy, identified an opportune moment to acquire shares in the financial data and analytics company.
S&P Global's stock had previously declined significantly in February 2026. This downturn followed concerns about artificial intelligence potentially disrupting its data offerings and workflow products. Additionally, the company issued organic growth guidance that fell short of its medium-term financial targets.
These factors led to a sharp decrease in S&P Global's stock valuation, trading at 19 times earnings per share. This represented the lowest valuation in the past five years, which Pershing Square viewed as a compelling entry point for a high-quality business.
S&P Global operates by providing benchmarks, data, analytics, and workflow solutions across global capital, energy, commodity, and automotive markets. Its primary profit drivers are its dominant franchises in Ratings, Indices, and Platts.
