Pershing Square Holdings Ltd said on Wednesday its net asset value rose in 2021, though it saw a drop in its pretax profit.

The company reported its pretax profit dropped 35% in 2021 to $2.52 billion from $3.76 billion the previous year. Investment gains also fell, dropping 31% to $3.14 billion from $4.56 billion.

Pershing’s net asset value per share rose 26% to $57.30 per share at the end of 2021, from $45.46.

Pershing Square Holdings is a Guernsey-based investment trust managed by Bill Ackman’s Pershing Square Capital Management.

Pershing Square says its growth was driven by a ‘strong’ performance across its portfolio, most Lowe’s Companies Inc and Universal Music Group NV. Though it added its most notable detractor was Pershing Square Tontine Holdings Ltd.

During the year, it made four equal payouts of $0.10 per share, $0.40 in total, unchanged from 2020.

Shares in Pershing Square were down 0.1% at 3,016.90 pence on Wednesday morning in London.

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