Pershing Square Holdings noted in its Q2 2026 letter to investors that Brookfield Corporation (BN) shares rose 5% in the second quarter but were still down 7% year-to-date. The fund believes that Brookfield has minimal exposure to the market's general concerns about commercial development companies as growth vehicles and asset managers' high investment allocations in private credit and/or software companies, thus outperforming its peers year-to-date. Pershing Square expects Brookfield to achieve 15% or higher growth in distributable earnings per share this year and considers its current 14x price-to-earnings ratio to be undervalued.