Pershing Square Holdings (PSHZF.US) price drivers: Net Asset Value (NAV): PSHZF is a closed-end fund. Its share price is heavily influenced by the NAV of its underlying portfolio, which is primarily composed of publicly traded companies.

Investment Performance: Strong performance of Pershing Square's investments generally leads to an increase in PSHZF's share price, and vice versa.

Market Sentiment: General market conditions and investor sentiment towards hedge funds and investment trusts can impact demand for PSHZF shares.

Premium/Discount to NAV: The market price of PSHZF may trade at a premium or discount to its NAV. Changes in this premium/discount can significantly affect the share price.

Interest Rates: Changes in interest rates and the overall economic environment can affect the valuations of the companies in Pershing Square's portfolio, thus affecting PSHZF’s price.

Ackman's Reputation: As a fund heavily associated with Bill Ackman, his reputation and investment decisions play a crucial role in the stock’s price.

Liquidity & Trading Volume: Low liquidity and trading volume can lead to price volatility.

Company News: Specific news related to Pershing Square's portfolio holdings (e.g., earnings reports, mergers, acquisitions) will affect PSHZF.

Share Buybacks: Pershing Square's decisions regarding share buybacks can impact the share price.