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Three-part narrative: (1) close the NAV discount via capital actions + dividend, (2) prove the firm has 'returned to roots' after the 2015-2017 drawdown via headcount cut and discipline, (3) walk through each portfolio company. Peer-gap framing applied at fund level (PSH vs S&P 500) and at position level (LOW vs HD). 'What we said / What we did' framing on slides 21-22 is a clean before/after device. Tone is collaborative/promotional rather than adversarial — no named villain, no CEO quote-contradiction, no fraud rhetoric. UTX three-way breakup positioned as a recent activism win; CMG and Lowe's CEO transitions positioned as ongoing wins. stake_disclosed_pct set null because this is a fund-level update, not a target-stake disclosure (the 67% figure refers to PSH's share of PSCM's core fund equity, not an activist position). Author attributed to William Ackman as CEO/PM though deck is opened by chairperson Anne Farlow. Useful as a specimen of post-drawdown 'comeback narrative' construction by an activist fund. Many divider slides (4, 10, 20, 34, 56) are nearly empty.", "kpisCited": [ { "detail": "~27% as of 2/12/2019 (price $15.70 vs NAV/share $21.57)", "metric": "PSH discount to NAV" }, { "detail": "13.8% vs 8.4% for S&P 500", "metric": "PSLP net CAGR since 1/1/2004" }, { "detail": "PSLP +606.6% vs S&P 500 +236.5% through 2/12/2019", "metric": "Cumulative net return since inception" }, { "detail": "-0.7% vs S&P 500 -4.4% (375 bps outperformance)", "metric": "2018 net return (PSH)" }, { "detail": "+24.7% vs S&P 500 +9.7% (1,500 bps outperformance)", "metric": "2019 YTD net return (PSH)" }, { "detail": "$0.10/share = ~2.5% yield, vs ~2.1% S&P 500 average", "metric": "PSH new quarterly dividend" }, { "detail": "24.5% via $300m tender at 20.5% NAV discount + $520m PSCM affiliate purchases", "metric": "Free float reduction since April 2018" }, { "detail": "From 74 employees at peak to 38 today", "metric": "Headcount reduction" }, { "detail": "9.3% vs Home Depot 14.5%; mgmt targets 12% medium-term", "metric": "Lowe's EBIT margin" }, { "detail": "~$7 vs ~$4 at time of initial investment; targets 23-25% EBIT margin vs ~32% structural potential", "metric": "ADP guidance EPS FY2021" }, { "detail": "22% vs 15% for S&P 500 ex Financials/RE/Energy", "metric": "Portfolio EBIT margin (2019E)" }, { "detail": "14% vs 8% for S&P 500 ex Financials/RE/Energy", "metric": "Portfolio EBIT growth 18E-20E" }, { "detail": "18% vs 8% for S&P 500 ex Financials/RE/Energy", "metric": "Portfolio EPS growth 18E-20E" }, { "detail": "$7.9bn as of 2/12/2019, up from $6.4bn at 12/31/2018", "metric": "Total Firm AUM" }, { "detail": "~55% in U.S. and ~75% in China", "metric": "Starbucks new unit pretax returns" }, { "detail": "~30% to peers; three-way separation announced Nov 2018", "metric": "UTX sum-of-parts discount" } ], "closingAsk": "Continue to back PSH as a long-term, activism-driven alternative to the S&P 500 trading at a 27% discount to NAV.", "extraction": { "at": "2026-04-23 00:42:45+00", "model": "unknown-legacy", "runId": null, "seconds": 246.94862, "promptVersion": null }, "scqaReward": "Closing the 27% NAV discount alone implies roughly 37% upside; combined with portfolio earnings growth roughly double the S&P 500's, the look-through return potential is substantially higher.", "thesisTypes": [ "undervaluation", "capital_return", "operational_turnaround", "management_change", "breakup_spinoff", "governance_board" ], "top3Reasons": [ "PSH trades at a 27% discount to NAV despite a 13.8% net CAGR since 2004 vs 8.4% for S&P 500", "Concentrated portfolio of high-quality compounders outperformed the S&P by 1,500bps YTD 2019", "Restructured firm (74 to 38 employees) refocused on core principles, with four new high-quality positions added" ], "scqaSituation": "Pershing Square Holdings is Bill Ackman's permanent-capital, London-listed activist vehicle — concentrated in roughly ten large-cap U.S. positions and representing about 67% of PSCM's core fund equity.", "thesisSummary": "Pershing Square Holdings closed 2018 down 0.7% — a 375bps outperformance of the S&P 500 — and is up 24.7% year-to-date through 12 February 2019, a 1,500bps lead. Bill Ackman frames the year as the completion of a 'return to roots': headcount cut from 74 to 38, four new high-quality positions added (United Technologies, Lowe's, Starbucks, Hilton), and constructive activism advancing at ADP, Chipotle (new CEO Brian Niccol), Lowe's (Marvin Ellison) and UTX (announced three-way breakup). PSH trades at a 27% discount to NAV (0.73x book), pays a new $0.10 quarterly dividend, and PSCM affiliates have bought $520m of shares since May 2018, shrinking the free float by 24.5%. The pitch: a long-term-capital, concentrated, activist alternative to passive S&P 500 exposure.", "primaryDemands": [ "Hold or buy PSH at its 27% discount to NAV", "Reinvest the new quarterly dividend through the DRIP to compound at NAV", "Recognize PSCM affiliates' $520m+ open-market buying as a confidence signal", "Continue to back the restructured firm and its 'return to roots' investment discipline" ], "scqaResolution": "Restructure to a smaller investment-centric team, redeploy into four high-quality new positions, initiate a quarterly dividend plus buybacks, and have PSCM affiliates buy $520m of PSH shares to demonstrate conviction.", "thesisOneLiner": "PSH offers an activist portfolio compounding well above the S&P 500, available at a 27% discount to NAV, with a new dividend, buybacks, and insider buying narrowing the gap.", "precedentsCited": [ "ADP proxy contest (2017) — 'ADP: The Time is Now' and 'ADP Ascending'", "Chipotle board refresh and Brian Niccol CEO appointment 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All investments involve risk including the loss of principal. It should not be assumed that any of the transactions or investments discussed herein were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the investments discussed herein. Specific companies or investments shown in this presentation are meant to demonstrate Pershing Square's active investment style and the types of industries and instruments in which we invest and are not selected based on past performance.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:15.873+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29d807d4-8ac3-4e0c-8e02-3ff0741f7ee5", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.928, "x": 0.071, "y": 0.665 }, "kind": "disclaimer", "text": "This document may not be distributed without the express written consent of Pershing Square and does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. 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Pershing Square recognizes that there may be confidential or otherwise non-public information in the possession of the companies discussed in the presentation and others that could lead these companies to disagree with Pershing Square's conclusions. The analyses provided include certain statements, assumptions, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies. Such statements, assumptions, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, legal, regulatory, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, assumptions, estimates or projections or with respect to any other materials herein. 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