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"Fund-level annual investor presentation for PSH (the permanent-capital vehicle), not a single-target activist thesis. Covers board governance, performance review, PSCM stake sale, organizational updates, and position-by-position commentary (UMG, GOOG, BN, QSR, CMG, NKE, CPKC, UBER, Hilton, Fannie/Freddie). The 27% stake figure reflects PSCM affiliates' ownership of PSH itself, not a target-company stake. Campaign_phase = follow_up per guidance for fund-level updates. Closest to a contrarian argument is the S&P 500 concentration narrative (p33-36) positioning PSH as a stock-picker hedge against mega-cap crowding. Author attributed to William Ackman as CEO/PM though the cover credits only 'Pershing Square Holdings'.", "kpisCited": [ { "detail": "10.2% vs. S&P 500 25.0%", "metric": "PSH 2024 NAV return" }, { "detail": "3.9%", "metric": "PSH 2024 total shareholder return" }, { "detail": "22.9% vs. S&P 500 13.8% (910 bps outperformance)", "metric": "PSH 7-year NAV CAGR" }, { "detail": "Widened from 29.6% to 31.2% in 2024; 30.2% as of 2/10/25", "metric": "PSH discount to NAV" }, { "detail": "15.1% at 12/31/24, down from ~24% 2022 peak", "metric": "Total debt / total capital" }, { "detail": "3.1% on 7-year weighted-average maturity", "metric": "Weighted-average cost of debt" }, { "detail": "6.6x by total assets", "metric": "Asset coverage of PSH debt" }, { "detail": "68mm shares (27.4% of initial) at $22 avg, 29% avg discount", "metric": "Shares repurchased since inception" }, { "detail": "2.5mm shares at $47 avg, 31% avg discount to NAV", "metric": "2024 buybacks" }, { "detail": "$1.05bn for 10% primary common equity (June 3, 2024)", "metric": "PSCM stake sale" }, { "detail": "~39% of index market cap, ~60% of 2024 returns", "metric": "S&P 500 top-10 concentration" }, { "detail": "27x vs. 20x (S&P 500 aggregate 22x)", "metric": "Top-10 vs. other-490 NTM P/E" }, { "detail": "54% in 2024 vs. 7% in 2003", "metric": "Passive funds share of global equity fund/ETF assets" }, { "detail": "12% annualized in 2023-2024 vs. 0% 2013-2022", "metric": "S&P 500 vs. Equal-Weight spread" }, { "detail": "+3.9% net", "metric": "2024 top contributor (Alphabet)" }, { "detail": "+370 bps, headcount -4% since Q4 2022 while revenue +27%", "metric": "Alphabet margin expansion 2024" }, { "detail": "€27.67 on 2/10/25 vs. €18.27 average negotiated purchase price", "metric": "UMG share price vs. PS cost" } ], "closingAsk": null, "extraction": { "at": "2026-04-23 00:53:05+00", "model": "unknown-legacy", "runId": null, "seconds": 246.07297, "promptVersion": null }, "scqaReward": "Continued 20%+ NAV returns plus discount compression would layer a re-rating return on top of underlying compounding; a full NAV close would imply meaningful uplift from today's £GBP share price.", "thesisTypes": [ "undervaluation", "capital_return", "multiple_rerating" ], "top3Reasons": [ "PSH compounded NAV at 22.9% annually over 7 years vs. 13.8% for the S&P 500", "PSH still trades at a ~30% discount to NAV despite buybacks, FTSE 100 inclusion and strong returns", "Top-10 S&P stocks at 39% of index cap and 27x P/E create a stock-picker's market outside mega-cap tech" ], "scqaSituation": "PSH is a £GBP-listed FTSE 100 permanent-capital vehicle giving public investors exposure to Pershing Square's concentrated long-equity activist strategy, run by William Ackman since the 2012 inception.", "thesisSummary": "Pershing Square Holdings' 2025 annual investor presentation is a fund-level recap rather than a single-target activist thesis. Board Chair Rupert Morley and the PSCM team report 2024 NAV appreciation of 10.2% and a seven-year NAV CAGR of 22.9% — 910 bps ahead of the S&P 500 — while flagging that PSH still trades at a ~30% discount to NAV that widened 1.6% during 2024. Management details the toolkit for closing that gap: 2.5 million shares repurchased in 2024 at a 31% discount, investment-grade debt at 3.1% cost with 6.6x asset coverage, the $1.05bn 10% PSCM stake sale that funds new strategies and reduces PSH performance fees, and portfolio-company updates on Alphabet, Chipotle, Hilton, Brookfield, UMG, Nike, RBI, CPKC, Uber, and Fannie/Freddie. A secondary narrative frames S&P 500 concentration (top-10 at 39% of cap, 27x P/E) as a stock-picker's tailwind.", "primaryDemands": [ "Close PSH's ~30% discount to NAV via continued strong investment performance and corporate actions", "Continue share buybacks at deep discounts to NAV", "Use PSCM stake-sale proceeds to seed new funds that reduce PSH performance fees", "Pursue U.S. index inclusion for portfolio companies (UMG, Brookfield, RBI) to attract passive demand" ], "scqaResolution": "Keep compounding NAV, repurchase stock at deep discounts, use the $1.05bn PSCM stake-sale proceeds to seed lower-fee funds, and push portfolio companies toward U.S. index inclusion.", "thesisOneLiner": "Fund-level recap: PSH's 22.9% seven-year NAV CAGR, conservative leverage and PSCM stake sale set up a narrowing of the persistent ~30% discount to NAV.", "precedentsCited": [ "January 19, 2018 'Returning to Our Roots' investor presentation" ], "scqaComplication": "Despite a 22.9% seven-year NAV CAGR and FTSE 100 inclusion, PSH's discount to NAV persists at ~30% and widened 1.6% in 2024 even as NAV compounded 10.2%.", "narrativeInterest": 2, "notableSlidePages": [ 9, 10, 24, 33, 35, 46 ], "peerCompaniesCited": [ "McDonald's", "Yum! 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This presentation is expressly qualified in its entirety by reference to PSH's prospectus, Annual Report, and Semiannual Financial Statements Including Investment Manager's Report, which includes discussions of certain specific risk factors, tax considerations, fees and other matters, and its other governing documents.", "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 19:59:06.701+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00c70e32-249b-41d5-ad30-189819ba2d0f", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.914, "x": 0.043, "y": 0.371 }, "kind": "disclaimer", "text": "Past performance is not necessarily indicative of future results. 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 19:59:06.701+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1927e835-6533-4f03-8655-49a2a8d61c8a", "parentComponentId": null }, { "bbox": { "h": 0.215, "w": 0.914, "x": 0.043, "y": 0.486 }, "kind": "disclaimer", "text": "The analyses and conclusions of Pershing Square contained in this presentation are based on publicly available information. 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. Any forward-looking statement contained in this presentation is subject to various risks and uncertainties. See also \"Forward-Looking Statements\" in Additional Disclaimers and Notes to Performance Results at the end of this presentation. All trademarks included in this presentation are the property of their respective owners.", "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 19:59:06.701+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71eac86e-5655-49c2-ab58-689acd596953", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.914, "x": 0.043, "y": 0.276 }, "kind": "disclaimer", "text": "This presentation contains information and analyses relating to all of the publicly disclosed positions representing over 50 basis points in the portfolio of Pershing Square Holdings, Ltd. (\"PSH\" or the \"Company\") during 2024. Pershing Square may currently or in the future buy, sell, cover or otherwise change the form of its investments discussed in this presentation for any reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the information contained herein including, without limitation, the manner or type of any Pershing Square investment.", "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 19:59:06.701+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8eb778ac-060f-44d0-a650-d1f5de33deb9", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.914, "x": 0.043, "y": 0.203 }, "kind": "disclaimer", "text": "All information provided herein is for informational purposes only and should not be deemed a recommendation to buy or sell any security mentioned. 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