Pershing Square Holdings Portfolio (multi-position) (PSH)

Pershing Square Holdings · 2026-02
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 5
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Deck intelligence map

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coverage by narrative range · generated from this deck JSON

Slide inventory

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every slide · same image gating as the playbook
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Slide 1
front_matter
Open slide detailBeat · Attention
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other
Open slide detailBeat · Attention
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front_matter
Open slide detailBeat · Attention
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transition
Open slide detailBeat · Attention
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The slide lists 6 directors with headshots and bulleted experience summaries.introduce_nominees
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summarize
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summarize
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The slide highlights PSH's performance relative to benchmarks and notes the narrowing discount to NAV.analyze_data
Open slide detailBeat · Need
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establish_context
Open slide detailBeat · Need
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The chart uses callout boxes to link specific financial events to fluctuations in the debt ratio.analyze_data
Open slide detailBeat · Need
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propose_solution
Open slide detailBeat · Need
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transition
Open slide detailBeat · Need
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summarize
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establish_context
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The slide uses a list-based structure to highlight three primary value drivers.summarize
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present_solution
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present_solution
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The slide outlines a structured financial instrument with specific call options and governance rights.summarize
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summarize
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transition
Open slide detailBeat · Satisfaction
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The chart uses a dashed vertical line to separate PSH performance from market indices and peer benchmarks.compare_peers
Open slide detailBeat · Satisfaction
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The chart uses a vertical dashed line to mark the 2018 'Return to Our Roots' strategic shift, dividing the timeline into three distinct periods.analyze_data
Open slide detailBeat · SatisfactionLoop · Before After
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The slide uses a textured background for the list and a grid of icons for the summary.summarize
Open slide detailBeat · SatisfactionLoop · Before After
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The slide uses a vertical dashed line to separate the subject (PSH) from the benchmark indices.compare_peers
Open slide detailBeat · SatisfactionLoop · Before After
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The table distinguishes between PSLP (unlevered) and PSH (modestly levered) fee structures.compare_peers
Open slide detailBeat · SatisfactionLoop · Before After
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The chart highlights significant outperformance since firm inception (2,644% vs 836%).compare_peers
Open slide detailBeat · SatisfactionLoop · Before After
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The chart highlights superior performance in down months for PSLP/PSH compared to the S&P 500.compare_peers
Open slide detailBeat · Satisfaction
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The chart highlights PSH's performance in down months using a red dashed box.compare_peers
Open slide detailBeat · Satisfaction
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The slide breaks down performance contributors, with a note explaining that positions under 50 basis points are aggregated.analyze_data
Open slide detailBeat · Satisfaction
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The slide provides a breakdown of negative performance contributors for the year 2025.analyze_data
Open slide detailBeat · Satisfaction
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The table highlights the alignment of interest through 'Insider Capital' as a percentage of equity.analyze_data
Open slide detailBeat · Satisfaction
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transition
Open slide detailBeat · Satisfaction
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summarize
Open slide detailBeat · Satisfaction
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The slide uses a clear split between acquisitions and exits to demonstrate portfolio turnover.summarize
Open slide detailBeat · Action
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The slide uses a list-based structure to present investment thesis summaries for Amazon, Meta, and Hertz.summarize
Open slide detailBeat · Action
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introduce_nominees
Open slide detailBeat · Action
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The chart includes tenure in years for each individual listed. The asterisk denotes members of the Investment Team.other
Open slide detailBeat · Action
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The table highlights the high level of experience and long tenure of the investment team.introduce_nominees
Open slide detailBeat · Action
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transition
Open slide detailBeat · Action
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The chart shows a clear recovery and growth trajectory post-COVID-19.analyze_data
Open slide detailBeat · ActionLoop · Cost Of Inaction
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The slide uses a simple bar chart to establish a premise of market strength before potentially pivoting to a critique of valuation.establish_context
Open slide detailBeat · ActionLoop · Cost Of Inaction
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The chart uses a stacked bar approach to show the attribution of market returns.analyze_data
Open slide detailBeat · ActionLoop · Cost Of Inaction
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The slide uses a split-chart approach to contrast two distinct time periods.analyze_data
Open slide detailBeat · ActionLoop · Cost Of Inaction
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The slide highlights the concentration of growth in the top 10 companies, justifying the portfolio's exposure to these names.analyze_data
Open slide detailBeat · ActionLoop · Cost Of Inaction
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The slide uses a causal argument linking EPS growth to P/E expansion.analyze_data
Open slide detailBeat · ActionLoop · Cost Of Inaction
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The slide uses a comparison frame to justify portfolio concentration in specific high-growth tech stocks.compare_peers
Open slide detailBeat · ActionLoop · Cost Of Inaction
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The slide uses a narrative-driven 'before/after' framing to justify an investment entry point based on market mispricing.quantify_opportunity
Open slide detailBeat · ActionLoop · Cost Of Inaction
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The slide highlights the 'value' proposition of UBER by contrasting the compression of the P/E multiple against the growth of EPS.analyze_data
Open slide detailBeat · ActionLoop · Cost Of Inaction
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The slide uses a dual-axis line chart to show absolute and relative P/E multiples, with a table for summary statistics.quantify_opportunity
Open slide detailBeat · ActionLoop · Cost Of Inaction
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The slide uses a line chart to show valuation convergence and a data table to quantify the multiples.analyze_data
Open slide detailBeat · Action
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transition
Open slide detailBeat · Action
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summarize
Open slide detailBeat · Action
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The slide uses a line chart to correlate share price movement with specific strategic announcements.summarize
Open slide detailBeat · Action
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Slide 54 from a Pershing Square activist deck.summarize
Open slide detailBeat · Action
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The chart highlights the average cost at announcement ($67) and correlates specific news events with share price movements.analyze_data
Open slide detailBeat · Action
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The slide uses a callout box at the bottom to emphasize the potential valuation of the taxpayer asset.propose_solution
Open slide detailBeat · Action
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The slide uses a timeline-annotated line chart to correlate share price volatility with specific news events.analyze_data
Open slide detailBeat · Action
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This slide serves as an investment thesis summary for an activist investor (Pershing Square).summarize
Open slide detailBeat · Action
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The slide uses callout boxes to explain specific price movements relative to earnings and market sentiment.analyze_data
Open slide detailBeat · Action
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The slide uses a structured list format to present the investment thesis.summarize
Open slide detailBeat · Action
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The chart highlights specific events impacting share price, including management changes, capital market days, and major shareholder transactions.analyze_data
Open slide detailBeat · Action
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Slide 62 from an activist investor deck (likely Pershing Square).summarize
Open slide detailBeat · Action
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The slide uses a timeline-annotated line chart to correlate specific company milestones with share price movement.illustrate_case
Open slide detailBeat · Action
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Includes a callout box at the bottom summarizing the investment thesis.summarize
Open slide detailBeat · Action
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The slide uses a structured list format to present four key pillars of the investment thesis.summarize
Open slide detailBeat · Action
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The chart includes a callout box explaining a price spike due to Q4 results and 2026 guidance.analyze_data
Open slide detailBeat · Action
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summarize
Open slide detailBeat · Action
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The chart uses callouts to link specific corporate milestones (acquisitions, leadership changes) to share price movements.illustrate_case
Open slide detailBeat · Action
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summarize
Open slide detailBeat · Action
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The slide uses callouts to link specific corporate milestones to share price movements.analyze_data
Open slide detailBeat · Action
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The slide uses a line chart to demonstrate value creation following a specific corporate event.illustrate_case
Open slide detailBeat · Action
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This is a classic activist investor thesis slide summarizing the investment case for Hertz.summarize
Open slide detailBeat · Action
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The chart highlights the impact of Pershing Square's investment announcement and subsequent company milestones on the share price.analyze_data
Open slide detailBeat · Action
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transition
Open slide detailBeat · Action
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The slide uses a before-after structure to contrast the successful turnaround period (2016-2024) with recent management changes and performance struggles.summarize
Open slide detailBeat · Action
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The slide uses a timeline-annotated line chart to correlate corporate events with share price movements.analyze_data
Open slide detailBeat · Action
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This slide serves as a retrospective case study of a successful activist investment.summarize
Open slide detailBeat · Action
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The chart highlights the correlation between specific corporate events and share price growth.illustrate_case
Open slide detailBeat · Action
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Slide 79 of an activist investor deck, detailing post-mortem analysis of exited positions.summarize
Open slide detailBeat · Action
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The chart uses a timeline-based annotation approach to explain share price volatility.illustrate_case
Open slide detailBeat · Action
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The chart highlights the gap between the average cost at announcement ($91) and the final price ($63).diagnose_problem
Open slide detailBeat · Action
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closing_ask
Open slide detailBeat · Action
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Page number 83 indicates this is the final appendix slide.other
Open slide detailBeat · Action
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Standard legal disclaimer page for an activist investor deck.other
Open slide detailBeat · Action
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front_matter
Open slide detailBeat · Action