Pershing Square | Investor Presentation Deck | 59 slides

Pershing Square Holdings · 2024-02
arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
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4
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Slide inventory

59
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detailBeat · Attention
02
other
Open slide detailBeat · Attention
03
front_matter
Open slide detailBeat · Attention
04
transition
Open slide detailBeat · Attention
05
introduce_nominees
Open slide detailBeat · Interest
06
other
Open slide detailBeat · Interest
07
summarize
Open slide detailBeat · Interest
08
The slide uses a clear comparative table structure to highlight outperformance. Includes specific footnotes for index definitions and data limitations.analyze_data
Open slide detailBeat · Interest
09
The chart uses callout boxes to highlight specific financial events (issuances in yellow, redemptions in blue) linked to the timeline.analyze_data
Open slide detailBeat · Interest
10
summarize
Open slide detailBeat · DesireLoop · Cost Of Inaction
11
present_solution
Open slide detailBeat · DesireLoop · Cost Of Inaction
12
transition
Open slide detailBeat · DesireLoop · Cost Of Inaction
13
summarize
Open slide detailBeat · DesireLoop · Cost Of Inaction
14
The slide clarifies that the fee offset is contingent on repaying IPO costs, which are still outstanding.summarize
Open slide detailBeat · DesireLoop · Cost Of Inaction
15
The slide outlines structural changes to fee offsets to benefit PSH shareholders.summarize
Open slide detailBeat · DesireLoop · Cost Of Inaction
16
Uses a mathematical equation format to illustrate financial impact.quantify_opportunity
Open slide detailBeat · DesireLoop · Cost Of Inaction
17
transition
Open slide detailBeat · ActionLoop · So What Cascade
18
The chart uses a dashed line to visually separate the primary subject (PSH NAV) from the benchmark indices.compare_peers
Open slide detailBeat · ActionLoop · So What Cascade
19
The chart uses a dashed line to visually separate the primary subject (PSH NAV) from the benchmark indices.compare_peers
Open slide detailBeat · ActionLoop · So What Cascade
20
The table distinguishes between PSLP (unlevered) and PSH (modestly levered) fee structures and performance periods.analyze_data
Open slide detailBeat · ActionLoop · So What Cascade
21
The chart highlights significant outperformance since firm inception in 2004.compare_peers
Open slide detailBeat · ActionLoop · So What Cascade
22
The slide includes a specific callout box referencing a 2018 investor presentation, marking a pivot point in the performance trajectory.analyze_data
Open slide detailBeat · ActionLoop · So What Cascade
23
The slide uses a textured background for the text list to simulate a document or manifesto.summarize
Open slide detailBeat · ActionLoop · So What Cascade
24
The table includes a total row and a footnote regarding the calculation of net contributors.analyze_data
Open slide detailBeat · ActionLoop · So What Cascade
25
The table breaks down performance detractors by category, including underlying portfolio positions and bond interest expense.analyze_data
Open slide detailBeat · ActionLoop · So What Cascade
26
The table breaks down AUM into Total and Equity, and Insider Capital into Total and percentage of Equity.analyze_data
Open slide detailBeat · ActionLoop · So What Cascade
27
transition
Open slide detailBeat · ActionLoop · So What Cascade
28
The slide uses a green callout box for the primary thesis and a bulleted list for specific developments.summarize
Open slide detailBeat · ActionLoop · So What Cascade
29
The slide outlines a strategic investment philosophy regarding hedging.present_framework
Open slide detailBeat · ActionLoop · Quick Win Big Bet
30
The slide outlines a proprietary research methodology combining traditional macro data with bottom-up corporate intelligence.present_framework
Open slide detailBeat · ActionLoop · Quick Win Big Bet
31
summarize
Open slide detailBeat · ActionLoop · Quick Win Big Bet
32
The slide highlights the transition of the deal from PSTH to Pershing Square funds due to SEC feedback and the subsequent performance of the investment.illustrate_case
Open slide detailBeat · ActionLoop · Quick Win Big Bet
33
summarize
Open slide detailBeat · ActionLoop · Quick Win Big Bet
34
The chart includes tenure in years for each employee listed.other
Open slide detailBeat · ActionLoop · Quick Win Big Bet
35
introduce_nominees
Open slide detailBeat · ActionLoop · Quick Win Big Bet
36
front_matter
Open slide detailBeat · ActionLoop · Quick Win Big Bet
37
This slide functions as an executive summary of the investment thesis for UMG.summarize
Open slide detailBeat · Action
38
The slide uses a timeline-annotated line chart to correlate share price movements with specific industry events.analyze_data
Open slide detailBeat · Action
39
Pershing Square investment thesis slide.summarize
Open slide detailBeat · Action
40
The slide uses a line chart with callout boxes to correlate specific corporate events with share price movements.analyze_data
Open slide detailBeat · Action
41
summarize
Open slide detailBeat · Action
42
The slide uses a timeline-annotated line chart to correlate corporate events with stock price growth.illustrate_case
Open slide detailBeat · Action
43
summarize
Open slide detailBeat · Action
44
The chart uses a timeline-style annotation approach to correlate corporate events with share price movements.analyze_data
Open slide detailBeat · Action
45
Pershing Square investment thesis slide.summarize
Open slide detailBeat · Action
46
The chart includes a dashed line indicating the average cost at announcement ($73) and callout boxes for specific historical events.analyze_data
Open slide detailBeat · Action
47
The slide highlights operational success in MPCs, strategic corporate restructuring (spin-off), and significant investor confidence.summarize
Open slide detailBeat · Action
48
The slide uses callout boxes to link specific dates and events to the share price trajectory.illustrate_case
Open slide detailBeat · Action
49
Pershing Square investor presentation slide.summarize
Open slide detailBeat · Action
50
The chart includes a horizontal dashed line indicating the average cost at announcement (C$91).analyze_data
Open slide detailBeat · Action
51
The slide uses color-coded bars to separate the core thesis from supporting points and litigation updates.summarize
Open slide detailBeat · Action
52
The slide uses a timeline-annotated line chart to correlate share price volatility with specific litigation and regulatory events.analyze_data
Open slide detailBeat · Action
53
transition
Open slide detailBeat · Action
54
The slide uses a structured list format to summarize investment performance and exit rationale.summarize
Open slide detailBeat · Action
55
The slide highlights the investment performance of Pershing Square in Lowe's, using a line chart with callout boxes for key milestones.illustrate_case
Open slide detailBeat · Action
56
closing_ask
Open slide detailBeat · Action
57
Page 57 of the presentation.other
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Page number 58 visible in bottom right corner.other
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Page number 59 in the bottom right corner.other