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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2017-04-24 00:00:00",
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  "notes": "Contains specific dates (April 18, 2017; July 29, 2015; August 5, 2015) and regulatory references (ERISA, 13D filing).",
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      "text": "With respect to APD, \"average cost\" accounts for positions in both the Pershing Square funds and the PS V, L.P and PS V International, Ltd., co-investment vehicles...",
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      "text": "Risk Factors\nInvestors in PSH may lose all, or substantially all, of their investment in PSH. Any person acquiring shares in PSH must be able to bear the risks involved. These include, among other things, the following:\n• PSH is exposed to a concentration of investments...\n• Activist investment strategies may not be successful...\n• Pershing Square may fail to identify suitable investment opportunities...",
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      "text": "Additional Disclaimers and Notes to Performance Results",
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