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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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      "text": "To date, PSH has repurchased 5.5M shares at a 20.1% discount to NAV at a cost of $77.2 million.",
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      "text": "To date, PSH's average daily trading volume has increased by over 90%\nThe London listing, and subsequent inclusion of PSH in the FTSE 250 Index in June 2017, has helped to broaden the range of PSH investors\n~6% of shares outstanding were acquired by the passive index funds",
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      "text": "In May 2017, PSH commenced a share buyback program for up to 5% of PSH",
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      "text": "To date, PSH has repurchased 5.5M shares at a 20.1% discount to NAV at a cost of $77.2 million. The current program has remaining capacity to purchase an additional 6.5M shares\nIn November 2017, PSH amended the terms of the buyback program to increase the pace of repurchases buy extending the purchase program to include both the LSE and Euronext Amsterdam (average daily buyback volume increased 3x since these amendments were made)",
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      "text": "discount to NAV: 20.1%",
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      "text": "PSH Discount Management Steps - 2017",
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