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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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  "notes": "The table aggregates positions with less than 50 basis points of contribution, except for share buybacks.",
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      "text": "Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Positions with contributions to performance of 50 basis points or more are listed above separately.",
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      "text": "Gross Returns: 93.5%",
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      "text": "(1) Over the course of 2020, PSH executed share buybacks totaling $286 million at an average discount to NAV of 32.0%. The positive impact on performance due to the accretion from these share buybacks is reflected above.",
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      "text": "Contributors PSH Index CDS 36.6% Pershing Square Tontine Holdings 13.1% Lowe's 10.7% Chipotle Mexican Grill 10.2% Starbucks 7.6% Agilent Technologies 7.2% Restaurant Brands International 3.0% Hilton Worldwide 2.7% Accretion from Share Buybacks 2.4% Total 93.5%",
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