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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "notes": "The slide highlights a successful hedging strategy that generated $2.6bn in proceeds against $27mm in costs.",
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      "text": "In the aggregate, the hedges generated over $2.6bn in proceeds across the Pershing Square funds while incurring $27mm in carrying costs",
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      "text": "Total Hedge Exposure: $70,664",
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      "text": "In late February, we acquired large notional CDS index hedges to protect our portfolio against losses in a severe market decline",
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      "text": "(1) Refers specifically to the CDS index hedges initiated in late February / early March. Subsequent to the February-March hedging program, Pershing Square has maintained smaller positions in CDS index hedges throughout various periods in 2020 and 2021 year-to-date.",
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