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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 slide highlights the strategic pivot from hedging to unwinding as market conditions evolved.",
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      "text": "3/12/20: PSH's hedge value increased to $2.0bn to become our largest position at 34% of NAV",
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      "text": "By mid-March, our CDS index hedges¹ had appreciated substantially in value and, along with cash, represented 49% of NAV",
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      "text": "As governments and various institutions mobilized to contain the spread of COVID-19 and our outlook on a potential recovery improved, we began unwinding our hedges on March 12, 2020",
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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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