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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "notes": "Includes footnote regarding calculation of public shares outstanding.",
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      "kind": "callout",
      "text": "Over the course of 2019, PSH instituted share buyback programs totaling $300 million",
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      "text": "The combined $601 million of PSH share buybacks and $540 million of cumulative share purchases by PSCM affiliates have reduced the free float of PSH by 32% since the IPO.",
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      "text": "Return on Investment: 38.9%",
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      "text": "The combined $601 million of PSH share buybacks and $540 million of cumulative share purchases by PSCM affiliates have reduced the free float of PSH by 32% since the IPO. Today, PSCM affiliates own approximately 21.9% of PSH on a fully diluted basis",
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      "text": "(1) Reflects Public Shares outstanding as of June 19, 2019 for 2019 Share Buyback Programs and Public shares outstanding as of May 2, 2017 for cumulative shares repurchased since inception",
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      "text": "2019 Corporate Actions: Share Buyback Programs",
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