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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "notes": "The chart highlights the period of the 'ADP Proxy Contest' and subsequent operational improvements.",
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      "text": "ADP's share price including dividends increased 28% year-to-date in 2019 through our last share sale on July 31, 2019",
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      "text": "Note: The performance of ADP's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.",
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