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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 outlines a multi-pronged approach to closing the valuation gap, emphasizing performance, index inclusion, and capital allocation.",
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      "text": "The board continues to believe that the most powerful driver of long-term shareholder returns will be continued strong absolute and relative NAV performance",
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      "text": "Corporate actions: Premium listing; Share buybacks (50.8m shares, $837m, 26.5% discount, 21% reduction); PSCM affiliate purchases (25%); Quarterly dividend initiation",
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      "text": "Marketing: Inclusion of PSH in the FTSE 100 index in December 2020; AIC reclassification; Portfolio transparency; Increased platform visibility",
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      "text": "Strong investment performance: Compound annual net returns above 50% for the last three years",
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      "text": "discount to NAV: 26.5%",
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      "text": "(1) Reflects public shares outstanding as of April 30, 2017. (2) Ownership percentage based on current shares outstanding.",
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