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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "3/1/21 – 9/30/21: Industry pricing data (\"ADR\") exhibits sequential improvement – begins to eclipse 2019 levels",
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      "text": "7/29/21: HLT reports a step-function improvement in profitability relative to prior recent trending; fully repays previously drawn credit line",
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      "text": "3/10/20: HLT withdraws 2020 outlook given macro uncertainty; draws down $1.75bn credit line",
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      "text": "HLT's share price including dividends increased 40% in 2021 and has decreased 2% year-to-date in 2022(1)",
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      "text": "Note: The performance of HLT'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. (1) As of 2/8/2022.",
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