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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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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 (59.1M shares, $1.1B, 28.1% discount), PSCM affiliate purchases (26% ownership), and quarterly dividends",
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      "text": "Global marketing efforts outside of the United States: Inclusion of PSH in the FTSE 100 index, AIC reclassification, and retained Frostrow",
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      "text": "discount to NAV: 28.1%",
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      "text": "(1) The 1-year, 5-year, and 10-year compound annual net returns for PSH were (8.8%), 25.1%, and 12.0%, respectively. (2) Reflects public shares outstanding as of April 30, 2017. (3) Ownership percentage based on current shares outstanding.",
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