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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "Through its amended FOA, PSH could realize a meaningful reduction in performance fees as PSCM launches new investment funds",
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      "text": "Assuming PSH generates 15% gross returns, the fee offset from the illustrative new fund alone will reduce PSH's performance fee percentage from 16.0% to 13.5%(2)",
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      "text": "$10 billion X 2.0% X 20% = $40 million",
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      "text": "Illustrative Fee Reduction Impact from New Management Fee-Only Fund Launched by PSCM:(1)",
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      "text": "Assuming PSH generates 15% gross returns, the fee offset from the illustrative new fund alone will reduce PSH's performance fee percentage from 16.0% to 13.5%(2)\n\nAssuming PSH generates 5% gross returns, the fee offset from the illustrative new fund will have an even greater impact, reducing PSH's performance fee percentage from 16.0% to 6.5%(2)",
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      "text": "Note: Calculation above is for illustrative purposes only and is not intended to give any projection of or assurance as to the amount of assets under management of any new fund launched by PSCM and the resulting impact on PSH performance fees.\n(1) Does not include any potential PSH performance fee reduction from performance fees earned from PSCM's two private funds, Pershing Square, L.P. (\"PSLP\") and Pershing Square International, Ltd. (\"PSI Ltd\"), or any other future funds launched beyond the illustrative new fund highlighted above.\n(2) Potential reduction of PSH's estimated annual performance fee is based on PSH's NAV as of December 31, 2023.",
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