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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "notes": "Includes fee structure context for PSLP and PSH.",
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      "text": "PSH: 1.5% Management Fee, 16% Incentive Fee, Modestly Levered",
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      "text": "Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation. (1) PSLP/PSH data represents returns an investor would have earned by investing in PSLP at its January 1, 2004 inception and converting to PSH at its launch on December 31, 2012.",
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      "text": "Annual Net Returns: 16.4%",
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      "text": "Pershing Square L.P. (\"PSLP\") / PSH Annual Net Returns",
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