{
  "docId": "019dd923-622c-750b-8b9c-03cf0520f67b",
  "docSlug": "c3322730abd5",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-02-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 28,
  "pageCount": 59,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-03cf0520f67b/28",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-03cf0520f67b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-03cf0520f67b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-03cf0520f67b#slide-28",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "callout",
      "text": "Strong gains across the portfolio enabled PSH NAV to slightly outperform, and PSH share price to substantially outperform, the S&P 500 in 2023",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8033de79-c305-4d16-8f2d-87be939f807b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.6,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "disclaimer",
      "text": "Note: PSH share price performance reflects public shares traded on Euronext Amsterdam (PSH:NA) and includes dividend reinvestment.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14f9570e-65e8-4829-8869-631f58fd44eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.06,
        "y": 0.81
      },
      "kind": "list",
      "text": "Exited Lowe’s after a highly successful, nearly six-year holding period, freeing up capital for new opportunities",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2455d6e1-af2c-4d27-b2b1-0521b70f6261",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.06,
        "y": 0.71
      },
      "kind": "list",
      "text": "Continued progress at Universal Music Group, our largest investment",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30e2bc50-edb6-4015-9e20-9e61460cc210",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.06,
        "y": 0.43
      },
      "kind": "list",
      "text": "Closely monitored macroeconomic developments and evaluated hedge opportunities to protect our portfolio from downside risks",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c48dbfe3-4431-42a3-8364-304d8305d667",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.06,
        "y": 0.57
      },
      "kind": "list",
      "text": "Launched Pershing Square SPARC Holdings (“SPARC”) and began search for an attractive merger partner",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5141ec0-4785-4d16-98ab-94e0c7e7cd3f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.06,
        "y": 0.32
      },
      "kind": "list",
      "text": "Initiated new investment in Alphabet, the parent company of Google",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db656c34-a8f8-4b63-a02b-d0565891182f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.04,
        "y": 0.1
      },
      "kind": "title",
      "text": "2023 Key Developments",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c9990d03-2ebf-469e-90a5-c7cb9d1e10d7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 28,
      "from": 21,
      "beatId": "6aba79c6-4aa5-4520-b68c-e993ca1c8d3b",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The document outlines the company's strategic update, business and organizational update, and equity portfolio update, providing a clear direction for next steps.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}