{
  "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": 8,
  "pageCount": 59,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "kpi_overview",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "Includes footnotes regarding index definitions and PSH share price performance.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-03cf0520f67b/8",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-03cf0520f67b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-03cf0520f67b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-03cf0520f67b#slide-8",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.76
      },
      "kind": "callout",
      "text": "PSH's discount to NAV narrowed by 4.5% from 33.2% in the beginning of 2023 to 28.7% at year end, and has narrowed further to 27.0% thus far in 2024(3)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e616ccb-a8ca-4e87-abfc-cb15060f751f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "callout",
      "text": "PSH generated 2023 NAV appreciation of 26.7% and total shareholder return of 36.0%, enhancing its substantial long-term outperformance vs. market indices",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbf25e46-daf0-4c60-a01e-64a81b66ec82",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "NAV appreciation: 26.7%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b67f-107400bc4d4d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Note: PSH share price performance reflects public shares traded on Euronext Amsterdam (PSH:NA) and includes dividend reinvestment. All index returns include dividend reinvestment. 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) HFRX Equity Hedge Index and HFRX Activist Index are constructed and maintained by Hedge Fund Research, Inc. HFRX Equity Hedge Index includes funds that maintain long and short positions in primarily equity and equity derivative securities and employ a broad range of fundamental and quantitative techniques in their investment process. HFRX Activist Index includes funds with activist strategies and 50%+ of portfolio in activist situations. (2) Public shares of PSH commenced trading on Euronext Amsterdam N.V. on October 13, 2014. The annualized return of PSH share price including dividend reinvestment between October 13, 2014 and December 31, 2023 was 7.9%. (3) As of 2/6/2024.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2ffc3a2-2712-45af-b26a-a41c25c4ac07",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.88,
        "x": 0.06,
        "y": 0.37
      },
      "kind": "table",
      "text": "Annualized Returns table comparing PSH NAV/Share Price vs S&P 500, FTSE 100, MSCI World, HFRX Activist, and HFRX Equity Hedge indices.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "347b39ec-a508-4579-97f9-29c0c8389bd2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.04,
        "y": 0.1
      },
      "kind": "title",
      "text": "Overview of 2023 Performance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ca4487bb-0336-4529-87c4-25dd8cbbf25e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}