{ "docId": "019dd923-622c-750b-8b9c-1c236b5335d8", "docSlug": "ded99bd7e3eb", "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": "2025-02-11 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 10, "pageCount": 75, "prevPage": 9, "nextPage": 11, "slideType": "kpi_overview", "function": "analyze_data", "density": "overcrowded", "nDataPoints": 45, "notes": "Includes YTD 2025 data and a specific callout regarding discount to NAV.", "elementsJson": [ "headline_text", "callout_box", "kpi_table", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-1c236b5335d8/10", "deckHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8#slide-10", "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.77 }, "kind": "callout", "text": "PSH's discount to NAV widened by 1.6% from 29.6% in the beginning of 2024 to 31.2% at year end, but has narrowed slightly to 30.2% thus far in 2025(3)", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0cec69e5-9c41-466c-89f6-711123048f85", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "callout", "text": "In 2024, PSH's NAV appreciated 10.2% and total shareholder return was 3.9%. 2025 is off to a good start, with PSH NAV appreciation of 8.4% and total shareholder return of 12.9%(1)", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "8b410f3a-d421-4667-b3a5-5d8c0734458e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "PSH’s discount to NAV widened by 1.6% from 29.6% in the beginning of 2024 to 31.2% at year end, but has narrowed slightly to 30.2% thus far in 2025(3)", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-5370-75b3-9c5a-7a1144754575", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "disclaimer", "text": "Note: PSH share price performance reflects public shares traded on Euronext Amsterdam (PSH:NA) for the period up until 12/31/24, and thereafter reflects the performance of the public shares listed on the London Stock Exchange in USD (PSH:LN) 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) Year-to-date returns as of 2/10/25. (2) 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. 2025 data not available as of 2/10/25. (3) Reflects discount on PSHD:LN for the dates presented and as of 2/10/25.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a3fc4649-96ba-48c6-ab7f-2e056753c933", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "NAV appreciation: 10.2%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd953-5370-75b3-9c5a-7ffc26f622d9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.88, "x": 0.06, "y": 0.35 }, "kind": "table", "text": "Annualized Returns table comparing PSH, Market Indices, and HFRX Indices across 2024, 5-Year, 7-Year, 10-Year, and 2025 YTD periods.", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fb05e0ba-24cd-451d-9599-146049b84fc4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Performance Overview", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a5e0a3c7-fd88-4376-ae98-51412f4788bb", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 15, "from": 8, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "b7aede96-221e-4cc8-b431-7b88a407a678", "evidence": "The document outlines a clear logic chain, from the company's competitive advantage to the potential benefits of the HHH transaction.", "position": 0, "objective": "To demonstrate the logic behind PSH's investment strategy and the benefits of the HHH transaction", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }