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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "PSCM intends to launch new investment funds which could substantially reduce PSH performance fees over time",
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      "text": "Transaction has no impact on PSCM’s management team and its role in managing PSH",
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      "text": "The amended Fee Offset Arrangement allows PSH to receive an additional fee reduction from 20% of management fees earned on any Pershing Square funds that invest in public securities which do not charge performance fees(1)",
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      "text": "PSH will continue to receive a fee reduction from 20% of performance fees earned on non-PSH investment funds managed by PSCM that invest in public securities which do charge performance fees(1)",
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      "text": "On June 3, 2024, PSCM announced the sale of a 10% primary common equity interest for $1.05 billion to a consortium of strategic investors",
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      "text": "PSCM’s obligations under the Investment Management Agreement will be unchanged",
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      "text": "Proceeds from the stake sale will be used to anchor new strategies or fund launches, which could benefit PSH by reducing the performance fees that it pays",
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      "text": "PSCM Stake Sale",
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