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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-02-11 00:00:00",
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  "notes": "The chart highlights the correlation between corporate events (fee amendments, IPO roadshow, IPO withdrawal) and the discount to NAV.",
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      "kind": "callout",
      "text": "PSH's discount to NAV narrowed meaningfully in anticipation of the PSUS IPO and potential associated reduction in PSH performance fees",
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      "text": "PSH Discount to NAV | 12/31/2023 to 2/10/2025",
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      "kind": "disclaimer",
      "text": "Note: Reflects discount on PSHD:LN shares as of 2/10/25.",
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      "kind": "legend",
      "text": "February 7, 2024: PSH announces amendments to Fee Offset Arrangement and holds its Annual London Investor Presentation the following day",
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      "text": "July 31, 2024: Pershing Square withdraws IPO of PSUS",
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      "text": "July 9, 2024: PSUS launches IPO roadshow",
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      "text": "Discount to NAV: (30%)",
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      "text": "PSH Discount to NAV Narrowed During PSUS Process",
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      "objective": "To demonstrate the logic behind PSH's investment strategy and the benefits of the HHH transaction",
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