{
  "docId": "019dd923-622c-750b-8b9c-242e23015294",
  "docSlug": "cb06bd893f1e",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2026-02-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 24,
  "pageCount": 85,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "The slide uses a vertical dashed line to separate the subject (PSH) from the benchmark indices.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-242e23015294/24",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-242e23015294",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-242e23015294.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-24",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "8 Year Compound Annual Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3c-7011-a99b-fc5afd73d3f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.9,
        "x": 0.05,
        "y": 0.28
      },
      "kind": "chart",
      "text": "Bar chart showing returns for PSH NAV, PSH Share Price, S&P 500, FTSE 100, MSCI World, HFRX Activist Index, and HFRX Equity Hedge Index.",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f352bf61-61fe-4cc4-80a2-40802e733e09",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.95,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "disclaimer",
      "text": "Note: Reflects returns from 12/31/17 through 12/31/25... (1) FTSE 100 index reflects USD-denominated returns... (2) HFRX Equity Hedge Index and HFRX Activist Index are constructed and maintained by Hedge Fund Research, Inc.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b4d5e19-bb32-427c-9b1a-8823c28f4d9d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Compound Annual Return: 23.0%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f3c-7011-a99c-014af86edeb6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "table",
      "text": "PSH NAV Annual Outperformance table showing bps values for each index.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9a80fbb-c42c-43f2-b8cd-b1af00e63364",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "title",
      "text": "8 Year Compound Annual Return: PSH NAV Net of Fees & Total Return vs. Indices Total Return",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39206fa5-7fec-49f5-adb2-af35a099bc08",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Permanent Capital Era Annualized Returns",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86db9edc-394b-421b-9428-41fcdda05577",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "2d9ebe6a-d775-448e-96a8-ec2135d90073",
      "evidence": "Direct comparison of PSH performance against multiple market benchmarks.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 33,
      "from": 20,
      "beatId": "a3364ae6-e40e-455c-9907-b31531b4502c",
      "arcName": "Monroe's Motivated Sequence",
      "arcSlug": "monroes-sequence",
      "beatName": "Satisfaction",
      "beatSlug": "monroes-sequence-satisfaction",
      "evidence": "The document provides a performance review and update on strategic initiatives",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 26,
      "from": 22,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "2eee178c-e205-4cb7-9894-37c1b7ddfb70",
      "evidence": "The document provides before-and-after comparisons of PSH's performance",
      "position": 1,
      "objective": "Showcasing PSH's performance",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}