{
  "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": 25,
  "pageCount": 85,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 48,
  "notes": "The table distinguishes between PSLP (unlevered) and PSH (modestly levered) fee structures.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-242e23015294/25",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-242e23015294",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-242e23015294.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-25",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.2,
        "x": 0.74,
        "y": 0.29
      },
      "kind": "callout",
      "text": "PSLP: 1.5% Management fee, 20% Incentive fee, Unlevered",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36679e89-3a38-40c4-95de-958541a2a240",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.2,
        "x": 0.74,
        "y": 0.6
      },
      "kind": "callout",
      "text": "PSH: 1.5% Management fee, 16% Incentive fee, Modestly levered",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ca381e9-d5b3-468f-8ea8-2a8946027645",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.95,
        "x": 0.04,
        "y": 0.935
      },
      "kind": "disclaimer",
      "text": "Note: All market and return data as of 2/9/26. Past performance is not necessarily indicative of future results. (1) Represents NAV net returns...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "76cc49ce-f226-4d46-8a0c-eb001c9224eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Annual Net Returns: 15.9%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f3c-7011-a99b-7ae1f1054b65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.435,
        "x": 0.265,
        "y": 0.165
      },
      "kind": "table",
      "text": "Annual return data for PSLP/PSH vs S&P 500 from 2004-2026 YTD",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b4ba765-38d6-4333-8878-67f806071168",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.58,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "PSLP / PSH Annual Net Returns",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ba1ca39-068c-421c-9480-6b3bb1f2a7bb",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "96f6d1c9-ab50-4e9a-bb35-949ee97bcff3",
      "evidence": "peer_benchmark type with table/data and callout/primary",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "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
}