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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2026-02-11 00:00:00",
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  "notes": "The slide provides a breakdown of negative performance contributors for the year 2025.",
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      "kind": "disclaimer",
      "text": "Note: Positions with contributions to performance of 50 basis points or more are listed above separately, while positions with contributions to performance of less than 50 basis points are aggregated. Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.",
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      "text": "Gross Return: 26.5%",
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      "text": "Chipotle Mexican Grill (4.6%) Nike (2.5%) Total Detractors - Underlying Portfolio (7.1%) Bond Interest Expense (0.8%) Total Detractors - incl. Interest Expense (7.9%) Total PSH Returns Gross Return 26.5% Net Return 20.9%",
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      "text": "2025 Detractors",
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