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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "Strong portfolio gains and progress on strategic initiatives drove a PSH total shareholder return of 34% in 2025, 1.9x the return of the S&P 500(1)",
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      "text": "HHH signed a definitive agreement to acquire Vantage for $2.1bn, which will be partially funded by up to $1bn of preferred stock issued by HHH to PSH",
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      "text": "Began transformation of HHH into a diversified holding company via a $900mm strategic transaction with PSCM",
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      "text": "(1) PSH return represents the USD-based total shareholder return of PSHD with dividends reinvested.",
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      "text": "Key Developments in the Last Twelve Months",
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