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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 highlights the concentration of growth in the top 10 companies, justifying the portfolio's exposure to these names.",
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      "kind": "callout",
      "text": "Most of the elevated earnings growth is driven by the top ten companies in the S&P 500, of which we own three",
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      "kind": "callout",
      "text": "We believe most of the top ten companies have sustainable competitive moats and long-term secular growth characteristics that will allow for continued high rates of EPS growth",
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      "text": "EPS growth comparison for 2026E and 2027E across four categories",
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      "text": "EPS Growth: 25%",
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      "kind": "paragraph",
      "text": "We believe most of the top ten companies have sustainable competitive moats and long-term secular growth characteristics that will allow for continued high rates of EPS growth",
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      "kind": "source-note",
      "text": "Source: Bloomberg. EPS growth for top 10 companies is weighted by market cap. EPS growth for next 490 companies is calculated from the difference of S&P 500 EPS growth and Top 10 EPS growth.",
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      "text": "Composition of S&P 500 Index Consensus EPS Growth: Top 10 companies by weight",
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      "text": "Megacaps Power Higher Earnings Growth",
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