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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "Leading alternative asset manager with high-quality and rapidly growing cash flows trading at a significant discount to intrinsic value",
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      "text": "Leading asset-rich alternative asset manager with deep domain expertise\nOwns 73% of $84bn publicly-listed asset manager (Brookfield Asset Management) with significant value derived from asset-light, recurring management fee streams\nWe believe that deep domain expertise and best-in-class returns position Brookfield to benefit from multi-trillion-dollar wave of AI-related infrastructure investment",
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      "text": "Attractive long-term financial outlook\nManagement targeting nearly $7 of earnings-per-share in 2030, or ~25% compounded\nBN's valuation of ~16x earnings remains a discount to our estimate of intrinsic value and comparable US-peers",
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      "text": "Financial profile poised to inflect in the near-term\nDouble-digit earnings growth in 2025 below structural potential as carried interest still below target and Brookfield invests for growth\nNear-term outlook supports acceleration to ~25%+ earnings growth\nGrowth supported by a step-function increase in carried interest realization and the rapid scaling of BN's Wealth Solutions business",
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      "text": "earnings growth: ~25%",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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