{
  "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": 55,
  "pageCount": 85,
  "prevPage": 54,
  "nextPage": 56,
  "slideType": "before_after",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "The chart highlights the average cost at announcement ($67) and correlates specific news events with share price movements.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-242e23015294/55",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-242e23015294",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-242e23015294.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-55",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Since inception of the position, UBER’s share price increased 23% in 2025 and has declined (10)% year-to-date in 2026(1)",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af6d84bc-aa13-42d3-95d4-65dd28d522ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Since inception of the position, UBER's share price increased 23% in 2025 and has declined (10)% year-to-date in 2026(1)",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f3c-7011-a99e-3e8a370a0f3c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.92,
        "x": 0.04,
        "y": 0.28
      },
      "kind": "chart",
      "text": "UBER Share Price Performance from 1/7/2025 to 2/9/2026",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "43490b78-79d9-4460-9931-b697744450e6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price: $74",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f3c-7011-a99e-406415a25033",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Note: The performance of UBER's share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only UBER's share price over time, not the value of PSH's investment in UBER, and is provided as context for Pershing Square's views of UBER. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others, PSH's return on its investment may differ substantially from UBER's change in share price. PSH gross return was 19% and net return was 14% from 1/7/25 to 2/9/26. *Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation. (1) As of 2/9/26.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4dd92de-12c3-4de2-bbf8-cb994f1f913e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "UBER Share Price Performance Since Inception",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd3eb717-9ed8-477b-9f1e-4111843bb41b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "d63424f9-d4da-4603-a92f-39dee077b097",
      "evidence": "The slide compares UBER's share price performance since inception.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "c2ec836e-c5ae-4858-9e68-79a7460cabaa",
      "evidence": "The slide contrasts the 2025 performance with the 2026 YTD performance to frame the current situation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 85,
      "from": 34,
      "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4",
      "arcName": "Monroe's Motivated Sequence",
      "arcSlug": "monroes-sequence",
      "beatName": "Action",
      "beatSlug": "monroes-sequence-action",
      "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}