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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "Pershing Square exited our position in Hilton earlier this year as we expect prospective returns are unlikely to meet our high return threshold given current valuation levels",
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      "text": "Exceptional cost control with corporate overhead ~flat over seven years supported >80% growth in Adjusted EBITDA",
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      "text": "Valuation multiple expanded from ~20x at the time of our initial investment to ~32x in recent months (+65%)",
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      "text": "Compounded mid-to-high-teens growth in ancillary fee-revenue",
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      "text": "High rate of NUG-driven fee revenue growth generates attractive and consistent mid-teens earnings growth with low economic sensitivity",
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      "text": "Fee revenues increased 70%, primarily supported by a 50% increase in the size of Hilton’s global system (\"NUG\")",
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      "text": "Hilton was a highly successful investment for Pershing Square",
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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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      "text": "Hilton Worldwide (\"HLT\")",
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