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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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      "text": "PSH's discount to NAV narrowed by 7.1% from 31.2% in the beginning of 2025 to 24.1% at year end, and has narrowed slightly to 23.3% thus far in 2026(3)",
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      "text": "In 2025, PSH's NAV grew 20.9% and total shareholder return (\"TSR\") was 33.9%. In 2026 to-date, PSH NAV has declined (5.4)% and TSR has been (4.5)%(1)",
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      "text": "Note: PSH share price performance reflects public shares traded on Euronext Amsterdam (PSH:NA) for the period up until 12/31/24 and thereafter reflects the performance of the public shares listed on the London Stock Exchange in USD (PSH:LN) and includes dividend reinvestment. All index returns include dividend reinvestment. All index returns include dividend reinvestment. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation. (1) Year-to-date returns as of 2/9/26. (2) HFRX Equity Hedge Index and HFRX Activist Index are constructed and maintained by Hedge Fund Research, Inc. HFRX Equity Hedge Index includes funds that maintain long and short positions in primarily equity and equity derivative securities and employ a broad range of fundamental and quantitative techniques in their investment process. HFRX Activist Index includes funds with activist strategies and 50%+ of portfolio in activist situations. 2026 data not available as of 2/9/26. (3) Reflects discount to PSHD:LN for the dates presented and as of 2/9/26.",
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      "text": "NAV: 20.9%",
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