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  "presentationDate": "2021-02-01 00:00:00",
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  "notes": "The slide highlights the financial outcome of a specific hedging strategy implemented in early 2020.",
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      "text": "In late February, we acquired large notional CDS index hedges to protect our portfolio against losses in a severe market decline",
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      "text": "In the aggregate, the hedges generated over $2.6bn in proceeds across the Pershing Square funds while incurring $27mm in carrying costs",
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      "text": "(1) Refers specifically to the CDS index hedges initiated in late February / early March. Subsequent to the February-March hedging program, Pershing Square has maintained smaller positions in CDS index hedges throughout various periods in 2020 and 2021 year-to-date. In addition, Pershing Square has initiated interest rate swaption hedges in late 2020 / early 2021.",
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