{
  "docId": "019de072-37d6-7755-8e9e-0a6385739f0c",
  "docSlug": "fb136123164f5e36a5a596a541676b1e",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 68 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 35,
  "pageCount": 68,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 15,
  "notes": "The slide provides a breakdown of financial performance for specific interest rate hedge instruments.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de072-37d6-7755-8e9e-0a6385739f0c/35",
  "deckHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c",
  "deckJsonHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c.json",
  "deckAnchorHref": "/decks/019de072-37d6-7755-8e9e-0a6385739f0c#slide-35",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.81
      },
      "kind": "callout",
      "text": "In January, we unwound more than 90% of the market value of our hedge, generating $1.25bn in proceeds, and have since replaced a substantial portion of the hedge with additional longer-dated, out-of-the-money swaptions",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c78e816-4486-4c8e-9927-b69d85ad0f87",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.8,
        "x": 0.04,
        "y": 0.975
      },
      "kind": "disclaimer",
      "text": "The “Multiple of Capital” information is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bacfbcac-979e-471c-89f6-a344f050faf5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Beginning in December 2020, we acquired out-of-the-money interest rate swaptions to protect our portfolio against an unexpected rise in rates",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a25ea65-7d99-4e10-bb90-4f7e89c8bd7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.415,
        "w": 0.672,
        "x": 0.164,
        "y": 0.33
      },
      "kind": "table",
      "text": "Summary of Initial Interest Rate Hedge Program table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b1698c6d-15d5-49c6-a169-ac5ec9f65ca2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Overview of Interest Rate Hedge",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02fbca27-7f14-444c-9a59-de6fc33e57ea",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "07d85e22-f601-4e4f-9316-28739b37f919",
      "evidence": "The slide contains a table summarizing the initial interest rate hedge program.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}