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      "text": "The funds meaningfully outperformed the S&P 500 in 2022 as our hedging strategy protected the portfolio from the impact of rising interest rates",
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      "text": "Monetized interest rate hedges initiated in late 2020 and early 2021\nInitiated new hedges related to long-term interest rates, currencies and energy\nMaking progress with regulatory agencies on Pershing Square SPARC Holdings (“SPARC”) following PSTH’s return of capital to its shareholders\nBill joined the board of Universal Music Group, our largest investment\nSold Netflix and Domino’s Pizza, freeing up capital for new opportunities",
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