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  "documentTitle": "Pershing Square | Investor Presentation Deck | 62 slides",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2023-02-01 00:00:00",
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      "text": "PSH's discount to NAV widened by 4.9% from 28.3% in the beginning of 2022 to 33.2% as of December 31, 2022",
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      "text": "Note: PSH share price performance reflects public shares traded on Euronext Amsterdam (PSH:NA) and includes dividend reinvestment. 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) FTSE 100 index reflects USD-denominated returns for consistency with PSH share price and other indices. (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. (3) Public shares of PSH commenced trading on Euronext Amsterdam N.V. on October 13, 2014. The annualized return of PSH share price including dividend reinvestment between October 13, 2014 and December 31, 2022 was 4.8%.",
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      "text": "Annualized Returns table comparing PSH, S&P 500, FTSE 100, MSCI World, HFRX Activist, and HFRX Equity Hedge across 2022, 3-Year, 5-Year, and 10-Year periods.",
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      "text": "In 2022, PSH's NAV declined (8.8%) and total shareholder return was (14.6%)",
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