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  "documentTitle": "Pershing Square | Investor Presentation Deck | 75 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2025-02-01 00:00:00",
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  "notes": "The slide includes a specific callout regarding the discount to NAV trend.",
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      "kind": "callout",
      "text": "PSH's discount to NAV widened by 1.6% from 29.6% in the beginning of 2024 to 31.2% at year end, but has narrowed slightly to 30.2% thus far in 2025(3)",
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      "text": "In 2024, PSH's NAV appreciated 10.2% and total shareholder return was 3.9%. 2025 is off to a good start, with PSH NAV appreciation of 8.4% and total shareholder return of 12.9%(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 (PSHD:LN) and includes 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 2/10/25. (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. 2025 data not available as of 2/10/25. (3) Reflects discount on PSHD:LN for the dates presented and as of 2/10/25.",
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      "kind": "table",
      "text": "Annualized Returns table comparing PSH, Market Indices (S&P 500, FTSE 100, MSCI World), and HFRX Indices (Activist, Equity Hedge) across 2024, 5-Year, 7-Year, 10-Year, and 2025 YTD periods.",
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      "text": "Performance Overview",
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