Pershing Square Investor Presentation Deck
February 2024, 59 slides
  1. Pershing Square
  2. Investor Presentation Decks
annual investor presentation square holdings | Pershing Square
disclaimer | Pershing Square
agenda chairman introduction strategic update performance review business organizational update equity portfolio update a | Pershing Square
chairman introduction | Pershing Square
board of directors of | Pershing Square
board process quarterly meetings additional meetings as needed review and monitor board committees membership limited to independent directors except for risk and nomination committees additional matters | Pershing Square
board additional matters considered in share dividend policy debt strategy considerations strategies for addressing discount to listing | Pershing Square
overview of performance generated appreciation of and total shareholder return of enhancing its substantial long term market indices equity | Pershing Square
total debt to total capital ratio over time regardless of market or portfolio volatility has continuously maintained conservative leverage levels and investment grade ratings i private placement issued ses | Pershing Square
long term debt financing strategy our ability to access low cost investment grade long term debt is an important competitive advantage for has attractive credit characteristics laddered maturities from to are well matched with long term investment horizon no margin leverage no mark to market covenants | Pershing Square
strategies to address the discount | Pershing Square
strategic update | Pershing Square
listing update in we thoroughly examined the options for a listing to increase the number of investors who can own we encountered numerous issues including ultimately we decided a listing was not viable due to the above considerations will remain a publicly traded closed end fund over the long term | Pershing Square
fee offset arrangement original fee offset arrangement the was designed to reduce performance fees by an amount equal to of performance fees earned on any non capital managed by | Pershing Square
amendments to fee offset arrangement | Pershing Square
illustrative fee reduction impact through its amended could realize a meaningful reduction in performance fees as launches new investment funds billion million | Pershing Square
performance review | Pershing Square
strong performance in ahead of market indices return net of fees indices total return in | Pershing Square
substantial five year | Pershing Square
square annual net returns | Pershing Square
cumulative net returns net returns me a | Pershing Square
cumulative net returns since inception | Pershing Square
reinforced commitment to core principles square | Pershing Square
contributors contributors gross grill universal music group alphabet restaurant brands international holdings accretion from share mae pacific mac total contributors net | Pershing Square
detractors detractors gross energy hedge interest rate all other positions other income expense total detractors underlying portfolio bond interest expense total detractors interest expense net | Pershing Square
total assets under management | Pershing Square
business and organizational update | Pershing Square
key developments strong gains across the portfolio enabled to slightly outperform and share price to substantially outperform the in initiated new investment in alphabet the parent company of closely monitored developments and evaluated hedge opportunities to protect our portfolio from downside risks launched square holdings and began search for an attractive merger partner continued progress at universal music group our investment exited after a highly successful nearly six year holding period freeing up capital for new opportunities | Pershing Square
core hedging principles we seek to opportunistically invest in asymmetric hedges to protect our portfolio against risks and capitalize on market volatility | Pershing Square
differentiated research process in addition to conventional top down macro research square is uniquely well positioned to leverage perspectives from individual companies inflation report i | Pershing Square
square holdings key highlights | Pershing Square
case study negotiated purchase of in square acquired of from at a negotiated equity value of billion or per share | Pershing Square
organizational update lean collaborative and investment centric organization continues to perform at the highest levels | Pershing Square
organization chart | Pershing Square
square investment team | Pershing Square
equity portfolio update | Pershing Square
universal music group is a high quality capital light rapidly growing royalty on greater music consumption | Pershing Square
share price performance since share price including dividend reinvestment increased in and has increased year to date in | Pershing Square
alphabet we invested in in march when misplaced concerns over | Pershing Square
share price performance since inception | Pershing Square
grill continued focus on exceptional food and operational excellence fueled impressive growth in | Pershing Square
share price performance since inception share price increased in and has increased year to date in executive chairman opens | Pershing Square
restaurant brands international is a high quality business with significant long term growth potential trading at a discounted valuation roi mes late melee me met | Pershing Square
share price performance since inception share price including dividend reinvestment increased in and has decreased year to date in | Pershing Square
is a high quality business with a long runway of strong earnings net unit growth poised to positively inflect in | Pershing Square
share price performance since inception share price including dividend reinvestment increased in and has increased year to date in based inflation pent up demand for travel value driven offering | Pershing Square
holdings | Pershing Square
share price performance since inception share price increased in and has decreased year to date in | Pershing Square
pacific city is a unique north railroad with significant earnings growth potential led by an exceptional management team | Pershing Square
share price performance since inception share price including dividend reinvestment increased in and has increased year to date in | Pershing Square
mae and mac and remain valuable perpetual options on their potential exit from conservatorship | Pershing Square
and share price performance since inception and share prices increased and respectively in and have increased and respectively year to date in | Pershing Square
exited positions | Pershing Square
low was a highly successful investment for square generating of profits net for the funds | Pershing Square
low share price performance since inception low share price including dividends increased from our average cost at announcement date to our average sale price | Pershing Square
a | Pershing Square
additional disclaimers and notes to performance results | Pershing Square
additional disclaimers and notes to performance results | Pershing Square
additional disclaimers and notes to performance results | Pershing Square
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