Pershing Square Activist Presentation Deck
February 2022, 68 slides
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annual investor presentation square holdings | Pershing Square
disclaimer | Pershing Square
agenda chairman introduction performance review business update organizational update 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 except for risk committee | Pershing Square
board additional matters considered in covid impact on portfolio and operations of investment manager interest rate hedge position square tontine holdings universal music group bond issuances and debt strategy strategies for addressing discount to considerations | Pershing Square
overview of performance was a strong year for with appreciation of and a total shareholder return of equity | Pershing Square
corporate actions new bond issuances in completed two new bond issuances of billion and redeemed million of debt due in bonds public offering bonds public offering bonds public offering total indebtedness to total capital i | Pershing Square
total debt to total assets ratio in periods of market and or portfolio volatility has continuously maintained conservative leverage levels and investment grade ratings | 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 ranging from are well matched with no margin leverage | Pershing Square
strategies to address the discount | Pershing Square
performance review | Pershing Square
performance ahead of most market indices return net of fees indices total return | Pershing Square
substantial three year | Pershing Square
square annual net returns | Pershing Square
cumulative net returns since inception net returns | Pershing Square
contributors gross returns | Pershing Square
detractors gross returns | Pershing Square
square strategy has proven to be defensive in down markets average monthly net returns | Pershing Square
total assets under management and skin in the game aum insider capital square international psi core funds firm | Pershing Square
business update | Pershing Square
key developments was another strong year for the funds driven by new investments existing portfolio holdings and our hedging strategy purchased of universal music group billion prior to filed initial registration statement square monetized highly successful in | Pershing Square
universal music group overview cap industry leading position share and stable competitive | Pershing Square
universal music group investment thesis is a high quality business with a decades long runway for | Pershing Square
share price performance since inception to and has decreased year to date in | Pershing Square
square tontine holdings we remain disciplined in seeking a potential transaction for that meets our core investment principles | Pershing Square
square holdings while seeking a transaction for we are simultaneously looking to improve its structure with the launch of meat | Pershing Square
overview of key terms | Pershing Square
key events to date the distribution listing and trading of spars require sec approval of registration statement and a new listing rule | Pershing Square
price performance since including pro rata distributed warrants declined in and has increased year to date in | Pershing Square
portfolio developments since the beginning of we initiated four new investments and exited two highly successful investments initiated positions exited positions dominos | Pershing Square
square core hedging principles we seek to opportunistically invest in hedges to protect our portfolio against specific risks and capitalize on market volatility | Pershing Square
differentiated view on interest rates | Pershing Square
overview of interest rate hedge beginning in we acquired out of the money interest rate to protect our portfolio against an unexpected rise in rates | Pershing Square
track record of defensive hedging square hedging strategy has generated substantial gains across multiple volatile market environments since the firm inception on bond insurers high yield bonds i i a nae mate million billion | Pershing Square
reinvestment of hedge proceeds into amidst a volatile market backdrop in hedging gains provided the capital to fund the purchase of | Pershing Square
overview stock price vast and diverse library of high quality content | Pershing Square
investment highlights | Pershing Square
subscription video streaming has a vastly superior value proposition relative to traditional pay | Pershing Square
subscription video streaming is growing rapidly of | Pershing Square
increasing market share of market as the scaled market leader with constantly refreshed content for everyone is steadily increasing market share of total video revenues | Pershing Square
organizational update | Pershing Square
organizational update highly resilient and focused organization seamlessly navigated the impact of covid with no business disruption and recently returned to the office | Pershing Square
organization chart | Pershing Square
square investment team | Pershing Square
portfolio update | Pershing Square
low | Pershing Square
low share price performance since inception low share price including dividends increased in and has decreased year to date in | Pershing Square
| Pershing Square
share price performance since inception share price including dividends increased in and has decreased year to date in | Pershing Square
grill | Pershing Square
share price performance since inception share price increased in and has decreased year to date in | Pershing Square
restaurant brands international roi is a high quality business with significant long term growth mile me tile | Pershing Square
share price performance since inception share price increased in and has decreased year to date in a | Pershing Square
corporation | Pershing Square
share price performance since inception share price increased in and has decreased year to date in raises of equity or | Pershing Square
domino pizza is a high quality business with significant long term growth potential led by a strong management team dominos pom brand with attractive business model | Pershing Square
share price performance since inception to and has decreased year to date in | Pershing Square
mae and mac scams a despite an adverse supreme court ruling in june we believe remain valuable perpetual options | Pershing Square
and performance since inception and share prices declined and respectively in and both increased year to date in i | Pershing Square
exited positions | Pershing Square
share price performance since inception share price including dividends increased in through our last share sale on august i me | Pershing Square
share price performance since inception share price including dividends increased in through our last share sale on march | 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 related to | Pershing Square
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