Pershing Square Holdings (fund) — portfolio includes Agilent, Berkshire Hathaway, Chipotle, Hilton, Restaurant Brands, Lowe's, Howard Hughes, Fannie Mae/Freddie Mac PSH
The three reasons
- 1
PSH delivered 58.1% NAV return in 2019, beating S&P by 2,660bps — return to roots is working
- 2
Agilent margins trail closest peer Waters by 930bps despite being 2x revenue — clear expansion runway
- 3
PSH still trades at 28.9% discount to NAV despite outperformance — buyback math is highly accretive
Primary demands
- Continue narrowing PSH's discount to NAV via buybacks, dividend, and improved performance
- Drive operational improvement and margin expansion across portfolio holdings (Agilent, BRK, Lowe's, CMG)
- Execute Howard Hughes three-pillar transformation plan ($2bn asset sales, $50mm overhead reduction, MPC focus)
- Press for Fannie/Freddie exit from conservatorship via FHFA capital rule and PSPA amendment
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (8)
Notes
Annual investor update for Pershing Square Holdings (the listed fund vehicle), not a single-target activist campaign. Covers fund performance, organizational restructuring narrative ('return to our roots'), and one-pagers on each portfolio company (Agilent, Berkshire, Chipotle, Hilton, RBI, Lowe's, HHC, Fannie/Freddie) plus exited positions (Starbucks, ADP, UTX, Platform Specialty). Agilent section (pp. 30-35) is the closest thing to a fresh thesis pitch with a real peer-gap chart vs Waters. Slide 23 'Varied Approach to Activism' is a useful framework slide showing the visibility spectrum of activist tools. Slide 39 is an excellent annotated CMG share price chart timelining every activist milestone since 2016 — good template for a 'campaign storyboard' slide. Visual style is classic Pershing: blue/green/red header bands, Verdana sans-serif, dense bullets with takeaway boxes top and bottom of each slide. Section dividers are oddly minimal (light blue band on white). UTX page (p. 57) is a candid post-mortem on a campaign they walked away from after Raytheon merger — interesting specimen of activist exit rhetoric.