Pershing Square Holdings (fund portfolio) PSH
The three reasons
- 1
PSH delivered 26.9% NAV return in 2021 and 50.1% 3-year CAGR, beating most major indices
- 2
Asymmetric rate-swaption hedge generated $1.4bn (7.4x premium) and funded the new Netflix position
- 3
PSH still trades at a 28.3% discount to NAV despite a transparent, liquid portfolio of high-quality compounders
KPIs cited
Pattern membership
Precedents cited
- MBIA / bond-insurer CDS hedge (2005-2009 subprime crisis, 18.5x multiple)
- Index CDS hedge (COVID-19 2020, 96.3x multiple)
Composition what's on the 68 slides
Slide gallery ·
Notes
Fund-level annual investor presentation for Pershing Square Holdings (the publicly listed closed-end vehicle), not a single-target activist campaign deck — hence thesis_one_liner / thesis_summary / SCQA / closing_ask are null per guidance. Reviews 2021 PSH performance, debt strategy, discount-to-NAV initiatives, the failed PSTH/UMG SPAC transaction and SPARC follow-on, the macro interest-rate hedge program, and one-page thesis recaps for each portfolio holding (UMG, Netflix, Lowe's, Hilton, Chipotle, Domino's). Firm-branded with no explicit signatory; author_name left null. Standout craft moments: annotated PSH leverage timeline (p10), UMG investment-thesis pyramid (p25), interest-rate three-panel teaser (p34), hedging track-record table comparing three crisis trades (p36), and the NFLX entry chart with timestamped annotations (p37). Standard PSH institutional template — competent, navy/blue palette, banded section headers — not at the editorial-craft tier of the 2012 Canadian Pacific or 2017 ADP decks.