Pershing Square Holdings (fund-level annual update) PSH
The three reasons
- 1
PSH outperformed S&P 500 by 930bps in 2022 thanks to interest-rate hedge
- 2
Interest rate swaptions returned $2.7bn on $384mm premium (7.1x gross)
- 3
Concentrated portfolio of high-quality compounders trades at deep NAV discount
Primary demands
- Address the persistent NAV discount via buybacks, dividends and global marketing
- Maintain conservative leverage and investment-grade ratings at PSH
- Continue concentrated long-only investments paired with opportunistic asymmetric hedges
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (7)
Notes
PSH annual investor presentation, not a contrarian campaign deck. Covers fund performance, hedging track record (subprime CDS, COVID CDS, rate swaptions), portfolio holdings (UMG, LOW, CMG, QSR, HLT, HHC, FNMA/FMCC), discount-management strategies and SPARC update. Primary material from Pershing Square but the 'thesis' is fund-level (NAV discount + outperformance via hedges) rather than a target-company campaign. Tone is investor-relations educational. Page 28 'Track Record of Defensive Hedging' table is the most distinctive single slide. target_company set to PSH itself since the deck is about the fund vehicle.