Pershing Square Holdings (own closed-end fund review) PSH
The three reasons
- 1
PSH trades at a 27% discount to NAV despite 31.2% 5-yr compound NAV return
- 2
FOA amendment immediately reduces PSH performance fees starting 2024
- 3
Concentrated portfolio of 8-12 high-quality compounders (UMG, GOOG, CMG, QSR, HLT, HHH, CPKC)
Primary demands
- Narrow PSH share price discount to NAV via buybacks, dividend policy, and FOA amendments
- Eliminate $36mm Fee Offset Arrangement balance to flow performance fee reductions to PSH immediately
- Launch new Pershing Square funds (incl. U.S.-listed closed-end fund) to generate counter-cyclical fee offsets to PSH
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (8)
Notes
Not a contrarian campaign deck — this is the annual investor presentation for Pershing Square Holdings (the publicly-listed closed-end fund), reviewing 2023 performance, the FOA amendment, strategies to close the discount to NAV, and one-page summaries of each portfolio holding (UMG, GOOG, CMG, QSR, HLT, HHH, CPKC, exited LOW). Useful as a specimen of how an activist firm communicates with its own closed-end fund shareholders rather than as an example of a target-company thesis. Each portfolio holding page follows a clean 3-block colored-band template (thesis statement / blue band / green band / red band) — this template is worth studying for visual craft. Annotated share-price-history charts with event callouts (UMG p38, GOOG p40, CMG p42, HHH p48, LOW p55) are the strongest visual element. Tone is educational/analytical, no villain. Date: February 8, 2024.