Pershing Square Holdings (own fund) PSH
The three reasons
- 1
PSH returned 70.2% NAV / 84.8% TSR in 2020, beating S&P by 5,180 bps
- 2
CDS index hedges generated $2.6bn proceeds against just $27mm in carrying costs
- 3
Hedging gains redeployed at March lows generated 87% return on $1.95bn core reinvestment
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (6)
Notes
This is a fund-level annual investor presentation to PSH shareholders, NOT a target-specific contrarian campaign deck. Structure: chairman intro, 2020 performance review, business update, portfolio holdings recap (Lowe's, Chipotle, Agilent, Hilton, QSR, HHC, Starbucks, Fannie/Freddie). The closest thing to a 'thesis' is the implicit argument that PSH trades at an unwarranted discount to NAV (narrowed from 28.9% to 23.0%). Headline narrative is the COVID CDS hedge trade — $27mm carry cost generated $2.6bn proceeds, then redeployed at March lows for 87% return on core reinvestment ($1.95bn → $3.65bn). Standard PSH template: blue/green/red colored callout banners, dense bullets, line/bar charts with annotated event boxes. No villain, no demands, no breakup math. Several slides intentionally blank/section-divider only (4, 16, 26, 37, 54). Campaign_phase set to 'unknown' since this is not a campaign document.