Annual Investor Presentation

Pershing Square Holdings

Bill Ackman

Research

57 Pages

Pershing Square presents its annual investor update outlining portfolio positioning, performance drivers, and the firm’s concentrated investment philosophy. The presentation emphasizes a small number of high conviction holdings and highlights how active engagement and long duration ownership have contributed to returns, including a ~70% gain in 2020.

Key Takeaways

Concentrated Portfolio Strategy: The portfolio typically holds 10–12 core positions, with top holdings representing over 70% of total capital allocation.
Strong Recent Performance: PSH delivered roughly 70% gross returns in 2020, significantly outperforming broader equity indices.
Activism Drives Value: Historical activist investments have generated returns exceeding 100% in several cases through operational and strategic changes.
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