Pershing Square Activist Presentation Deck
Substantial Outperformance in 2019
58.1%
PSH
2019 PSH Net Returns vs. Benchmark Indices
PSH Outperformance
31.5%
S&P 500
2,660 bps
28.4%
MSCI World
2,970 bps
16.3%
HFRX ED: Activist
Fund Index¹
4,180 bps
14
10.7%
HFRX Equity Hedge
Fund Index²
4,740 bps
Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see
the additional disclaimers and notes to performance results at the end of this presentation.
(1) HFRX ED: Activist Index constructed and maintained by Hedge Fund Research, Inc. Hedge funds included in the index primarily employ activist strategies.
(2) HFRX Equity Hedge Index constructed and maintained by Hedge Fund Research, Inc. Hedge funds included in the index maintain long and short positions in primarily
equity and equity derivative securities and employ a broad range of fundamental and quantitative techniques in their investment process.View entire presentation