Pershing Square Activist Presentation Deck
2019 Contributors (Gross Returns)
Contributors
Chipotle Mexican Grill
Hilton Worldwide
Fannie Mae & Freddie Mac
Starbucks
Lowe's
Restaurant Brands International
Automatic Data Processing
Howard Hughes Corporation
United Technologies
Agilent Technologies
Berkshire Hathaway
Accretion from Share Buybacks¹
Platform Specialty Products
Other Income and Expense
Bond Interest Expense
Total Contributors
PSH
14.7%
9.0%
7.2%
5.7%
5.3%
4.5%
4.4%
2.6%
2.4%
2.1%
1.9%
1.9%
1.0%
0.2%
(1.8%)
61.1%
Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Positions with contributions or detractions to
performance of 50 basis points or more are listed above separately, while positions with contributions or detractions to performance of less than 50 basis points are
aggregated. Please see the additional disclaimers and notes to performance results at the end of this presentation.
(1) Over the course of 2019, PSH executed share buybacks totaling $174 million at an average discount to NAV of 28.3%. The positive impact on performance due to
the accretion from these share buybacks is reflected above.
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