Pershing Square Investor Presentation Deck
FNMA and FMCC Performance Since Inception
FNMA and FMCC share prices decreased 23% and 22%, respectively, in
2020 and decreased 21% and 22%, respectively, year-to-date in 2021¹
FNMA and FMCC share price performance from 10/7/2013 to 2/16/2021:
$6
Share price
$5
$4
$3
$2
$1
5/5/14: Pershing Square
presents investment thesis
at Ira Sohn conference
9/30/14: US District
Court ruling in Perry
litigation
$0
Oct-2013
11/8/16: Donald Trump
wins presidential election
Oct-2014
2/21/17 US Court of
Appeals ruling in
Perry litigation
Oct-2015
9/6/19: Fifth Circuit ruling
that NWS was beyond
FHFA's statutory authority
Oct-2016
4/4/19: Mark Calabria
appointed FHFA Director
1/18/19: Press reports
re. FHFA plan to end
conservatorships
12/13/19: Court of Federal
Claims denies government's
motion to dismiss
Oct-2018
11/18/20: Capital
rule finalized
Oct-2017
FNMA
-FMCC
Note: The performance of FNMA's and FMCC's share prices is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.
*Average cost at announcement date of $2.29 for FNMA and $2.14 for FMCC. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/16/2021.
53
12/9/20: Oral
arguments before
SCOTUS in Collins
vs. Mnuchin
MMA
Oct-2019
$2.29*
$2.14*
$1.89
$1.82
1/14/21: Letter
agreements
suspending net
worth sweep
Oct-2020View entire presentation