Pershing Square Investor Presentation Deck
Overview of 2020 Performance
2020 was an outstanding year for PSH with NAV appreciation of 70.2% and
a total shareholder return of 84.8% ¹
PSH NAV Performance, PSH and S&P 500 Total Shareholder Return and Discount to NAV | 12/31/2019 - 12/31/2020:
100%
Performance
80%
60%
40%
20%
0%
(20%)
(40%)
Jan-2020
Dec-2019
PSH NAV Performance
Feb-2020
Pass
Mar-2020
Apr-2020
May-2020
Jun-2020
PSH Total Shareholder Return
Jul-2020
8
Aug-2020
Sep-2020
Oct-2020
Nov-2020
S&P 500 Total Shareholder Return
Dec-2020
(22.0%)
(26.0%)
(30.0%)
(34.0%)
(38.0%)
(42.0%)
(46.0%)
PSH's discount to NAV narrowed by 5.9% from 28.9% in the beginning of 2020 to
23.0% as of February 16, 2021
(1) Based on public shares traded on Euronext Amsterdam (PSH:NA).
% Discount to NAV
Discount to NAVView entire presentation