2019 Performance Review
Our Competitive Advantages as an Activist
Stable and Long-Term Capital Base
PSH represents ~80%¹ of equity of Pershing Square core funds and 83%¹ of
assets under management (including PSH bond proceeds)
Pershing Square can provide management teams with the required runway
and long-term backing to succeed
Strong credibility and established track record
Significant experience working with management teams, boards, shareholders
and various intermediaries in a variety of activist engagements
Track record of successful turnarounds and business transformations
Economies of size and scale
Our size allows us to take influential stakes in mid- and large-cap companies
(1) Equity and assets under management as of 2/4/2020
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