Investor Presentaiton
Pershing Square Has Delivered Inconsistent and Below
Market Returns for Its Shareholders
Pershing Square Cumulative Net Return of 29% from 2012-2016
Cumulative Return (%) - CY2012 to CY2016 (1)
PS
29%
Impact to Investors
Pershing Square, L.P. has a history of volatile returns,
posting negative returns for 2 of the past 5 years
Since inception (2), Pershing Square Holdings, Ltd has
had a net return to their investors of only 7% after
deduction of Pershing Square's fees; gross returns for
the same period were 23%
S&P
ADP
98%
146%
ADP has delivered positive returns in each of the last
five years, outperforming Pershing Square, L.P. and the
S&P by 117% and 48%, respectively, over that period
Pershing Square, L.P. Net Returns (%)
S&P 500 TSR (%)
ADP TSR (%)
Sources: Pershing Square 2016 Annual Report, Pershing Square 1Q'17 Letter to Shareholders and Bloomberg
Notes:
1.
Cumulative YOY return calculated from 12/30/2011 to 12/30/2016.
2.
Time period since inception from 12/31/12 to 5/9/17.
Copyright 2017 ADP, LLC.
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