Pershing Square Investor Presentation Deck
Pershing Square L.P. ("PSLP") / PSH Annual Net Returns
PSH's 70.2% net return in 2020 is the highest since inception of the strategy and the
sixth year with net returns of 39% or more (on average, every third year)
Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Compound Annual Return
Annual Net Returns
S&P 500
10.9%
4.9%
15.8%
5.5%
(37.0%)
26.5%
15.1%
2.1%
16.0%
32.4%
13.7%
1.4%
11.9%
21.8%
(4.4%)
31.5%
18.4%
9.6%
1
PSLP/PSH
42.6%
39.9%
22.5%
22.0%
(13.0%)
40.6%
29.7%
(1.1%)
13.3%
9.6%
40.4%
(20.5%)
(13.5%)
(4.0%)
(0.7%)
58.1%
70.2%
16.9%
PSLP
PSH
Data represents returns an investor would have earned by investing in PSLP at its January 1, 2004 inception and converting to PSH at its launch on December 31, 2012.
Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see
the additional disclaimers and notes to performance results at the end of this presentation.
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