Pershing Square Activist Presentation Deck
2021 Detractors (Gross Returns)
Detractors
Pershing Square Tontine Holdings
Fannie Mae & Freddie Mac
Index CDS
All Other Positions
Total Detractors - Underlying Portfolio
Bond Interest Expense (¹)
Total Detractors - incl. Interest Expense
PSH
(6.5%)
(4.0%)
(1.1%)
(0.3%)
(11.9%)
(1.3%)
(13.2%)
Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Positions with contributions to performance of 50 basis points or
more are listed above separately, while positions with contributions to performance of less than 50 basis points are aggregated. Please see the additional disclaimers and notes to
performance results at the end of this presentation.
(1) Bond interest expense includes a one-time bond extinguishment expense of $12.1 million in connection with the partial cancellation of the 2022 Bonds.
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