Pershing Square Investor Presentation Deck
Redeployment of Hedging Gains
Immediate reinvestment of hedging gains allowed us to increase our exposure
to high-quality businesses we understood well at deeply discounted prices
Position
Howard
THE HOWARD HUGHES C PORATION
LOWE'S
Hilton
rbi
restaurant
brands
international
Agilent
Total Core Holdings
Other Positions²
Summary of Reinvested Hedging Gains (3/12/20 - 4/3/2020)
Capital Invested
($ mm)
$609
$500
$318
$247
$169
$110
$1,952
$257
Realized & Unrealized
Value at 2/16/21 ($ mm)¹
$1,082
$996
$682
$393
$275
$219
$3,647
$268
Cumulative Return¹
78%
99%
115%
59%
63%
99%
87%
4%
Total Reinvestment
$2,210
$3,915
(1) Realized & un realized value and cumulative return reflect dividends received. Cumulative return is calculated using average cost of purchases during reinvestment
period and closing share price on February 16, 2021. Current un realized value of HHC excludes impact of FIRPTA tax liability.
(2) Represents various equity purchases during this time frame that were sold by mid-May.
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