2019 Performance Review
FNMA and FMCC Performance Since Inception
FNMA and FMCC share prices increased 194% and 183%, respectively, in 2019.
FNMA increased 2% and FMCC is flat, year-to-date in 20201
FNMA and FMCC share price performance from 10/7/2013 to 2/4/2020
$6
$5
5/5/14: Pershing Square
presents investment thesis
at Ira Sohn conference
12/21/17: UST and FHFA
agreement allowing the
GSEs to each retain up to
$3bn in capital
9/5/19: UST Housing Finance Reform
Plan released
9/6/19: Fifth Circuit ruling that NWS was
beyond FHFA's statutory authority;
case remanded to lower court
9/27/19: UST and
FHFA agreement
allowing FNMA and
FMCC to retain up to
$25bn and $20bn in
capital, respectively
Share price
€
$4
$2
$1
9/30/14: US District
Court ruling in Perry
litigation
$0
Oct-2013
Oct-2014
11/8/16: Donald Trump
wins presidential election
4/4/19: Calabria appointed
FHFA Director
Nov-2015
2/21/17 US Court of
Appeals ruling in
Perry litigation
Dec-2016
FNMA
FMCC
$3.19
$3.00
$2.29*
$2.14*
1/18/19: Press reports
re. FHFA plan to end
conservatorships
12/13/19: Court of
Federal Claims
denies government's
motion to dismiss
Dec-2017
Jan-2019
Feb-2020
Note: The performance of FNMA's and FMCC's share prices is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.
*Average cost at announcement date of $2.29 for FNMA and $2.14 for FMCC. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/4/2020
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