Pershing Square Activist Presentation Deck
Substantial Three-Year Outperformance
3 Year Compound Annual Return: PSH Net of Fees vs. Indices Total Return
50.1%
PSH
26.0%
S&P 500
9.3%
FTSE
100(1)
22.3%
MSCI
World
17.7%
HFRX
Activist
Index(2)
9.1%
HFRX Equity
Hedge
Index(2)
Reflects returns from 12/31/18 through 12/31/21, including dividend reinvestment for indices. 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.
(1) FTSE 100 index reflects USD-denominated returns for consistency with other indices.
(2) HFRX Equity Hedge Index and HFRX Activist Index are constructed and maintained by Hedge Fund Research, Inc. HFRX Equity Hedge Index includes funds that maintain long
and short positions in primarily equity and equity derivative securities and employ a broad range of fundamental and quantitative techniques in their investment process. HFRX
Activist Index includes funds with activist strategies and 50%+ of portfolio in activist situations.
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