2019 Performance Review
Performance
70%
60%
50%
40%
30%
20%
10%
0%
Dec-2018
Overview of 2019 Performance
2019 was a productive year for PSH with NAV appreciation of 58.1% and a
total share return of 51.2%. Despite strong performance, PSH's discount to
NAV widened from 25.2% to 28.9%
PSH NAV Performance and Total Share Return Since 12/31/2018 | Discount to NAV:
Jan-2019
Feb-2019
Mar-2019
Apr-2019
May-2019
Jun-2019
Jul-2019
PSH Total Share Return
Aug-2019
Sep-2019
Oct-2019
PSH NAV Performance
Discount to NAV
Year-to-date through February 4, 2020, the discount has narrowed by 2.0% to 26.9%
due to strong recent PSH share price performance
8
Nov-2019
Dec-2019
Jan-2020
(20.0%)
(22.0%)
(24.0%)
(26.0%)
(28.0%)
(30.0%)
(32.0%)
% Discount to NAVView entire presentation