Pershing Square Investor Presentation Deck
Unwind of CDS Index Hedges
By mid-March, our CDS index hedges¹ had appreciated substantially in
value and, along with cash, represented 49% of NAV
Market Value of PSH Assets by Position | 2/3/2020 to 3/12/2020:
$8,000
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
Market Value ($ in mm)
$0
2/3/2020
2/8/2020
2/13/2020 2/18/2020
Core equity positions & other
3/12/20: PSH's hedge value
increased to $2.0bn to become
our largest position at 34% of NAV
2/23/2020
Index CDS
3/12/20: Value of long
portfolio down 31% since
the beginning of February
2/28/2020
Free Cash
3/4/2020
3/9/2020
% of NAV
as of 3/12/20
15%
(1) Refers specifically to the CDS index hedges initiated in late February / early March. Subsequent to the February-March hedging program, Pershing Square has
maintained smaller positions in CDS index hedges throughout various periods in 2020 and 2021 year-to-date.
30
34%
75%
As governments and various institutions mobilized to contain the spread of COVID-19 and our
outlook on a potential recovery improved, we began unwinding our hedges on March 12, 2020View entire presentation