Pershing Square Investor Presentation Deck
2020 Contributors (Gross Returns)
Contributors
Index CDS
Pershing Square Tontine Holdings
Lowe's
Chipotle Mexican Grill
Starbucks
Agilent Technologies
Restaurant Brands International
Hilton Worldwide
Accretion from Share Buybacks¹
Total Contributors
PSH
36.6%
13.1%
10.7%
10.2%
7.6%
7.2%
3.0%
2.7%
2.4%
20
93.5%
Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Positions with contributions to performance of 50 basis
points or more are listed above separately, while positions with contributions to performance of less than 50 basis points are aggregated, except for accretion. Please see
the additional disclaimers and notes to performance results at the end of this presentation.
(1) Over the course of 2020, PSH executed share buybacks totaling $286 million at an average discount to NAV of 32.0%. The positive impact on performance due to
the accretion from these share buybacks is reflected above.View entire presentation