In 2023, Pershing Square's 20th year, Pershing Square Holdings (OTCPK:PSHZF) generated strong NAV performance of 26.7% versus 26.3% for our principal benchmark, the S&P 500 index.6 Our total shareholder return was 36.0%, as PSH's discount to NAV narrowed by 4.5 percentage points from 33.2% to 28.7%.7
Investors who invested in Pershing Square, L.P. at its inception on January 1, 2004, and transferred their capital account to PSH at its inception on December 31, 2012 ("Day One Investors") have grown their equity investment at a 16.5% compounded annual rate over the last 20 years, compared with a …