Pershing Square, 2014 Annual Report

Pershing Square had a great 2014 with an annual net return of +40.4% (gross return of 50.6%), compared to 13.7% for the S&P 500.

The annual report includes Bill Ackman’s letter to shareholders, a portfolio update with a brief discussion about current holdings, and also the Pershing Square principles.

Over the next 10 or so pages, I have excerpted sections from the Pershing Square letters from inception to the present that cover our business model, investment strategy, risk management, valuation, hedging, trading, investor relations, and other topics that would be of interest to a new investor in Pershing Square. These excerpts are cited as originally written with any updates reflected within end brackets. You will note that there are de minimis updates, as even a decade later, our investment principles and philosophy are largely unchanged. For new Pershing Square investors, we hope you find these principles useful in understanding what to expect from us going forward. For our longer-term investors, you may find the thoughts on the attached pages to be a helpful reminder of the key elements of our strategy.

Click image below to read Pershing Square’s 2014 annual report.

Skärmavbild 2015-04-12 kl. 20.10.21

Also, click image below for PDF of presentation from the annual update meeting held on January 29, 2015.

Skärmavbild 2015-04-12 kl. 20.06.35

Pershing Square’s net asset value (NAV) per share as of April 7, 2015 amounted to $27.31, compared to a price per share of $26.40.

Pershing Square Holding Ltd. will be added to the watch list.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. This article is informational and is in my own personal opinion. Always do your own due diligence and contact a financial professional before executing any trades or investments.


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