- Pershing Square’s Holdings annual presentation for 2020 is out.
- 2020 really stood out:
- +70.2% annual return (the highest annual tally since inception).
- 36.6%pts of gross return coming from their big CDS bet.
- 13.1%pts from the IPO and appreciation of the world’s largest SPAC (slide 32).
- PSH was also added to FTSE 100.
- Slides cover latest views on their biggest holdings.
