Bill Ackman wrote that, as the largest investor in the Pershing Square funds, he and the other members of the Pershing Square team had experienced the funds' recent underperformance first hand.

True if a 2018 Ackman letter or statement (for example a Pershing Square annual or quarterly letter) contains this statement in substance, describing himself as the largest investor in the Pershing Square funds and saying the team had experienced the recent underperformance first hand, and he was in fact the largest investor at that time. Mostly true if the wording or date is slightly off (for example the letter is dated early 2019 about 2018) but the substance matches. Mixed if he wrote it but his being the largest investor is shown to be inaccurate. Mostly false if the statement is materially paraphrased or attributed to a different context. False if no such writing by Ackman exists, shown by the full text of the relevant letters lacking it, or if it was written by someone else.

Set before the research began.

1. E1 2018 Annual Report Letter Only Pershing Square Holdings, Ltd. · 7 August 2025 Own record

   “All members of the Pershing Square team are incredibly appreciative of your support which we expect to richly reward over the long term. As I have often said, experience is making mistakes and learning from them, and learn we have done.”

2. E2 2018 Annual Report Letter Only Pershing Square Holdings, Ltd. · 7 August 2025 Own record

   “As your 20% partner, we are highly incentivized to achieve a great outcome for all.”

3. E3 2018 Annual Report Letter Only Pershing Square Holdings, Ltd. · 7 August 2025 Own record

   “Last May’s company self-tender for 9.5% of shares outstanding coupled with shares purchased thereafter by Pershing Square management have reduced the effective free float of PSH over the last 10 months by 24.5%.”

4. E4 (none) Pershing Square Holdings, Ltd. (2018 Annual Report, Letter to Shareholders, excerpt) Own record

   “I and other members of the Pershing Square team have materially increased our investment in PSH through market purchases, and now own more than 20% of shares outstanding, representing more than $1 billion of PSH’s shareholder equity.”

5. E5 (none) Pershing Square Holdings, Ltd. (2018 Annual Report, Letter to Shareholders, excerpt) Own record

   “As Pershing Square is one of the largest shareholders and often an insider, a portfolio-wide selling program would”

6. E6 (none) Pershing Square Holdings, Ltd. (2018 Annual Report, Letter to Shareholders, excerpt) Own record

   “We outperformed our benchmark, the S&P 500, by 370 basis points with a 0.7% decline in NAV per share for the year.”

7. E7 Ackman letter reassures fund investors after steady losses New York Post · 26 March 2018

   “Ackman noted that as the largest investor in his fund, he, too, is suffering from the losses.”

8. E8 Ackman letter reassures fund investors after steady losses New York Post · 26 March 2018

   “"It is much worse to generate losses for shareholders who are relying on our efforts for their needs," Ackman said in a letter to investors in his publicly traded fund, which was contained in the fund's annual report.”

A New York Post report dated 26 March 2018 [E8, E9] says that in a letter in his publicly traded fund's annual report, Ackman wrote that as the largest investor in his fund he was also suffering from the losses. The report also quotes the final clause of the claimed sentence word for word [E9]. This independently confirms that the statement existed in substance in 2018, though no evidence shows the exact "first hand" wording. On whether he was the largest investor, the only support is Pershing Square's own later annual letter: it says he and the team owned more than 20% of PSH shares and calls them a "20% partner" [E2, E4]. That backs the claim but does not state outright that he was the single largest investor.