Pershing Square's NAV returns compounded at 25.3% over the last six calendar years, 1,320 bps per year above the S&P 500's total return.

Judge against Pershing Square Holdings' (PSH) reported NAV total returns for the six calendar years before the 2024 statement (2018–2023), and the S&P 500 total return for the same years. True: PSH's reported compounded annual NAV return over 2018–2023 is 25.3% (±0.1 pp for rounding) and the annualized excess over the S&P 500 total return is about 1,320 bps (±10 bps). Mostly true: both figures are within 1 pp / 100 bps of the stated values, or they match exactly but the period or the fund basis (e.g., PSH vs. Pershing Square funds overall) differs slightly. Mixed: one figure matches and the other is off by more than that. Mostly false: the underlying returns are real but the claim misstates them materially, e.g., compounded return off by 1–4 pp, or the outperformance comes from a different period or measure. False: the reported figures differ by more than 4 pp, or PSH underperformed the S&P 500 over the period. A formal restatement of the NAV figures governs.

Set before the research began.

1. E1 Investment Manager’s Report investorkurs.no (hosts a compilation of Pershing Square Holdings annual reports 2017–2024) · 21 October 2025 Own record

   “In 2023, Pershing Square’s 20th year, Pershing Square Holdings generated strong NAV performance of 26.7% versus 26.3% for our principal benchmark, the S&P 500 index.”

2. E2 Investment Manager’s Report investorkurs.no (hosts a compilation of Pershing Square Holdings annual reports 2017–2024) · 21 October 2025 Own record

   “Since the beginning of 2018, our NAV per share (including dividends) has more than tripled, up by 207% compared to 57% for the S&P 500 over the same period.”

3. E3 S&P 500 Annual Returns by Year: Complete Table 1928–2026 historyofmarket.com · 4 July 2026

   “| 2023 | +26.3% | | 2022 | −18.1% | | 2021 | +28.7% | | 2020 | +18.4% | | 2019 | +31.5% | | 2018 | −4.4% |”

E3 says PSH's NAV per share including dividends rose 207% from the beginning of 2018, against 57% for the S&P 500. The yearly S&P 500 figures in E4 compound to about 57% for 2018–2022, which suggests E3 covers the period up to the end of 2022, though E3 does not give the end date. Adding PSH's 2023 return of 26.7% (E2) gives about 3.89x over 2018–2023, or roughly 25.4% a year. The S&P 500 figures in E4 compound to about 12.1% a year over the same six years, so the excess is about 1,330 bps a year. Both figures are close to the claimed 25.3% and 1,320 bps. The result is mostly true rather than true because the period behind E3's 207% is inferred and the NAV figures come from Pershing Square's own reports.