Pershing Square continues to maintain an energy-related hedge against a large rise in energy prices.

Judged as of the date of the 2024 statement, using Pershing Square's 2024 investor letters, PSH interim or annual reports, or portfolio disclosures. True: Pershing Square held an energy-related hedge at that time, for example oil or energy derivatives or options designed to protect against large rises in energy prices, and it had also held one before that date, so that 'continue' fits. Mostly true: the hedge existed but had been put on recently or was described somewhat differently, for example as an inflation hedge with an energy component. Mostly false: the hedge had been closed shortly before the statement, or it was not related to energy prices. False: PSH disclosures from that period show no energy-related hedge.

Set before the research began.

1. E1 Bill Ackman: Google, Ukraine and Interest Rates GuruFocus · 30 September 2023

   “Pershing Square also operates some “hedges” on both rising energy prices and high interest rates.”

2. E2 Pershing Square Holdings, Ltd. Interim Report and Unaudited Condensed Interim Financial Statements Pershing Square Holdings, Ltd. · 15 August 2024 Own record

   “The Investment Manager aims to manage risks through careful investment selection and portfolio construction, and may use opportunistic hedging strategies to mitigate market-related downside risk or to take advantage of asymmetric profit opportunities.”

3. E3 Annual Investor Presentation Pershing Square Holdings, Ltd. · 8 February 2024 Own record

   “Proven ability for the existing team to enhance its competencies over time, including macroeconomic hedging and private-to-public investing”

4. E4 Pershing Square Holdings, Ltd. 2024 Interim Report and Unaudited Condensed Interim Financial Statements (June 30, 2024) Pershing Square Holdings, Ltd. Own record

   “Derivative Contracts: Currency Forwards Equity Options Forward Purchase Agreement(4) Interest Rate Swaptions”

5. E5 Pershing Square Holdings, Ltd. 2024 Interim Report and Unaudited Condensed Interim Financial Statements (June 30, 2024) Pershing Square Holdings, Ltd. Own record

   “The Investment Manager aims to manage risks through careful investment selection and portfolio construction, and may use opportunistic hedging strategies to mitigate market-related downside risk or to take advantage of asymmetric profit opportunities.”

6. E6 Annual Investor Presentation Pershing Square Holdings, Ltd. · 8 February 2024 Own record

   “This presentation contains information and analyses relating to all of the publicly disclosed positions over 50 basis points in the portfolio of Pershing Square Holdings, Ltd. (“PSH” or the “Company”) during 2023.”

7. E7 Pershing Square Holdings, Ltd. 2024 Interim Report and Unaudited Condensed Interim Financial Statements (June 30, 2024) Pershing Square Holdings, Ltd. Own record

   “Net realized gain/(loss) on commodity interests (net of brokerage”

8. E8 Investment Manager’s Report investorkurs.no (hosting a compilation of Pershing Square Holdings letters, 2017-2024) Own record

   “In 2023, our hedges generated 187 basis points (bps) of losses principally due to an energy-related hedge (-108bps) and Japanese interest-rate swaptions (-141bps)”

An independent 2023 report says Pershing Square held hedges against rising energy prices (E1). PSH's own investment manager's report says its 2023 hedges lost money, mainly because of an energy-related hedge (-108bps) (E9). Both show the hedge existed before 2024, so "continue" fits. The June 2024 interim report has a line for commodity interests (E7), but its table of derivatives names no energy or oil contract (E4), and the quotes do not directly confirm the hedge was still held when the statement was made. That leaves some doubt, so the verdict is mostly true rather than true.