From January 1, 2004 to July 31, 2015, investors in the Pershing Square strategy earned a 20.5% compounded annual return versus 7.8% for the S&P 500.

True: Pershing Square's official performance disclosures (PSH annual report, prospectus or investor letters) show a 20.5% compounded annual net return for the strategy from 1 January 2004 to 31 July 2015, against 7.8% for the S&P 500 over the same period. Mostly true: the figures are within about 0.2 percentage points, or the period or return basis (net or gross) differs slightly. Mixed: one figure matches and the other differs materially. Mostly false: the figures differ materially but still show substantial outperformance. False: the record contradicts the figures. A formal restatement of the figures governs.

Set before the research began.

1. E1 Investment Manager's Report investorkurs.no (hosts Pershing Square Holdings annual report letters) Own record

   “In our first chapter, we generated a 20.9% compounded return for the first nearly 12 years of our history – from January 1, 2004 to July 31, 2015.”

2. E2 PSH 2015 Annual Report Pershing Square Holdings, Ltd. Own record

   “The inception date for PSLP is January 1, 2004.”

3. E3 PSH 2015 Annual Report Pershing Square Holdings, Ltd. Own record

   “Net returns also reflect the deduction of management fees and historical or accrued performance fee/allocation (if any).”

4. E4 PSH 2015 Annual Report Pershing Square Holdings, Ltd. Own record

   “The statistical data regarding the index has been obtained from Bloomberg and the returns are calculated assuming all dividends are reinvested.”

5. E5 Pershing Square Holdings 2017-2024 letters (PDF copy) Pershing Square Holdings, Ltd. (copy hosted by investorkurs.no) Own record

   “In our first chapter, we generated a 20.9% compounded return for the first nearly 12 years of our history – from January 1, 2004 to July 31, 2015.14”

6. E6 Pershing Square Holdings 2017-2024 letters (PDF copy) Pershing Square Holdings, Ltd. (copy hosted by investorkurs.no) Own record

   “The first nearly 12 years of our business during which we earned a 20.9% compound return from inception on January 1, 2004 until July 2015”

7. E7 2015 Pershing Square Holdings, Ltd. Annual Report (excerpt) Pershing Square Holdings, Ltd. · March 2016 Own record

   “The inception date for the Company is December 31, 2012 and the inception date for Pershing Square, L.P. is January 1, 2004.”

8. E8 2015 Pershing Square Holdings, Ltd. Annual Report (excerpt) Pershing Square Holdings, Ltd. · March 2016 Own record

   “The net returns for PSLP set out herein reflect the different fee arrangements in 2004, and subsequently.”

9. E9 European Investor Meeting (presentation, April 28, 2015) Pershing Square Capital Management, L.P. · 28 April 2015 Own record

   “Pershing Square, L.P.: 722.9% S&P 500: 134.3%”

10. E10 Annual Update Presentation (January 28, 2016) Pershing Square Capital Management, L.P. · 28 January 2016 Own record

    “Pershing Square, L.P.: 567.1% S&P 500: 135.3%”

11. E11 European Investor Meeting (presentation, April 28, 2015) Pershing Square Capital Management, L.P. · 28 April 2015 Own record

    “Pershing Square, L.P.’s performance is presented as it is the Pershing Square fund with the longest track record pursuing the same investment strategy.”

12. E12 Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for July 2015 Pershing Square Holdings, Ltd. (via Business Wire regulatory news) · 4 August 2015 Own record

    “Net performance is a geometrically linked time weighted calculation.”

Later Pershing Square Holdings letters describe the 1 January 2004 to 31 July 2015 period as a 20.9% compounded return (E1, E5, E6). That differs from the claimed 20.5% by more than the roughly 0.2-point tolerance, and these letters do not say whether the figure is net or gross. No item gives the 7.8% annualised S&P 500 figure for that period; the presentations (E9, E10) show only cumulative returns, and neither covers a period ending on 31 July 2015. The evidence therefore neither confirms nor clearly contradicts the claimed net figures.