Pershing Square purchased puts on the Saudi Riyal to hedge against a continued decline in energy prices.

True: Pershing Square's own reports show that by January 2016 it held purchased put options (or equivalent long-USD/short-SAR options) on the Saudi riyal, and that it described them as a hedge against further falls in energy prices; the stated motive is accepted as Pershing's own account. Mostly true: the position existed but its form differed in a minor way (for example options bought in a forward or structured form rather than plain puts, or opened shortly after the letter's reference date). Mostly false: Pershing held a related but different hedge (for example on oil or on a different currency) rather than riyal puts. False: the reports show Pershing held no position against the riyal at that time.

Set before the research began.

1. E1 1 Pershing Square Holdings (Bill Ackman's 2015 annual letter to shareholders) · 26 January 2016 Own record

   “To date, despite the large notional size of this currency/market hedge and continued weakness in the yuan and growing pressure on the Saudi Riyal, we have made only a modest profit on these investments.”

2. E2 PSH-Annual-Report-12.31.151.pdf Pershing Square Holdings, Ltd. (2015 Annual Report) · March 2016 Own record

   “We also purchase put options on currencies to hedge certain macro or other concerns.”

Pershing Square's 2015 annual letter, dated 26 January 2016 (E2), refers to a large-notional currency/market hedge on which it had made "only a modest profit" to date. It links the hedge's results to "growing pressure on the Saudi Riyal," which fits held riyal put positions. The 2015 Annual Report (E3) confirms that the fund buys put options on currencies to hedge macro concerns. Under the criteria, the stated energy-price motive is accepted as Pershing's own account. Both sources are Pershing's own published records, not independent confirmation.