Cumulative total NAV return since inception is 2,078% versus 592% for the S&P 500.

Judge against the cumulative since-inception NAV return (inception 31 December 2004) and the S&P 500 total return for the same period, as Pershing Square Holdings reports them for the period the statement covers (most likely its annual report or annual letter published in 2024, or an interim report dated 2024). True: the official report states a cumulative total NAV return of 2,078% (within ±1 percentage point, to allow for rounding) against 592% (±1 point) for the S&P 500, with a compound annual return of about 16.5%. Mostly true: the report's figures differ by more than rounding but by no more than about 2% relative (for example around 2,040–2,120% or 580–604%), or they belong to an adjacent reporting date. Mixed: one of the two cumulative figures matches and the other is materially different. Mostly false: both figures are materially different from the report but the outperformance gap is similar in substance, or the figures are gross rather than net (or for a different entity) when the report gives a different net figure. False: the reported figures contradict the claim, for example outperformance far smaller or no outperformance at all. A later formal restatement of the figures governs.

Set before the research began.

1. E1 Pershing Square Holdings 2023 Letter To Shareholders Seeking Alpha (republishing the Pershing Square Holdings 2023 shareholder letter) · 24 March 2024 Own record

   “Investors who invested in Pershing Square, L.P. at its inception on January 1, 2004, and transferred their capital account to PSH at its inception on December 31, 2012 ("Day One Investors") have grown their equity investment at a 16.5% compounded annual rate over the last 20 years, compared with a 10.0% return had they invested in the S&P 500 during the same period.”

2. E2 Pershing Square Holdings 2023 Letter To Shareholders Seeking Alpha (republishing the Pershing Square Holdings 2023 shareholder letter) · 24 March 2024 Own record

   “Such performance information does not reflect either the performance of PSLP since its inception or PSH since its inception and no individual fund has actually achieved these results.”

3. E3 Pershing Square Holdings 2023 Letter To Shareholders Seeking Alpha (republishing the Pershing Square Holdings 2023 shareholder letter) · 24 March 2024 Own record

   “Performance results are presented on a net-of-fees basis.”

4. E4 Pershing Square Holdings 2023 Letter To Shareholders Seeking Alpha · 24 March 2024 Own record

   “Such performance information does not reflect either the performance of PSLP since its inception or PSH since its inception and no individual fund has actually achieved these results.”

5. E5 Pershing Square Holdings 2023 Letter To Shareholders Seeking Alpha · 24 March 2024 Own record

   “Investors who invested in Pershing Square, L.P. at its inception on January 1, 2004, and transferred their capital account to PSH at its inception on December 31, 2012 ("Day One Investors") have grown their equity investment at a 16.5% compounded annual rate over the last 20 years, compared with a 10.0% return had they invested in the S&P 500 during the same period.”

6. E6 Pershing Square Holdings, Ltd. 2024 Interim Report and Unaudited Condensed Interim Financial Statements (June 30, 2024) Pershing Square Holdings, Ltd. · 15 August 2024 Own record

   “generated a 15.7% annualized net return and cumulative net returns of 1,932.7% for PSLP/PSH (as converted) compared to a 10.1% annualized net return and cumulative net returns of 630.0% for the S&P 500”

7. E7 Pershing Square Holdings Full Year 2024 Letter To Shareholders (PSHZF) Seeking Alpha · 25 April 2025 Own record

   “With the magic of compounding, our 15.9% compound annual NAV return translates into a cumulative total NAV return since inception of 2,172% versus 654% for the S&P 500 over the same period.”

The 2023 shareholder letter, published in March 2024 (E2/E7), gives a 16.5% compounded annual rate over 20 years for "Day One Investors," against 10.0% for the S&P 500; the letter states that its performance results are presented net of fees (E4). None of the quoted passages states the cumulative figures of 2,078% and 592%. The June 2024 interim report (E8) gives different cumulative figures for a different date: 1,932.7% against 630.0%, with a 15.7% annual return. The full-year 2024 letter (E9) also differs: 2,172% against 654%, with a 15.9% annual return. No report in the evidence states the claimed cumulative pair, so the evidence does not settle the claim under the criteria.