Q1 2022 Pershing Square Holdings Ltd Earnings Call Transcript
Hello, and welcome to the First Quarter 2022 Investor Call for Pershing Square Capital Management. (Operator Instructions) Today's call is being recorded. It's now my pleasure to turn the call over to your host, Mr. William Ackman, CEO and Portfolio Manager.
Thank you, operator, and welcome to our first quarter conference call. It's been an interesting year for sure, for -- I think, for all of us. The story here is really not so much about Q1. Q1 fund was down about system-wide a little under 2%. Really, the excitement, if you will, is in the last -- the period since the end of the quarter and year-to-date, we're down in the low 20s for our biggest fund, and it looks somewhat less high teens in the smaller funds. And what's driving that is really the mark-to-market performance of our portfolio. So we're going to spend, as usual, a lot of time talking about individual names in our portfolio.
I thought before we did that, it's sort of useful to kind of review
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