The ultraproduct construction is generalized to p‐ultramean constructions () by replacing ultrafilters with finitely additive measures. These constructions correspond to the linear fragments of continuous logic and are very close to the constructions in real analysis. A powermean variant of the Keisler‐Shelah isomorphism theorem is proved for. It is then proved that ‐sentences (and their approximations) are exactly those sentences of continuous logic which are preserved by such constructions. Some other applications are also given.