{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-fa6e41e27e56", "slug": "2066928ad734", "title": "BlackRock (BLK)", "subtitle": "Giuseppe Bivona and Marco Taricco · 2024-04", "author": "Giuseppe Bivona and Marco Taricco", "date": "2024-04-30 00:00:00", "pageCount": 7, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.7070707, "targetCompany": "BlackRock", "targetTicker": "BLK", "document": { "id": "019dd923-622b-71dc-a6dc-fa6e41e27e56", "slug": "2066928ad734", "title": "BlackRock (BLK)", "rawTitle": "553283 b02b1e30bc5e47d097c03b3ce282662e", "authorId": "23_Bluebell_Capital", "authorName": "Giuseppe Bivona and Marco Taricco", "authorDisplay": "Giuseppe Bivona and Marco Taricco", "kind": { "slug": "shareholder-letter", "label": "Shareholder letter" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "553283_b02b1e30bc5e47d097c03b3ce282662e.pdf", "sourceUrl": null, "sourceDate": null, "presentationDate": "2024-04-30 00:00:00", "ingestedAt": "2026-04-22 18:08:35+00", "status": "ready", "pageCount": 7, "orientation": "portrait", "aspectRatio": 0.7070707, "targetCompany": "BlackRock", "targetTicker": "BLK", "metadata": { "local_root": "/tmp/legacy-images/2066928ad734", "activist_firm": "Bluebell Capital Partners", "origin_corpus": "contrarian", "extraction_seconds": 78.15723180770874 } }, "coverage": { "pageCount": 7, "pagesIndexed": 7, "pagesWithImages": 7, "pagesWithMetadata": 7, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 48, "chartCount": 0, "metricSlides": 0, "toolMatches": 4, "documentToolMatches": 3, "frameworkMatches": 2, "arcMatches": 1, "beatMatches": 3, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "b47e9fcd-20b2-4898-b573-bb2203d7cbf5", "evidence": "The villain critique and closing ask slides indicate a narrative of overcoming an obstacle (the current bylaws) to achieve a goal (an independent Board Chair).", "isPrimary": true, "confidence": 0.7, "extraction": { "at": "2026-07-16 21:56:37.611792+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 3, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "Setup", "beatId": "b678951b-941a-4563-80f6-5291329d3478", "matchId": "b47e9fcd-20b2-4898-b573-bb2203d7cbf5", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "Appendix and disclosure pages provide context", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 }, { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 4, "name": "Critique of the Status Quo", "beatId": "0c964938-fcf1-4bc4-aaa1-532a520aa991", "matchId": "b47e9fcd-20b2-4898-b573-bb2203d7cbf5", "beatType": null, "evidence": "Executive summary and critique of current governance", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 }, { "to": 7, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 6, "name": "Call to Action", "beatId": "9629eb1c-e908-40b0-aaa0-0b5bf80c1bd2", "matchId": "b47e9fcd-20b2-4898-b573-bb2203d7cbf5", "beatType": null, "evidence": "Direct ask to vote 'FOR' Item 6", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [ { "to": 5, "from": 4, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "42a7e1ee-edbb-436b-bf54-1dd499f750b3", "evidence": "The critique of current governance implies potential negative consequences of inaction", "position": 0, "objective": "Highlight the risks of not amending the bylaws", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:56:37.738362+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "32e8ff34-67da-4c9b-9eaf-cc2384b8c1ed", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f5241c15-4842-4164-8b43-4f2166f2f92e", "evidence": "Larry Fink (CEO/Chairman) and Murry Gerber (lead independent director)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "7b0fd44b-0eb5-4b6d-a22d-5f083ce8fd4a", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "825f5947-d31d-42d3-880f-636cf8b2e55e", "evidence": "This slide contains a clear call to action and a formal closing ask.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:55:32.522273+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "5b467dd9-ccac-4070-bcae-5a343f7dea65", "evidence": "Contrasting CEO rhetoric with board governance facts", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:57:01.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "36a1ecf6-b6bb-4d57-baed-8111ba5e4d91", "evidence": "Reference to 'The Emperor's New Clothes' to critique BlackRock's governance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:57:03.682+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "metaphor-analogy" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Open letter from Bluebell Capital (Giuseppe Bivona & Marco Taricco) addressed personally to the CEOs of ~24 of BlackRock's largest fund-manager shareholders (Vanguard, State Street, Fidelity, Capital Group, T. Rowe Price, JPMAM, Invesco, Wellington, UBS AM, Amundi, etc., listed pages 1-3). The argument is governance-only, not valuation; no target price or upside calc. Strong rhetorical device: weaponising Fink's own 'Dear CEOs' letters and stewardship marketing against him ('Emperor's New Clothes'). Companion materials referenced (SEC-filed presentation and response to BlackRock's Statement of Opposition) are separate documents. Word-processor letter, light Bluebell branding only on header.", "kpisCited": [ { "detail": "BlackRock 16 directors vs. S&P 500 average of 10.8", "metric": "Board size" }, { "detail": "BlackRock 31% vs. S&P 500 average of 33%", "metric": "Women board representation" }, { "detail": "BlackRock 10 years vs. S&P 500 average of 7.8 years", "metric": "Average director tenure" }, { "detail": "BlackRock 81% vs. S&P 500 average of 85%", "metric": "Independent director share" }, { "detail": "Murry Gerber 24 years on the BlackRock board", "metric": "Lead independent director tenure" }, { "detail": "BlackRock cites 9,000% vs. S&P 500 490% since 1999, but outperformance ceased ~15 years ago", "metric": "Total shareholder return since IPO" }, { "detail": "BlackRock voted at 18,000 AGMs across 14,100 companies in 69 countries (171,500 votes) in 2022-23 with only 70 stewardship employees", "metric": "Stewardship voting scale" } ], "closingAsk": "We kindly ask you, as a fiduciary of your own clients, to vote 'FOR' Item 6 at BlackRock's May 15, 2024 AGM.", "extraction": { "at": "2026-04-22 18:08:35+00", "model": "unknown-legacy", "runId": null, "seconds": 78.157234, "promptVersion": null }, "scqaReward": "A successful vote restores credibility to BlackRock's stewardship franchise, validates the fiduciary integrity of the asset management industry, and removes a textbook governance defect at its largest player; no specific share-price upside is quantified.", "thesisTypes": [ "governance_board" ], "top3Reasons": [ "Larry Fink holds both CEO and Chairman roles with only a 24-year 'lead independent' director as check", "BlackRock's board fails on size, tenure, and independence vs. S&P 500 peers", "BlackRock preaches stewardship to portfolio companies but practices bad governance itself" ], "scqaSituation": "BlackRock, the world's largest asset manager and self-styled steward of corporate governance, holds its 2024 AGM on May 15, where shareholders will vote on Item 6 — a Bluebell-sponsored proposal to require an independent Chair.", "thesisSummary": "Bluebell Capital is asking the CEOs of BlackRock's largest shareholders (Vanguard, State Street, Fidelity, Capital Group, T. Rowe Price, etc.) to vote FOR Item 6 at the May 15, 2024 BlackRock AGM, which would amend the bylaws to require an independent Board Chair from 2025 onward. The letter argues BlackRock is a 'textbook example of bad corporate governance': an oversized 16-director board (vs. S&P 500 average of 10.8), 10-year average director tenure (vs. 7.8), only 81% independent directors (vs. 85%), 31% women (vs. 33%), and crucially a combined CEO/Chairman role in Larry Fink whose 'check' is lead independent director Murry Gerber, on the board for 24 years with limited powers. Bluebell quotes Fink's own stewardship letters to expose hypocrisy, noting BlackRock voted at 18,000 AGMs in 2022-23 with just 70 employees, and frames the vote as a test of the asset management industry's integrity.", "primaryDemands": [ "Vote FOR Item 6 at BlackRock's May 15, 2024 AGM to amend bylaws requiring an independent Board Chair", "Separate the roles of Chair and CEO starting from the 2025 AGM", "End the conflation of Chairman and CEO roles currently held by Larry Fink" ], "scqaResolution": "Bluebell asks the CEOs of BlackRock's largest fund-manager shareholders to vote FOR Item 6, splitting the Chair and CEO roles from the 2025 AGM and aligning BlackRock's own governance with the standards it preaches.", "thesisOneLiner": "BlackRock preaches stewardship to others while combining Chair and CEO under Larry Fink; shareholders should vote FOR Bluebell's Item 6 to require an independent Chair from 2025.", "precedentsCited": [ "The People's Pension (TPP) warning to managers on stewardship resourcing", "Hans Christian Andersen's 'The Emperor's New Clothes' as rhetorical analogue" ], "scqaComplication": "Larry Fink holds both CEO and Chairman roles, the 16-person board exceeds peer norms on size, tenure and independence, and the 'lead independent director' has been on the board for 24 years with limited authority — the antithesis of what BlackRock demands of its portfolio companies.", "narrativeInterest": 4, "notableSlidePages": [ 4, 5, 6 ], "peerCompaniesCited": [ "S&P 500 constituents (governance benchmarks)" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This appears to be a distribution list or a list of addressees for a shareholder letter.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/DyrUSFaUa0bCZck9_PrMm1m3dKSmOtsUrc7w30FBWFc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yMDY2OTI4YWQ3MzQvcDAwMS5qcGc", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 3, "textChars": 172, "nDataPoints": 0, "notes": "This appears to be a distribution list or a list of addressees for a shareholder letter.", "elementsJson": [ "logo_grid", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:56:58.747+00", "seconds": 2.168, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-fa6e41e27e56/1", "deck": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.75, "x": 0.132, "y": 0.1 }, "kind": "list", "text": "List of 10 executives with their respective company addresses.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:58.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c67c5f54-e8dc-4579-9ed4-febf28234461", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.227, "x": 0.386, "y": 0.911 }, "kind": "paragraph", "text": "Bluebell Capital Partners Limited 2 Eaton Gate, London SW1W 9BJ Tel: +44 20 3826 0100", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:58.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bd37ad7-3a17-4629-87ad-bba572f55877", "parentComponentId": null }, { "bbox": { "h": 0.024, "w": 0.268, "x": 0.613, "y": 0.055 }, "kind": "title", "text": "BLUEBELL CAPITAL PARTNERS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:58.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe026fd7-7904-402a-9973-038e0fe72250", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "Setup", "beatId": "b678951b-941a-4563-80f6-5291329d3478", "matchId": "b47e9fcd-20b2-4898-b573-bb2203d7cbf5", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "Appendix and disclosure pages provide context", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/hRhNg80BM5ja40qWAF3nRDDKwtMYx7RtdUF0CGo9fNY/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yMDY2OTI4YWQ3MzQvcDAwMS5qcGc", "imagePathAlt": "https://imgproxy.kitesheet.com/O0By6iXEBa03a_t1-R0ho_blFxWEYJlnUEwIB_o8z8Y/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yMDY2OTI4YWQ3MzQvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/6QG6f4lu2D49dClHsFeRUSL5auKyaBFU1CJYElQOn-E/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yMDY2OTI4YWQ3MzQvcDAwMS5wbmc" }, { "page": 2, "type": "appendix", "title": "This appears to be a contact list or distribution list for a shareholder letter.", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 11, "textChars": 1271, "nDataPoints": 0, "notes": "This appears to be a contact list or distribution list for a shareholder letter.", "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:57:00.162+00", "seconds": 3.499, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-fa6e41e27e56/2", "deck": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.3, "x": 0.6, "y": 0.05 }, "kind": "image", "text": "Bluebell Capital Partners", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "361bc6f4-67ff-4e0d-b274-45156a3d3c4c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.53, "y": 0.25 }, "kind": "paragraph", "text": "Stephen M. Goddard, Founder, Chairman, CIO, The London Company of Virginia, 1800 Bayberry Court, Suite 301, Richmond, VA 23226, United States", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fbfb5ec-a23e-494c-bca6-b530ab260de6", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.53, "y": 0.55 }, "kind": "paragraph", "text": "Michael G. O'Grady, Chief Executive Officer, Northern Trust, 50 S LaSalle St, Chicago, IL 60603, United States", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0fde7726-f48c-499d-a719-c36781d71d86", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.13, "y": 0.4 }, "kind": "paragraph", "text": "George C.W. Gatch, Chief Executive Officer, J.P. Morgan Asset Management, 383 Madison Avenue, New York, NY 10017, United States", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a788a0d-ce45-4d2f-92e4-9775e7213c2d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.13, "y": 0.7 }, "kind": "paragraph", "text": "Andrew Schlossberg, Chief Executive Officer, Invesco, Midtown Union 1331 Spring Street, NW Atlanta, GA 30309, United States", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22ff93d4-9908-41d9-8996-b8acef704107", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.13, "y": 0.1 }, "kind": "paragraph", "text": "Jenny Johnson, Chief Executive Officer, Franklin Resources, Inc, One Franklin Parkway, San Mateo, CA 94403-1906, United States", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6331177b-b6d4-47a4-9057-be7b92b9c124", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.13, "y": 0.25 }, "kind": "paragraph", "text": "David Lane, Chief Executive Officer, GEODE Capital Management, 100 Summer Street, 12th Floor, Boston, MA 02110, United States", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "674c8358-02f8-4995-9d4d-65140850c27f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.53, "y": 0.4 }, "kind": "paragraph", "text": "Michael Roberge, Chief Executive Officer, MFS Investment Management, 111 Huntington Avenue, Boston, MA 02199, United States", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73bc232f-e6a7-4783-947c-2d97b2b359af", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.13, "y": 0.55 }, "kind": "paragraph", "text": "Michelle White, Chief Executive Officer, Harris Associate, 111 South Wacker Drive Suite 4600, Chicago, IL 60606, United States", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a14088c2-75ba-4c3b-aa83-424bf7694d6f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.53, "y": 0.1 }, "kind": "paragraph", "text": "António Simõe, Chief Executive Officer, Legal & General Group, 1 Coleman St, London EC2R 5AA, United Kingdom", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb7fc7c8-8b42-4671-b430-b94613f45fda", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.53, "y": 0.7 }, "kind": "paragraph", "text": "Daniel Joseph Houston, Chief Executive Officer, Principal Financial Group Inc., 711 High Street, Des Moines, IA 50392-0150, United States", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc79722a-313f-460f-8d09-ce7a8dafebca", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "Setup", "beatId": "b678951b-941a-4563-80f6-5291329d3478", "matchId": "b47e9fcd-20b2-4898-b573-bb2203d7cbf5", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "Appendix and disclosure pages provide context", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "locked": true }, { "page": 3, "type": "appendix", "title": "This page serves as a contact or distribution list for the letter.", "function": "front_matter", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 21, "componentCount": 3, "textChars": 508, "nDataPoints": 0, "notes": "This page serves as a contact or distribution list for the letter.", "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:56:59.38+00", "seconds": 2.716, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-fa6e41e27e56/3", "deck": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56.json" }, "components": [ { "bbox": { "h": 0.024, "w": 0.268, "x": 0.613, "y": 0.055 }, "kind": "image", "text": "Bluebell Capital Partners", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:59.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6f52e6d-01b6-4a1d-a0b4-0af822ee1751", "parentComponentId": null }, { "bbox": { "h": 0.556, "w": 0.733, "x": 0.133, "y": 0.099 }, "kind": "paragraph", "text": "Ronald P. O'Hanley, Chief Executive Officer, State Street Corp. Robert W. Sharps, Chief Executive Officer and President, T. Rowe Price. Aleksandar Ivanovic, President Asset Management, UBS AG. Mortimer J. Buckley, Chief Executive Officer, Vanguard Group Inc. Deanna J. Santana, Acting Chief Executive Officer, MissionSquare Retirement. Jean M. Hynes, Chief Executive Officer, Wellington Management.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:59.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56b1d287-d73a-4a53-84b0-a0def72b31cf", "parentComponentId": null }, { "bbox": { "h": 0.044, "w": 0.227, "x": 0.386, "y": 0.911 }, "kind": "source-note", "text": "Bluebell Capital Partners Limited 2 Eaton Gate, London SW1W 9BJ Tel: +44 20 3826 0100", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:59.38+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f870e8c3-66b7-4331-8190-107a5cbcd23a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 3, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 1, "name": "Setup", "beatId": "b678951b-941a-4563-80f6-5291329d3478", "matchId": "b47e9fcd-20b2-4898-b573-bb2203d7cbf5", "beatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "evidence": "Appendix and disclosure pages provide context", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "locked": true }, { "page": 4, "type": "tension", "title": "This is a formal shareholder letter/proxy solicitation document.", "function": "frame_problem", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 9, "textChars": 2486, "nDataPoints": 0, "notes": "This is a formal shareholder letter/proxy solicitation document.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:57:00.197+00", "seconds": 3.509, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-fa6e41e27e56/4", "deck": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Today, BlackRock is both the absolute leader in passive investments and the undisputed champion in preaching the messianic role of corporate stewardship.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:52:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3b-7248-a19d-1b55b9a89ed2", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.74, "x": 0.13, "y": 0.26 }, "kind": "paragraph", "text": "In recent years, the asset management industry has undergone significant transformation, with a shift of capital from active to passive investment, especially in the equity sector, being perhaps one of the most significant trends.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "040b637f-e673-4fc3-84e8-bd7b65b51511", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.74, "x": 0.13, "y": 0.57 }, "kind": "paragraph", "text": "These themes suddenly became the centre of BlackRock value’s proposition in a sector when superior analytics, research and performance no longer mattered. This was accompanied by Mr. Fink banging the drum for the importance of stewardship for passive funds, using the argument that “unlike actively managed funds, which can and do sell the stock of a company they perceive as having poor corporate governance, index funds are the ultimate long- term investors” (Mr. Fink)2. Thus BlackRock claimed to make sustainability a “new standard for investing” (Mr. Fink)3.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "157a6e76-7c40-4f06-abd9-70723bc5d4ef", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.74, "x": 0.13, "y": 0.71 }, "kind": "paragraph", "text": "Today, BlackRock is both the absolute leader in passive investments and the undisputed champion in preaching the messianic role of corporate stewardship.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40a92aae-c1ee-4f66-89b4-ee993944cc51", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.74, "x": 0.13, "y": 0.45 }, "kind": "paragraph", "text": "A driving force behind this industry transformation has been BlackRock under the leadership of its co-founder, CEO, and Chairman (Mr. Larry Fink). To increase volumes and conquer market shares in the booming passive investment sector, BlackRock was quick to adopt a cutely master-minded commercial strategy centred around new concepts such as corporate stewardship, corporate governance, and social and environmental issues.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75f893c5-aa90-490f-a034-7ef96e9620bf", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.74, "x": 0.13, "y": 0.33 }, "kind": "paragraph", "text": "The exponential growth of passive funds/ETFs has undeniably made low-cost investment strategies (including those hard to replicate) accessible to all. In the world of passive investment, portfolio managers and investment analysts have less of a role to play, and relative performance (other than tracking error) is not a differentiating factor. This has made it harder for asset managers to differentiate themselves amongst peers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81cc4d5b-a04a-4317-bf41-af73cc60064c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“unlike actively managed funds, which can and do sell the stock of a company they perceive as having poor corporate governance, index funds are the ultimate long- term investors” — Mr. Fink", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:52:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3b-7248-a19d-1debc2e407ce", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.74, "x": 0.13, "y": 0.86 }, "kind": "source-note", "text": "1 According to Bloomberg 2 https://www.blackrock.com/corporate/about-us/investment-stewardship/blackrock-voting-choice/proxy-voting-power-of-choice 3 https://www.blackrock.com/corporate/investor-relations/2020-blackrock-client-letter", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd4f6377-7d4f-49a3-a459-fec48fa7df50", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.74, "x": 0.13, "y": 0.19 }, "kind": "title", "text": "Subject: BlackRock AGM on May 15, 2024 – “Amend Bylaws to Require Independent Board Chair” (Item 6, Vote “FOR”)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:00.197+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0869466-5fd5-421f-befb-cfd37e265a56", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Critique of the Status Quo", "beatId": "0c964938-fcf1-4bc4-aaa1-532a520aa991", "matchId": "b47e9fcd-20b2-4898-b573-bb2203d7cbf5", "beatType": null, "evidence": "Executive summary and critique of current governance", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [ { "to": 5, "from": 4, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "42a7e1ee-edbb-436b-bf54-1dd499f750b3", "evidence": "The critique of current governance implies potential negative consequences of inaction", "position": 0, "objective": "Highlight the risks of not amending the bylaws", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:56:37.738362+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 5, "type": "tension", "title": "This is a page from an activist investor letter (Bluebell Capital Partners) attacking BlackRock's leadership.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 83, "componentCount": 8, "textChars": 3924, "nDataPoints": 8, "notes": "This is a page from an activist investor letter (Bluebell Capital Partners) attacking BlackRock's leadership.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:57:01.7+00", "seconds": 4.9, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-fa6e41e27e56/5", "deck": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "BlackRock is a textbook example of bad corporate governance due to an oversized Board (16 directors vs. the S&P500 average of 10.8), low women representation (31% vs. the S&P500 average of 33%), long tenure of directors as a symptom of lack of independence (10 yrs vs. the S&P500 average of 7.8 yrs), low presence of independent directors (81% vs. the S&P500 average of 85%), and above all, a Chairman who is also the CEO (Mr. Fink).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:52:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3b-7248-a19d-4ade13ae47c3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.74, "x": 0.13, "y": 0.1 }, "kind": "paragraph", "text": "Our view (which now starts to be more widely shared), is BlackRock is just a champion of messaging, and the hypocritic manner in which it pivots between rhetoric and reality, risks imploding the asset management industry for betraying the fiduciary relationship between asset manager and clients: BlackRock is not only not a champion of stewardship in the companies in which it invests but also not in its own backyard.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:01.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05bfe6a8-1814-403e-9a0c-41870790adf8", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.74, "x": 0.13, "y": 0.21 }, "kind": "paragraph", "text": "For the reasons explained, BlackRock is a textbook example of bad corporate governance due to an oversized Board (16 directors vs. the S&P500 average of 10.8), low women representation (31% vs. the S&P500 average of 33%), long tenure of directors as a symptom of lack of independence (10 yrs vs. the S&P500 average of 7.8 yrs), low presence of independent directors (81% vs. the S&P500 average of 85%), and above all, a Chairman who is also the CEO (Mr. Fink) with 'checks and balances' is ensured (!!!) by a lead-independent director (Mr. Murry Gerber) who has been on the Board for 'just' 24 years and more importantly was given very limited powers and authorities to properly exercise its function.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:01.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3055900-76c4-47a0-8fe6-88f5a6ba9e86", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.74, "x": 0.13, "y": 0.4 }, "kind": "paragraph", "text": "BlackRock's Board - one of the most exclusive clubs of 'Corporate America' which has recently taken a commercial opportunity to open its door to Saudi Arabia - has even recognized as an independent director the co-founder of BlackRock (Ms. Susan Wagner), who has been with BlackRock since 1988, first as a senior executive and then as a director since 2012. BlackRock could be viewed as a perfect example of the hypocrisy that undermines the credibility of the entire asset management industry, including when it describes performances: \"our ability to adapt, evolve, and grow has generated a total return of 9,000% for our shareholders since our IPO in 1999. That is well in excess of the S&P 500 return of 490% and representative of a business model serving all our stakeholders\" (CEO Larry Fink, 2024 Letter to investors). Mr. Fink omitted to say that the outperformance relative to the S&P500 effectively ceased 15 years ago, subtly implying that it has continued ever since.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:01.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2664114-6832-4618-bb66-14ddb539d282", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.74, "x": 0.13, "y": 0.66 }, "kind": "paragraph", "text": "The same hypocrisy label could be levelled to the function of corporate stewardship where BlackRock claims that its \"approach to corporate governance can be described as value-focused engagement\" and that its ability in \"executing a value-focused engagement approach requires a sophisticated team, and we have an expert group of corporate governance specialists to review issues and manage the process, including proxy voting\" (BlackRock Larry Fink, 'Dear CEOs Letter', 2012): said differently, \"BlackRock engages with companies to drive the sustainable, long-term growth that our clients need to meet their goals\" (BlackRock Larry Fink, 'Dear CEOs Letter', 2012). The reality is shown to be quite different based on the facts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:01.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0d5afc1-fcce-41a3-8e38-a3c89e26be62", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"our ability to adapt, evolve, and grow has generated a total return of 9,000% for our shareholders since our IPO in 1999. That is well in excess of the S&P 500 return of 490% and representative of a business model serving all our stakeholders\" — CEO Larry Fink, 2024 Letter to investors; \"approach to corporate governance can be described as value-focused engagement\" — BlackRock Larry Fink, 'Dear CEOs Letter', 2012; \"BlackRock engages with companies to drive the sustainable, long-term growth that our clients need to meet their goals\" — BlackRock Larry Fink, 'Dear CEOs Letter', 2012.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:52:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3b-7248-a19d-4d78712e7119", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.13, "y": 0.85 }, "kind": "source-note", "text": "4, 5, 6: References to BlackRock annual/CEO letters.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:01.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad90dc7a-4456-4c12-9dee-20984e2a93c5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.28, "x": 0.61, "y": 0.05 }, "kind": "title", "text": "BLUEBELL CAPITAL PARTNERS", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:01.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8cdb373c-b06c-4a08-a140-3f120066a303", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5b467dd9-ccac-4070-bcae-5a343f7dea65", "evidence": "Contrasting CEO rhetoric with board governance facts", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:57:01.7+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 5, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 4, "name": "Critique of the Status Quo", "beatId": "0c964938-fcf1-4bc4-aaa1-532a520aa991", "matchId": "b47e9fcd-20b2-4898-b573-bb2203d7cbf5", "beatType": null, "evidence": "Executive summary and critique of current governance", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [ { "to": 5, "from": 4, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "42a7e1ee-edbb-436b-bf54-1dd499f750b3", "evidence": "The critique of current governance implies potential negative consequences of inaction", "position": 0, "objective": "Highlight the risks of not amending the bylaws", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:56:37.738362+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 6, "type": "setup", "title": "The slide uses a literary metaphor ('The Emperor's New Clothes') to frame the critique of BlackRock's governance.", "function": "closing_ask", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "closing_ask", "functionCanon": { "name": "Closing ask (contrarian)", "slug": "closing_ask", "status": "active", "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 6, "textChars": 1128, "nDataPoints": 4, "notes": "The slide uses a literary metaphor ('The Emperor's New Clothes') to frame the critique of BlackRock's governance.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:57:03.682+00", "seconds": 6.639, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-fa6e41e27e56/6", "deck": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56#slide-6", "deckJson": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.74, "x": 0.13, "y": 0.72 }, "kind": "callout", "text": "We kindly ask you, as a fiduciary of your own clients, to vote \"FOR\".", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:03.682+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bdfd2a9b-bd0a-4877-964b-b0a5e1170638", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.74, "x": 0.13, "y": 0.25 }, "kind": "paragraph", "text": "The corporate governance/stewardship superiority or the cloak that BlackRock appears to adorn itself with, is reminiscent of Hans Christian Andersen's tale 'The Emperor's New Clothes': within the industry, BlackRock stands naked, indefensible, and shameless.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:03.682+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "955d2692-1a1f-4ed8-8989-38bf3dcc011c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.74, "x": 0.13, "y": 0.45 }, "kind": "paragraph", "text": "Bluebell Capital Partners has placed on the agenda (Item 6) the motion to appoint, starting from the AGM 2025, an independent Chair, thus separating the roles of Chair and CEO.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:03.682+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dafcd724-9c7a-41e4-946d-04e56e82e067", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.74, "x": 0.13, "y": 0.1 }, "kind": "paragraph", "text": "BlackRock boasts of having voted in a single proxy season (2022-2023) at 18,000 AGMs of 14,100 companies in 69 countries, expressing 171,500 votes. All this with the support of just 70 employees who may not even know how to vote, let alone who they are voting for.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:03.682+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef345659-9229-486f-93f1-685c8433d338", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The corporate governance/stewardship superiority or the cloak that BlackRock appears to adorn itself with, is reminiscent of Hans Christian Andersen's tale 'The Emperor's New Clothes': within the industry, BlackRock stands naked, indefensible, and shameless.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:52:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3b-7248-a19d-344ae9796a73", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.74, "x": 0.13, "y": 0.87 }, "kind": "source-note", "text": "See also: https://www.sec.gov/Archives/edgar/data/1364742/000201737624000014/bluebellresponseletter.pdf", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:03.682+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "004e3d4e-c11e-44bf-a871-5df180c7cf83", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "36a1ecf6-b6bb-4d57-baed-8111ba5e4d91", "evidence": "Reference to 'The Emperor's New Clothes' to critique BlackRock's governance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:57:03.682+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "frameworkName": "metaphor-analogy" } ], "arcBeats": [ { "to": 7, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "Call to Action", "beatId": "9629eb1c-e908-40b0-aaa0-0b5bf80c1bd2", "matchId": "b47e9fcd-20b2-4898-b573-bb2203d7cbf5", "beatType": null, "evidence": "Direct ask to vote 'FOR' Item 6", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "locked": true }, { "page": 7, "type": "setup", "function": "closing_ask", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "closing_ask", "functionCanon": { "name": "Closing ask (contrarian)", "slug": "closing_ask", "status": "active", "canonId": "019de52d-18d2-7137-8c99-0a14eb350f0f", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 8, "textChars": 376, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:57:02.987+00", "seconds": 5.9, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dc-fa6e41e27e56/7", "deck": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56", "deckAnchor": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56#slide-7", "deckJson": "/decks/019dd923-622b-71dc-a6dc-fa6e41e27e56.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We are at your complete disposal if you wish to receive further information.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:52:49+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3b-7248-a19c-dd2c9e6e3a48", "parentComponentId": null }, { "bbox": { "h": 0.042, "w": 0.228, "x": 0.386, "y": 0.911 }, "kind": "disclaimer", "text": "Bluebell Capital Partners Limited 2 Eaton Gate, London SW1W 9BJ Tel: +44 20 3826 0100", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:02.987+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d33e2cd-a6d2-41c5-9814-92d45131ab63", "parentComponentId": null }, { "bbox": { "h": 0.024, "w": 0.269, "x": 0.612, "y": 0.054 }, "kind": "image", "text": "Bluebell Capital Partners", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:02.987+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49050f2a-bc6f-4cc7-9250-b268d6a64769", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.465, "x": 0.19, "y": 0.123 }, "kind": "paragraph", "text": "We are at your complete disposal if you wish to receive further information.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:02.987+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "082b5d14-0fe6-456e-8ab7-e2945e528517", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.135, "x": 0.19, "y": 0.24 }, "kind": "paragraph", "text": "Giuseppe Bivona, Partner and CIO", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:02.987+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10d79fac-cf4d-42aa-8af6-19f1f5324451", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.095, "x": 0.19, "y": 0.17 }, "kind": "paragraph", "text": "Yours sincerely,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:02.987+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7617a2df-9744-4eb5-8a48-1599ad5ebf61", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.135, "x": 0.608, "y": 0.24 }, "kind": "paragraph", "text": "Marco Taricco, Partner and CIO", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:02.987+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8bea6572-4824-464f-b030-967e932b057d", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.235, "x": 0.19, "y": 0.38 }, "kind": "paragraph", "text": "CC: David Platero, Portfolio Manager", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:02.987+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d603280c-9966-441f-bd4f-0ddef389292f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "825f5947-d31d-42d3-880f-636cf8b2e55e", "evidence": "This slide contains a clear call to action and a formal closing ask.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:55:32.522273+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "Call to Action", "beatId": "9629eb1c-e908-40b0-aaa0-0b5bf80c1bd2", "matchId": "b47e9fcd-20b2-4898-b573-bb2203d7cbf5", "beatType": null, "evidence": "Direct ask to vote 'FOR' Item 6", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 3, "label": "Setup", "description": "Appendix and disclosure pages provide context" }, { "from": 4, "to": 5, "label": "Critique of the Status Quo", "description": "Executive summary and critique of current governance" }, { "from": 6, "to": 7, "label": "Call to Action", "description": "Direct ask to vote 'FOR' Item 6" } ], "loops": [ { "from": 4, "to": 5, "label": "Cost Of Inaction", "description": "Highlight the risks of not amending the bylaws" } ] }