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Covers Allergan, Herbalife (short), Air Products, Canadian Pacific, Restaurant Brands International (Burger King/Tim Hortons), Platform Specialty, Zoetis, Howard Hughes, Fannie/Freddie. Author credited as the firm only (Pershing Square Capital Management, L.P.) — no Ackman signature on cover. SCQA fields nulled because there is no single thesis (per guidance for fund-level updates). Notable rhetorical device: Herbalife slide quotes Chairman's Club distributor Stephan Gratziani admitting 'a level of inauthenticity' — insider-quote-contradiction pattern. APD vs Praxair margin gap (16% vs 22%) is asserted in text, not as a chart, so contains_peer_gap_chart is false. Annotated stock-price timeline charts (HLF, Allergan, CP, APD) are the most reusable slides. Many gray section-divider pages inflate page count.", "kpisCited": [ { "detail": "40.4% vs. S&P 500 13.7%", "metric": "2014 net return (Pershing Square, L.P.)" }, { "detail": "696.2% vs. S&P 500 132.1%", "metric": "Cumulative net return since 2004 inception" }, { "detail": "+71% in 2014; sold to Actavis at $219 vs. $128 cost", "metric": "Allergan share price" }, { "detail": "down 41% including dividends, to $31", "metric": "Herbalife share price since short inception (5/1/2012)" }, { "detail": "fell from +13% (Q3'13) to 0% (Q3'14)", "metric": "Herbalife worldwide volume points YoY growth" }, { "detail": "16% today vs. Praxair 22%; target 22.5%", "metric": "Air Products EBIT margin" }, { "detail": "+32% in 2014; +57% since inception", "metric": "Air Products share price" }, { "detail": "64.7% in 2014, third-best in industry", "metric": "Canadian Pacific Operating Ratio" }, { "detail": "+384% including dividends", "metric": "CP share price since inception (9/22/2011)" }, { "detail": "+72% in 2014 post Tim Hortons merger", "metric": "Restaurant Brands International share price" }, { "detail": "$18.3bn", "metric": "Total Firm AUM (12/31/14)" }, { "detail": "36% permanent + 10% GP = 46% locked", "metric": "PSH permanent capital share of fund AUM" } ], "closingAsk": null, "extraction": { "at": "2026-04-23 00:15:38+00", "model": "unknown-legacy", "runId": null, "seconds": 235.9141, "promptVersion": null }, "scqaReward": null, "thesisTypes": [ "operational_turnaround", "governance_board", "management_change", "fraud_exposure", "capital_return" ], "top3Reasons": [ "Pershing Square, L.P. returned 40.4% net in 2014 vs. 13.7% for the S&P 500", "PSH IPO raised $2.8bn of permanent capital, lengthening Pershing's investment runway", "Allergan ($219 sale to Actavis), Herbalife short and Air Products turnaround drove the year" ], "scqaSituation": null, "thesisSummary": "Pershing Square's 2014 annual update recaps a 40.4% net return year (vs. 13.7% for the S&P 500) and introduces Pershing Square Holdings, Ltd. — a $2.8bn Euronext-listed closed-end vehicle giving the firm permanent capital. 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All investments involve risk including the loss of principal. It should not be assumed that any of the transactions or investments discussed herein were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the investments discussed herein. 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(\"PSH\" or the \"Company\") during 2014. Pershing Square may currently or in the future buy, sell, cover or otherwise change the form of its investments discussed in this presentation for any reason. 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This presentation is expressly qualified in its entirety by reference to PSH's prospectus which includes discussions of certain specific risk factors, tax considerations, fees and other matters, and its other governing documents.", "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 20:02:40.767+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77c60e0b-3380-4cdc-b349-5ca54798a8e6", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.86, "x": 0.07, "y": 0.855 }, "kind": "disclaimer", "text": "SEE ADDITIONAL DISCLAIMERS AND NOTES TO PERFORMANCE RESULTS AT THE END OF THIS PRESENTATION FOR ADDITIONAL IMPORTANT INFORMATION", "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 20:02:40.767+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ddc6898-b3ce-4cc9-8ae1-a957b36739dd", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.86, "x": 0.07, "y": 0.201 }, "kind": "disclaimer", "text": "All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell any security mentioned. 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Pershing Square recognizes that there may be confidential or otherwise non-public information in the possession of the companies discussed in the presentation and others that could lead these companies to disagree with Pershing Square's conclusions. The analyses provided include certain statements, assumptions, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies. Such statements, assumptions, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, legal, regulatory, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, assumptions, estimates or projections or with respect to any other materials herein. 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