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Combines a self-reflective post-mortem on three losing years (Valeant, Herbalife, etc.) with a meta-pitch to invest in/hold PSH after organizational restructuring. The 'Evolution of Pershing Square Organization' chart (p18) overlays headcount, AUM and cumulative net return — an unusual and visually effective before/after framing of the firm itself. Annotated share-price-history charts with event callouts are a recurring template (ADP, QSR, MDLZ, HHC, CMG, FNMA/FMCC, PAH, NKE, HLF). PSH Discount History chart (p53) is the closest thing to a peer-gap visual at the fund level. SCQA fields left null per guidance for fund-level updates with no single thesis. Author attributed to Ackman as CEO/PM though delivered by team (Anne Farlow opens as Chairperson).", "kpisCited": [ { "detail": "(4.0%) vs +21.8%", "metric": "PSH 2017 net return vs S&P 500" }, { "detail": "493.6% vs S&P 500 220.8% through 12/31/2017", "metric": "Pershing Square LP cumulative net return since 1/1/2004" }, { "detail": "$8.77bn at 12/31/2017 ($8.26bn core funds + $510M ADP co-investment vehicle)", "metric": "Total firm AUM" }, { "detail": "From 70 employees in 2016 to 45 in 2018; investment team stable at 8-9", "metric": "Headcount evolution" }, { "detail": "Operating margin expansion from ~19% to 35%+, implying ~$10 EPS by FY2022 (>50% increase)", "metric": "ADP campaign target" }, { "detail": "21x 2018 FCF vs peers (McDonald's, Yum, Domino's, Dunkin') at ~25x", "metric": "QSR valuation gap" }, { "detail": "Trades at 9.5x 2018 EBITDA vs Performance peer Cabot Micro at ~13x and Ag peer FMC at ~12x — implies >$19/share, ~75% upside", "metric": "PAH sum-of-parts upside" }, { "detail": "Persistent ~20% discount; tender priced at premium, 5.5M shares already bought back at 20.1% discount for $77.2M", "metric": "PSH discount to NAV" }, { "detail": "~14% average reduction for next eight quarters from Allergan settlement; no incentive fees until 50%+ high-water mark crossed", "metric": "Management fee reduction" }, { "detail": "+18% from average cost (5/10/17) through 1/19/18, including dividends", "metric": "ADP share price since announcement" }, { "detail": "+250% (3.5x) from $37 to $128", "metric": "HHC since 2010 spinoff" }, { "detail": "+300% (4.0x) from $16 to $62", "metric": "QSR since Justice Holdings merger" } ], "closingAsk": "Stay invested in (or add to) Pershing Square now — the firm is reset, fees are reduced until the high-water mark, and PSH discount-management tools provide a uniquely attractive entry point.", "extraction": { "at": "2026-04-23 00:38:38+00", "model": "unknown-legacy", "runId": null, "seconds": 241.07916, "promptVersion": null }, "scqaReward": null, "thesisTypes": [ "operational_turnaround", "capital_return", "management_change", "governance_board" ], "top3Reasons": [ "Restructured to a smaller investment-centric team (70 down to 45 employees) and reaffirmed seven core investment principles", "ADP and Chipotle activist campaigns are in early stages of substantial value creation", "$300M tender, LSE listing, and 5% buyback program target PSH's persistent ~20% discount to NAV" ], "scqaSituation": null, "thesisSummary": "Pershing Square's 2018 London investor presentation, delivered by Bill Ackman, recaps a fourth consecutive year of negative returns at PSH (-4.0% vs. +21.8% S&P 500) driven by losses in Herbalife, Mondelez, Fannie/Freddie, Chipotle and Valeant, partly offset by wins from Restaurant Brands (+5.2%) and ADP (+3.5%). 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Pershing Square Capital Management, L.P. (\"Pershing Square\") believes this presentation contains a balanced presentation of the performance of the portfolios it manages, including a general summary of certain portfolio holdings that have both over and under performed our expectations. This presentation contains information and analyses relating to all of the publicly disclosed positions over 50 basis points in the portfolio of Pershing Square Holdings, Ltd. (\"PSH\" or the \"Company\") during 2017. 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. Pershing Square hereby disclaims any duty to provide any updates or changes to the information contained herein including, without limitation, the manner or type of any Pershing Square investment. Past performance is not necessarily indicative of future results. 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. Specific companies or investments shown in this presentation are meant to demonstrate Pershing Square's active investment style and the types of industries and instruments in which we invest and are not selected based on past performance. The analyses and conclusions of Pershing Square contained in this presentation are based on publicly available information. 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. Any forward-looking statement contained in this presentation is subject to various risks and uncertainties. See also \"Forward-Looking Statements\" in Additional Disclaimers and Notes to Performance Results at the end of this presentation. All trademarks included in this presentation are the property of their respective owners. This document may not be distributed without the express written consent of Pershing Square and does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. 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