Pershing Square Holdings Portfolio (multi-position) (PSH)

Pershing Square Holdings · 2022-02
arc beats above · slides in the middle · loops below · scroll → 1 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 5
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Slide inventory

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every slide · same image gating as the playbook
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Slide 1
front_matter
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front_matter
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transition
Open slide detailBeat · Attention
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introduce_nominees
Open slide detailBeat · Attention
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establish_context
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summarize
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Includes a specific callout regarding the widening discount to NAV.analyze_data
Open slide detailBeat · Need
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Highlights 2021 bond issuances within the broader debt maturity profile.analyze_data
Open slide detailBeat · Need
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The chart highlights specific capital market transactions (issuances and redemptions) against the leverage ratio trend line.analyze_data
Open slide detailBeat · Need
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summarize
Open slide detailBeat · Satisfaction
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The slide outlines a multi-pronged approach to closing the valuation gap, emphasizing performance, index inclusion, and capital allocation.propose_solution
Open slide detailBeat · Satisfaction
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transition
Open slide detailBeat · Satisfaction
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The chart highlights PSH's performance relative to benchmarks, showing it outperformed all but the S&P 500.compare_peers
Open slide detailBeat · Satisfaction
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The chart highlights PSH's performance relative to S&P 500, FTSE 100, MSCI World, HFRX Activist Index, and HFRX Equity Hedge Index.compare_peers
Open slide detailBeat · Satisfaction
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The table includes a compound annual return row at the bottom.analyze_data
Open slide detailBeat · Satisfaction
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The chart highlights the launch of PSH on December 31, 2012, with a vertical dashed line.analyze_data
Open slide detailBeat · Satisfaction
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The table aggregates positions with contributions of less than 50 basis points.analyze_data
Open slide detailBeat · Satisfaction
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The table breaks down detractors by specific positions and interest expenses.analyze_data
Open slide detailBeat · Satisfaction
20
The chart uses a red dashed box to emphasize the 'Down Months' performance comparison.compare_peers
Open slide detailBeat · SatisfactionLoop · Before After
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The table highlights the alignment of interest by showing the percentage of equity held by insiders.summarize
Open slide detailBeat · Visualization
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transition
Open slide detailBeat · Visualization
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summarize
Open slide detailBeat · Visualization
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Includes a footer note regarding Pershing Square's acquisition of a 10% stake in UMG.establish_context
Open slide detailBeat · Visualization
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The slide uses a structured list format to present the core pillars of the investment thesis.summarize
Open slide detailBeat · Visualization
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The chart includes a dashed line representing the average cost basis of €18.27.analyze_data
Open slide detailBeat · Visualization
27
Slide 27 of the deck.summarize
Open slide detailBeat · Visualization
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The slide highlights key structural improvements: opt-in model, reduced opportunity cost, capital tailoring, extended duration, no underwriting fees, and simplipresent_solution
Open slide detailBeat · Visualization
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establish_context
Open slide detailBeat · Visualization
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The slide uses a vertical timeline format with color-coded blocks for years and specific events.summarize
Open slide detailBeat · Visualization
31
The chart tracks the divergence between the unit price (including warrants) and the share price post-separation.analyze_data
Open slide detailBeat · Visualization
32
The slide uses a split-layout to contrast new investments (logos) with exited investments (table).summarize
Open slide detailBeat · Visualization
33
The slide uses a hierarchical bulleted list to define the investment philosophy.present_framework
Open slide detailBeat · Visualization
34
The slide uses a 'before-after' structure to validate a past investment thesis.frame_situation
Open slide detailBeat · Visualization
35
The slide highlights the performance of specific financial instruments (swaptions) used as a hedge.analyze_data
Open slide detailBeat · Visualization
36
The slide highlights the 'Multiple of Capital' for three distinct market events.cite_precedent
Open slide detailBeat · Visualization
37
The slide uses a line chart to justify an entry point based on a return to pre-pandemic valuation levels.illustrate_case
Open slide detailBeat · Visualization
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Slide 38 of an activist investor deck.establish_context
Open slide detailBeat · Visualization
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summarize
Open slide detailBeat · Visualization
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compare_peers
Open slide detailBeat · Visualization
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Includes a CAGR annotation and a table row for market share percentage.quantify_opportunity
Open slide detailBeat · Visualization
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The slide uses a callout box at the bottom to extend the thesis to international markets.summarize
Open slide detailBeat · Visualization
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transition
Open slide detailBeat · Visualization
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This slide provides a status update on personnel and operational resilience.summarize
Open slide detailBeat · Visualization
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The chart highlights specific individuals as Operational Leadership Group Members via bold borders.other
Open slide detailBeat · Visualization
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The slide highlights the pedigree and experience of the investment team to establish credibility.introduce_nominees
Open slide detailBeat · Visualization
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transition
Open slide detailBeat · Visualization
48
The slide uses a structured list format to present three core pillars of the investment thesis.summarize
Open slide detailBeat · Visualization
49
The chart highlights the impact of CEO hiring and Analyst Day events on share price trajectory.analyze_data
Open slide detailBeat · Visualization
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summarize
Open slide detailBeat · Visualization
51
The chart uses callout boxes to link specific dates/events to movements in the share price line.analyze_data
Open slide detailBeat · Visualization
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summarize
Open slide detailBeat · Visualization
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The chart highlights the impact of Pershing Square's involvement and subsequent leadership changes on CMG's stock price.illustrate_case
Open slide detailBeat · Visualization
54
The slide uses a structured list format to present three core pillars of the investment thesis.summarize
Open slide detailBeat · Visualization
55
The chart uses callout boxes to correlate specific corporate events (acquisitions, leadership changes) with share price movements.analyze_data
Open slide detailBeat · Visualization
56
summarize
Open slide detailBeat · Visualization
57
The chart highlights specific strategic milestones alongside stock performance.summarize
Open slide detailBeat · Visualization
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summarize
Open slide detailBeat · Visualization
59
The slide highlights the contrast between initial performance and recent decline, using specific event annotations to explain the volatility.expose_contradiction
Open slide detailBeat · Visualization
60
The slide uses a contrast-based structure to acknowledge legal setbacks while pivoting to long-term investment thesis points.preempt_rebuttal
Open slide detailBeat · Visualization
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The chart uses callout boxes to correlate specific historical events with share price volatility.analyze_data
Open slide detailBeat · Visualization
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transition
Open slide detailBeat · Visualization
63
Includes callouts for Pershing Square investment announcement and Analyst Day.illustrate_case
Open slide detailBeat · Visualization
64
The chart highlights the entry and exit points of Pershing Square's investment in SBUX.illustrate_case
Open slide detailBeat · Visualization
65
state_next_steps
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Page number 67 indicates this is the final slide of the deck.front_matter