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  "notes": "The chart shows that the highest M&A spending (portfolio 1) does not correlate with the highest TSR, as portfolio 2 and 5 outperformed it.",
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      "text": "Note: Portfolios constant throughout period, based on average share of revenue spent on M&A activities. Source: S&P Capital IQ; Mergermarket.com; Company annual reports; BCG analysis",
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