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  "documentTitle": "The Procter & Gamble Company (PG)",
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  "authorName": "Trian Partners",
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  "presentationDate": "2017-09-21 00:00:00",
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      "text": "The page ignores the fact that for companies on which Nelson Peltz has served on the board, Trian's average holding period is 7 years and growing!",
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      "text": "The page ignores the fact that for companies on which Nelson Peltz has served on the board, Trian's average holding period is 7 years and growing!",
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      "text": "Increased operating margin by +470bps from 2013 to 2016 and nearly 600bps when measured through 2017 YTD.",
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      "text": "P&G's calculation of Trian's holding period includes several investments for which we never even engaged with management or the Board of Directors, and/or only held a very small investment.",
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      "text": "Grown EPS in real dollar terms at +8.7% per year (since 2013) versus P&G which has seen EPS decline by -2.4% per year.",
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      "text": "It is important to note that Trian first invested in Kraft Foods (predecessor to Mondelēz) in 2007 and has been invested in either Kraft Foods or Mondelēz for almost all of the time since then.",
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      "text": "Holding Periods of P&G's Top Shareholders Far Exceed Those of Trian",
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