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  "docSlug": "8b6a62f49fba",
  "documentTitle": "Church & Dwight Co., Inc. (CHD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-05 00:00:00",
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  "pageNumber": 91,
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  "notes": "The slide highlights a lack of 'conviction' owners, suggesting the current shareholder base is misaligned with the company's actual risk profile.",
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      "kind": "callout",
      "text": "We believe many shares are owned by investment advisers, and up to 10% by retail holders, who have historically thought of CHD as a safe and defensive investment run by conservative management.",
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      "text": "shareholder concentration: 40.0%",
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      "text": "Beyond the top few shareholders, which are mostly passive, there are not a lot of conviction owners of CHD or hedge funds. We believe many shares are owned by investment advisers, and up to 10% by retail holders, who have historically thought of CHD as a safe and defensive investment run by conservative management. We believe that perception needs to change in light of our research and forensic investigation.",
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      "text": "Source: Bloomberg",
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      "text": "Shareholder table showing Vanguard, Blackrock, State Street, etc., with shares, % of total, orientation, and buy/sell trend arrows.",
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      "kind": "title",
      "text": "Ownership Geared Towards Retail Investors...",
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      "evidence": "The solution is implicitly presented through valuation tables and comparisons, suggesting a sell opinion to mitigate downside risk.",
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      "evidence": "The overall thesis implies that failing to act on Spruce Point's analysis could lead to significant financial losses for investors holding onto CHD stock.",
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      "objective": "The cost of not selling CHD",
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