{ "docId": "019dd923-622c-750b-8b99-dfc8f9e0fa3e", "docSlug": "c0127171790f", "documentTitle": "Bunge Global SA (BG)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2026-03-25 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 32, "pageCount": 74, "prevPage": 31, "nextPage": 33, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 2, "notes": "Uses stock charts to visually demonstrate the failure of the venture investments.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "line_chart", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-dfc8f9e0fa3e/32", "deckHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-dfc8f9e0fa3e#slide-32", "components": [ { "bbox": null, "kind": "callout", "text": "Spruce Point has a negative view of large public companies creating “venture” arms as we view it as a stray from core competencies and a signal of R&D maturity and strained core growth.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-70f2-7016-81d6-b8d890856ccd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.42, "w": 0.46, "x": 0.52, "y": 0.52 }, "kind": "chart", "text": "Benson Hill (NYSE: BHIL) stock price chart", "attrs": null, "subkind": "line", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6fd13945-e45c-4337-9875-04b277303f52", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.42, "w": 0.46, "x": 0.02, "y": 0.52 }, "kind": "chart", "text": "Beyond Meat (Nasdaq: BYND) stock price chart", "attrs": null, "subkind": "line", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fe38a6fa-2333-48ec-9cc5-b63620a8db55", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Spruce Point has a negative view of large public companies creating “venture” arms as we view it as a stray from core competencies and a signal of R&D maturity and strained core growth. Around 2019, Bunge started promoting “Bunge Ventures” to invest in early-stage companies that are developing new technologies and discloses this venture effort under R&D. Bunge made notable investments in Beyond Meat and Benson Hills (2021 SPAC). Both companies have been total failures with Benson Hill filing for bankruptcy and Beyond Meat struggling for solvency. It is unclear to what degree Bunge exited Beyond Meat at a profit, while it acknowledged losses at Benson Hills. Bunge is also likely losing sales as these ventures flounder.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5fd01234-446c-46ee-997a-ae970a46c0d9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.87, "x": 0.11, "y": 0.39 }, "kind": "quote", "text": "And so we make investments based on the company themselves and how it fits with the knowledge that we want to continue to earn. Whether we do business, that's a separate decision. That's at armed length, whether we have a commercial relationship depending on the products and services that that company does. And so some of our Bunge Ventures portfolio companies, we do business with because it makes sense, and some are pure investments. We do do a little bit of business with Benson Hill.", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a89d8c63-1316-499b-a3c8-4a68f0a3cd43", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“And so we make investments based on the company themselves and how it fits with the knowledge that we want to continue to earn. Whether we do business, that's a separate decision. That's at armed length, whether we have a commercial relationship depending on the products and services that that company does. And so some of our Bunge Ventures portfolio companies, we do business because it makes sense, and some are pure investments. We do a little bit of business with Benson Hill.” — CEO On Bunge Ventures, Oct 2021", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-70f2-7016-81d6-bd518e8c3c55", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Bloomberg and Bunge conference call.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dacc7536-465e-40cf-a178-2acdaea4ae51", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.02 }, "kind": "title", "text": "Venture Investments vs. R&D: Stock Promotions, Or Creating Lasting Value?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "31f36d6b-eb14-49b3-a20a-01af30d86f78", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Action Titles", "slug": "action-titles", "agent": "Architect", "layer": "slide", "matchId": "019de85c-62a2-76af-899e-12c0a0262da0", "evidence": "'Stock Promotions, Or Creating Lasting Value?'", "confidence": 76 }, { "name": "Annotation", "slug": "annotation", "agent": "Designer", "layer": "slide", "matchId": "019de85c-627a-756e-aa1f-70f8b60895d5", "evidence": "Beyond Meat / Benson Hill collapse charts", "confidence": 78 } ], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "99ab36f7-cdda-4434-b517-e25923ef0e5c", "evidence": "Contrasts management's stated investment rationale with the poor performance of the underlying assets.", "confidence": 0.95 } ], "arcBeats": [ { "to": 66, "from": 23, "beatId": "019de85c-520e-75ff-a0c6-aabe3bf0f17d", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": null, "evidence": "Operational, LATAM, Viterra deal, financial strain proof", "position": 4, "confidence": 82, "parentBeatName": null, "parentBeatSlug": null }, { "to": 61, "from": 23, "beatId": "019de85c-52d3-718b-91c0-ba5c0749e561", "arcName": "Tragedy", "arcSlug": "tragedy", "beatName": "Downward Spiral", "beatSlug": null, "evidence": "Operational, LATAM, Viterra integration failures", "position": 3, "confidence": 62, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [ { "to": 32, "from": 23, "name": "Pattern Hunter", "slug": "02-pattern-hunter", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "matchId": "019de85c-5453-72f4-979c-12020fa2bf41", "evidence": "Oilseed walkback, GLP-1 silence, fiber miss, plant-based bust, R&D collapse.", "position": 5, "objective": "Stack operational/competitive headwinds", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "confidence": 80, "description": "Group multiple pieces of evidence that together point to a pattern or conclusion" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }