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  "docSlug": "ddfbb08119f4",
  "documentTitle": "Multiple holdings (Pershing Square portfolio)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-04-26 00:00:00",
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  "pageNumber": 28,
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  "notes": "Slide 27 from an activist deck, likely Pershing Square.",
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      "kind": "callout",
      "text": "Despite foreign exchange revenue impact of approximately -10%¹ since inception, ZTS has increased 49% from when we purchased our first shares in July 2014²",
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      "text": "Split-off from Pfizer June 2013\n~$24bn equity market capitalization\nLargest manufacturer of medication for pets and livestock in the world\nOnly large, publicly traded “pure-play” animal health business\nPershing Square began buying Zoetis shares on July 22nd 2014 and currently owns a 8.6% economic stake in the company\nDespite foreign exchange revenue impact of approximately -10%1 since inception, ZTS has increased 49% from when we purchased our first shares in July 20142",
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      "text": "equity market capitalization: $24bn",
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      "text": "1Pershing Square estimate\n2Measured as of April 21, 2016. Includes dividends",
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      "text": "Zoetis Inc.",
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      "evidence": "The presentation provides evidence of progress and growth for some portfolio companies, such as Air Products and Restaurant Brands International.",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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