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  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
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  "authorName": "William Ackman",
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  "presentationDate": "2016-01-28 00:00:00",
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      "text": "Under 3G management, Heinz expanded global gross margins by ~600 bps and Europe gross margins by ~1,100 bps in just two years without a material additional capital investment",
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      "text": "Source: Heinz and Kraft Heinz public filings. Q2'13 used as starting point since 3G acquisition of Heinz closed on June 7, 2013. Q2'15 used as end point since it is the last quarter before Heinz merged with Kraft on July 2, 2015.",
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