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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "kind": "callout",
      "text": "Near-term focus on stabilizing business and integrating Findus acquisition and delivering on synergy targets; longer-term potential as consolidator of global packaged food sector",
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      "text": "Nomad’s acquisitions of Iglo and Findus give it the leading branded frozen foods business in Europe",
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      "text": "Historically, Iglo disproportionately invested behind new frozen food categories, at the expense of core offerings, to attempt to drive incremental growth",
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      "text": "Nomad has shifted its focus back to its core offerings; shift will take time to fully impact the Company’s financial performance but early results are encouraging\nImproving sequential sales declines for five straight quarters and encouraging results in the Must Win Battles where the new strategy has been activated\nGuidance for like-for-like sales growth in Q1 and 2017",
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