{
  "docId": "019dd923-622c-750b-8b9c-1c236b5335d8",
  "docSlug": "ded99bd7e3eb",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-02-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 38,
  "pageCount": 75,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "logo_grid",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-1c236b5335d8/38",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8#slide-38",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "callout",
      "text": "UMG, Brookfield Asset Management (\"BAM\"), and QSR all have the potential for eventual U.S. index inclusion",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74d240cc-7e87-4519-9283-22750a127fc6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.82
      },
      "kind": "callout",
      "text": "We believe that index inclusion will lead to a higher valuation for our portfolio companies due to greater demand from passive funds",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aac1f2ec-be0e-4573-bdb0-54f0ee3b8fc7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.28,
        "y": 0.35
      },
      "kind": "list",
      "text": "UMG has committed to pursuing a U.S. listing by September 2025",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63a81d67-5be6-4da8-b64f-91096d3bf3a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.28,
        "y": 0.51
      },
      "kind": "list",
      "text": "BAM has adopted a simplified corporate structure, changed its headquarters to New York, and is switching to U.S. filing standards",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b354f18d-76d2-455a-b89e-a3883ee7f6c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.28,
        "y": 0.66
      },
      "kind": "list",
      "text": "We believe simple disclosure changes would qualify QSR as a U.S. company for index purposes",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1550353-dd53-46db-b957-3eb69c7d41e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.04,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Company filings and press releases",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75c3fccb-ca8c-4ed7-b460-a69c3899444d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Our Portfolio Companies are Taking Steps to Enter U.S. Indices",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b65c4ad-252b-410f-8955-57522154c882",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Call to action",
      "slug": "call-to-action",
      "agent": null,
      "layer": "slide",
      "matchId": "e124dab2-62b3-4e21-a711-9a2ebe640918",
      "evidence": "We believe that index inclusion will lead to a higher valuation for our portfolio companies due to greater demand from passive funds",
      "confidence": 0.5
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 40,
      "from": 32,
      "beatId": "2bd84374-7093-45f3-aab5-83cb91cfcdc5",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Market Size",
      "beatSlug": "sequoia-pitch-market-size",
      "evidence": "The document provides an overview of market trends and the potential for growth in the portfolio companies.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}