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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": "NIKE's turnaround is in the early stages as new CEO Elliott Hill lays the foundations to drive sustainable, long-term growth",
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      "text": "2024 results were disappointing; Consensus expectations for FY 2025 EPS down 45%; NIKE is actively repositioning its business to be more full-price and sports-focused.",
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      "text": "32-year NIKE veteran Elliott Hill became CEO in October 2024; Held P&L responsibilities across all geographies; We believe that Hill is the ideal person to return Nike to dominance and growth.",
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      "text": "Market leader in the high-growth athletic footwear and apparel industry; NIKE is one of the world's most valuable and iconic brands; Dominant market position creates barriers to entry; Current FY margins are severely depressed.",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein. (1) Fiscal year ended 5/31/25.",
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