{
  "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": 59,
  "pageCount": 75,
  "prevPage": 58,
  "nextPage": 60,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide uses a structured list format to highlight key performance indicators and strategic outlooks.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-1c236b5335d8/59",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8#slide-59",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.82
      },
      "kind": "callout",
      "text": "Pershing Square trimmed its holdings in HLT during 2024 given HLT's strong share price performance and expanding valuation premium – HLT remains a core position",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "244a6c3d-2e41-4d8f-ae0a-505feef6eb47",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Pershing Square trimmed its holdings in HLT during 2024 given HLT’s strong share price performance and expanding valuation premium – HLT remains a core position",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c5f-72a44d761ed3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.1,
        "x": 0.04,
        "y": 0.185
      },
      "kind": "image",
      "text": "Hilton",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd274fe2-bc75-4254-a5e0-19076b5353a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.15,
        "y": 0.62
      },
      "kind": "list",
      "text": "HLT is well positioned for attractive long-term performance. Best-in-class value proposition... NUG supports high-single-digit compounded fee revenue growth... Expense control and buybacks support mid-teens free-cash-flow-per-share growth",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5086ff68-7787-4953-9e9f-1fe541605fe6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.8,
        "x": 0.15,
        "y": 0.45
      },
      "kind": "list",
      "text": "HLT's near-term outlook is bright. Domestic macroeconomic conditions remain strong. Organic NUG poised to accelerate in 2025 into the 6% to 7% range...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "66802214-eaae-40d7-b547-d32491b446b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.15,
        "y": 0.18
      },
      "kind": "list",
      "text": "Hilton is a high-quality business with a long runway of strong earnings growth led by an exceptional management team",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "781f85e6-a46f-471f-86d2-dbb3d21ecc8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.15,
        "y": 0.28
      },
      "kind": "list",
      "text": "Continued strong financial and operational performance in 2024. Fee revenues increased 9% in 2024... RevPAR increasing 3% over 2023. Earnings-per-share grew 15% year-over-year.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a4e1942e-c829-4715-81ff-c231c985a510",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Earnings-per-share: 15%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c5f-77d8070586e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.75,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "source-note",
      "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.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed9b8145-47fd-47ce-87dd-fefdcfb0af1e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Hilton Worldwide (\"HLT\")",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3140a8f8-c273-4b06-a892-cb5511fcf548",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 60,
      "from": 45,
      "beatId": "99d0d049-fe2a-4378-ac31-ac602ad0a01f",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Product",
      "beatSlug": "sequoia-pitch-product",
      "evidence": "The document provides detailed updates on the portfolio companies, highlighting their growth potential and attractive valuations.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 60,
      "from": 45,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "9a743561-f9d3-4645-a71b-1658b1a53364",
      "evidence": "The document provides a comprehensive breakdown of the portfolio companies, highlighting their attractive valuations and growth potential.",
      "position": 2,
      "objective": "To provide a detailed breakdown of the portfolio companies and their growth potential",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}