{ "docId": "019dd923-622c-750b-8b9c-242e23015294", "docSlug": "cb06bd893f1e", "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)", "authorId": "01_Pershing_Square", "authorName": "Pershing Square Holdings", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2026-02-11 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 79, "pageCount": 85, "prevPage": 78, "nextPage": 80, "slideType": "appendix", "function": "summarize", "density": "overcrowded", "nDataPoints": 4, "notes": "Slide 79 of an activist investor deck, detailing post-mortem analysis of exited positions.", "elementsJson": [ "headline_text", "bullet_list", "logo_grid", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9c-242e23015294/79", "deckHref": "/decks/019dd923-622c-750b-8b9c-242e23015294", "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-242e23015294.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-242e23015294#slide-79", "components": [ { "bbox": null, "kind": "callout", "text": "We underestimated the problems created by prior management, both in our initial diligence and in the impact of actions required to effectuate a turnaround", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-3f3c-7011-a9a0-799b2e9cf673", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.04, "y": 0.97 }, "kind": "disclaimer", "text": "Note: 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": "46a1133e-8738-4156-94db-ede40dd0636c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.15, "x": 0.04, "y": 0.72 }, "kind": "image", "text": "Nike Swoosh", "attrs": null, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1d460645-c14b-4a35-847f-15dd16f16421", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.04, "y": 0.32 }, "kind": "image", "text": "CPKC", "attrs": null, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f9ddf2fa-1d02-4095-ab8a-3e62ced3f78d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.16, "y": 0.17 }, "kind": "list", "text": "Operational progress offset by negative merger process and macro developments. CP-KC merger was delayed by nearly a year due to regulatory review. Synergies offset by weaker than expected grain harvest and slowdown in industrial and consumer goods.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "271c6501-e916-42e1-88c3-f7ef5c589146", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.16, "y": 0.48 }, "kind": "list", "text": "We exited our investment in spring 2025 to deploy capital into more attractive opportunities, including Amazon.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4b72498b-db62-415d-86c0-8b3ea3a846ea", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.16, "y": 0.58 }, "kind": "list", "text": "We underestimated the problems created by prior management, both in our initial diligence and in the impact of actions required to effectuate a turnaround. NTM EPS estimates declined by 25% from when we acquired our position in spring 2024 until new CEO Elliott Hill's start date in October 2024. Hill's turnaround plan and new tariffs drove a 30% further decline in NTM EPS.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9dbbb64c-7572-4685-acde-eba7144cf531", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.16, "y": 0.35 }, "kind": "list", "text": "While EPS grew reasonably, both EPS and valuation fell short of our expectations. EPS in USD grew at a 6% CAGR from 2022 through 2025E, and CP was trading at 20x NTM consensus EPS at the time of our exit.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9f5178a2-6b51-49da-97b3-a01187910e53", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.16, "y": 0.8 }, "kind": "list", "text": "While margins are currently depressed, we grew uncomfortable with underwriting a return to pre-COVID levels in the medium-term. Competitive landscape in athletic footwear and apparel is now more fragmented. Gross margins likely structurally lower across the industry due to tariffs.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ffbdfdd4-33c9-45a9-aa5b-37da15078044", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Other Exited Positions", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a9341149-976e-4764-bb58-b5e1acd27ca1", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 85, "from": 34, "beatId": "e9293ecd-c884-41d2-86fc-5536cd9fc2a4", "arcName": "Monroe's Motivated Sequence", "arcSlug": "monroes-sequence", "beatName": "Action", "beatSlug": "monroes-sequence-action", "evidence": "The document concludes with a business and organizational update, market developments, and equity portfolio update", "position": 3, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }