{
  "docId": "019dd923-622c-750b-8b9c-46c6f3442328",
  "docSlug": "40d81d79afe5",
  "documentTitle": "American Capital, Ltd. (ACAS)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-11-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 14,
  "pageCount": 34,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The chart uses a vertical callout to highlight the 44% difference between the median performance of peers and ACAS.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "line_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-46c6f3442328/14",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-46c6f3442328",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-46c6f3442328.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-46c6f3442328#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.1,
        "x": 0.415,
        "y": 0.595
      },
      "kind": "callout",
      "text": "44% Difference",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c166ea2-3b68-4f64-b2cc-2763cd2313f3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.85,
        "x": 0.08,
        "y": 0.24
      },
      "kind": "chart",
      "text": "ACAS Price to NAV versus BDCs",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5678f6f0-6b00-47ed-8369-b9f3d6861d97",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Price to NAV Ratio: 44%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6c5-cede01dcbf07",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.055,
        "y": 0.175
      },
      "kind": "paragraph",
      "text": "Since ACAS' initial disclosure of its plan to spin its BDC assets on November 5, 2014, its Discount to NAV has not changed",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ce038e1-519a-4916-86ae-9843df974202",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.055,
        "y": 0.865
      },
      "kind": "source-note",
      "text": "Source: SNI. Financial. (1) BDCs with market capitalization greater than $750 million... (2) Difference between ACAS median and both Externally and Internally Managed BDC median for the period presented",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82259b10-2f4a-467a-8fd4-8c8e2b1b5425",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.45,
        "x": 0.115,
        "y": 0.075
      },
      "kind": "title",
      "text": "Significant NAV Discount and Underperformance",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5cc0b03-4a59-459d-ada2-6d086b9080a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.55,
        "x": 0.115,
        "y": 0.105
      },
      "kind": "title",
      "text": "ACAS has Traded at a Pervasive Discount to NAV",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bfee8b6c-4bfb-456e-8d85-83e12490d855",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "4bd22b3b-638e-4aac-b835-9d8845ff520b",
      "evidence": "The slide explicitly contrasts a strategic announcement with the lack of market reaction (valuation gap).",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 24,
      "from": 12,
      "beatId": "6e6f9964-ce04-46bc-9939-dce390df9b5a",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The problems are agitated through peer benchmarking and exposing contradictions",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 24,
      "from": 12,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "36ba4887-0a64-4a63-ac4c-cbbb920f257a",
      "evidence": "The peer benchmarking and contradictions expose underlying issues",
      "position": 1,
      "objective": "What are the underlying issues?",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}