Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, FNMA/FMCC, NOMD, HLF)
The three reasons
- 1
Mondelez margin gap to peers (13% vs 17-26%) implies +600-700bps of optimized EBIT upside
- 2
Valeant is stabilizable: new CEO Papa, board refresh, ad hoc review done — 83% drawdown overshot
- 3
Herbalife is a pyramid scheme: pyramid has stopped growing, FTC action appears forthcoming
Primary demands
- Mondelez: adopt 3G-style zero-based budgeting to close margin gap vs packaged food peers
- Valeant: install new CEO (Joe Papa), add independent directors, stabilize company after 83% decline
- Herbalife: regulatory shutdown of alleged pyramid scheme via FTC action
- Zoetis: continue cost structure initiative and board engagement to lift operating margins
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (9)
Notes
Pershing Square's 2016 European Investor Meeting — a fund-level LP update covering the entire portfolio rather than a single-target thesis. Structure: fund performance (Q1 -25.6%), then per-position deep-dives on 11 holdings (MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, FNMA/FMCC, NOMD, HLF short), then PSH capital structure and team update. Each position gets 3-8 slides with bull-case + annotated share-price chart. Herbalife section is the most polemical — uses quoted CEO Michael Johnson statement about recruiting being 'the most vital part of our bloodstream' as contradiction to retail-sales defense, and includes pyramid-growth charts. Mondelez section (pp. 11-21) is the strongest peer-gap argument with the 10-peer EBIT margin bar chart (p. 14) and 3G Heinz case study (p. 18). Valeant section (pp. 44-50) is de facto crisis-management communication post-March 15 collapse rather than a thesis pitch. Campaign phase = follow_up because most positions are multi-year follow-ons rather than initial theses. Visuals are standard institutional Pershing template (blue headers, simple tables/bars) — clean but not editorial-tier. No explicit sum-of-parts table though HHC discussion is asset-based.