Multiple (PSH portfolio: AGN, HLF short, APD, CP, QSR/BKW, PAH, ZTS, HHC, FNMA/FMCC)
The three reasons
- 1
Concentrated activist strategy delivered 40.4% net returns in 2014 vs. 13.7% for S&P 500
- 2
Allergan/Valeant campaign drove +19.1% PSH return; Allergan sold to Actavis at 75% premium to entry
- 3
PSH IPO ($2.8bn raise) creates permanent capital, lifting permanent share to 36% of AUM
Primary demands
- Continue Valeant/Allergan merger pressure; replace Allergan board for refusing to engage
- Sustain Air Products operational transformation under new CEO Seifi Ghasemi to lift EBIT margins toward Praxair's 22%
- Maintain Herbalife short pending FTC/DoJ/state AG actions and business deterioration
- Reverse Treasury net-worth sweep of Fannie Mae/Freddie Mac via litigation
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (8)
Notes
Fund-level LP annual update — recap of full PSH portfolio rather than a single-target activist pitch. Filename prefix '2014-02' refers to the 2014 fiscal year/annual context, but the cover date is January 29, 2015. Document blends multiple postures: victory-lap for Allergan/CP/Beam/GGP; ongoing activist defense narrative for Herbalife short (with verbatim insider quotes about 'inauthenticity'/'deception'); operational thesis update for APD (Praxair margin-gap framing); structural pitch for the new permanent-capital vehicle (PSH IPO). Visual style is the standard Pershing Square template (blue/green color-banded headers, bullet lists, annotated price-history charts) — functional and on-brand but not editorial/data-viz tier. Most quantitative claim density is in HLF and APD sections.