Multiple (portfolio update: AGN, VRX, CP, APD, ZTS, HHC, QSR, PAH, FNMA/FMCC, HLF)
The three reasons
- 1
Allergan delivered 89% return as Valeant bid catalyzed auction ending at Actavis $242 vs. $128 cost
- 2
Air Products' EBIT margins can expand 700bps (15.5% to 22.5%) to match Praxair under new CEO Ghasemi
- 3
Herbalife is a pyramid scheme: insider video admits 'inauthenticity'; worldwide volumes turned negative
Primary demands
- Herbalife: regulatory action against what Pershing Square calls a pyramid scheme
- Air Products: expand EBIT margins from ~15.5% to ~22.5% under new CEO Seifi Ghasemi to match Praxair
- Zoetis: board representation and framework for ongoing engagement (Bill Doyle and Paul Bisaro added)
- Canadian Pacific: continued operational transformation under Hunter Harrison toward sub-60% operating ratio
- Fannie/Freddie: end the Net Worth Sweep; restore shareholder rights via litigation
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (8)
Notes
Periodic LP investor meeting deck, not a single-target activist thesis. Covers 10 positions across the Pershing Square book — nine longs (AGN, VRX, CP, APD, ZTS, HHC, QSR/BKW, PAH, FNMA/FMCC) and one short (HLF). Most position sections follow a templated pattern: divider slide with just a logo, bullet-list thesis page, annotated share-price timeline chart. Rhetorical energy concentrates in the Herbalife section (pages 46-52): direct 'It's a Pyramid Scheme' title slide, quoted insider admission of 'inauthenticity,' volume-growth deterioration chart, and credit-facility leverage chart framed as 'running out of options.' Allergan section is essentially a victory-lap recap (88% premium realized via Actavis deal). Valeant section is initial-thesis for a new position, anchored by the '42x since Pearson became CEO' total-shareholder-return chart. APD section shows a clear peer-gap argument vs. Praxair (15.5% vs 22.5% EBIT margin). Visual production is institutional-template — blue/green/red banner bars, Arial-class sans, many near-empty divider pages — not top-tier editorial design. Campaign_phase set to 'follow_up' as best single label for a multi-position update; individual positions span initial_thesis (VRX) through victory_lap (AGN) and active campaigns (APD, ZTS, HLF).