Portfolio-wide update (Mondelez, Air Products, Restaurant Brands, Chipotle, Howard Hughes, Fannie/Freddie, Valeant, Herbalife short, Platform Specialty, Nomad, CP, Zoetis)
The three reasons
- 1
Mondelez EBIT margin of 15.4% sits ~1,200bps below Kraft Heinz's 27.6% — a fixable gap
- 2
FTC injunction forces Herbalife into 'top to bottom' US restructuring to 'start complying with the law'
- 3
After -13.5% in 2016 driven by Valeant, portfolio is repositioned with catalysts across core holdings
Primary demands
- Continue margin transformation at Mondelez toward 17-18% EBIT by 2018 with further upside beyond
- Support Valeant turnaround under new CEO Joe Papa via board representation, asset sales and deleveraging
- Maintain Herbalife short thesis given FTC permanent injunction and SEC China investigation
- Deploy APD's $2.6bn of freed-up capital from Versum spin and PMD sale into value-accretive initiatives
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (10)
Notes
Not a single-target activist campaign deck — this is Pershing Square's annual LP update covering the entire portfolio following a -13.5% 2016 (driven by Valeant blow-up). Document type 'full_deck' is the best fit among enum values, though it is really an investor-relations/LP review rather than a campaign thesis. Structure: (1) performance review, (2) per-position update (Mondelez, APD, QSR, Chipotle/new undisclosed, Howard Hughes, Fannie/Freddie, Herbalife short, Platform, Nomad, Valeant) with a share-price-with-annotated-catalysts chart for each, (3) exited positions (CP victory lap, Zoetis), (4) org/personnel update including new LTIP. Villain framing is reserved for Herbalife short — uses direct FTC Complaint quotes calling Herbalife's model non-viable and recruitment-driven. Useful pattern for slide-swipe: the annotated share-price chart layered with Pershing's 13D date, management actions, and guidance updates appears consistently across every holding. Margin-gap bar chart (page 21) and before/after EBIT trajectory chart (page 20) are the strongest visual artifacts. Tone is restrained and analytical given the post-mortem context around Valeant losses.