Pershing Square Holdings Portfolio (MDLZ, APD, CMG, HHC, NOMD, HLF short, FNMA/FMCC) PSH

Thesis

Pershing Square's April 2017 European investor meeting reviews fund-level performance (Q1 2017 -2.6% net vs S&P +6.1%) and walks through each concentrated position. Mondelez (~15% of capital) anchors the deck with a 600-700bps EBIT margin-expansion story benchmarked against Kraft Heinz (27.2%) and other packaged-food peers. Air Products (~12%) continues Seifi Ghasemi's transformation, up 67% since cost, with a further $225mm of productivity to capture. Chipotle (~13%) is framed as a temporary-trouble long where Pershing is second-largest holder at ~10%. Howard Hughes, Nomad Foods and a reform-driven Fannie/Freddie thesis round out the longs; Herbalife remains short post-FTC injunction. The deck closes by asking PSH shareholders to approve a London LSE listing, FTSE UK index eligibility and a 5% buyback to narrow the fund's persistent NAV discount.

The three reasons

1. 1

   MDLZ EBIT margin 15.3% vs peer Kraft Heinz 27.2% — 600-700bps of margin upside remains

2. 2

   APD up 67% from cost under CEO Seifi Ghasemi with $225mm productivity still to capture

3. 3

   London LSE listing plus 5% buyback designed to narrow PSH's persistent discount to NAV

Primary demands

• Approve PSH London Stock Exchange listing at 25 April 2017 AGM
• Authorize buyback of up to 5% of PSH public shares upon LSE admission
• Adopt structural voting changes required for UK Premium Listing compliance
• Raise public-share ownership limit from 4.75% to 4.99%

KPIs cited

Pattern membership

Where this document fits across the library's 12 rhetorical / structural patterns. Orange cells are present in this deck; neutral cells are not.

Composition what's on the 86 slides

Visual + textual elements counted across every slide in this deck. Hover a box for what that element is; click to see every slide in the corpus that uses it.