Multiple (Pershing Square Holdings portfolio: Allergan, Herbalife, Air Products, Canadian Pacific, Restaurant Brands International, Platform Specialty Products, Zoetis)
The three reasons
- 1
PSH returned 40.4% net in 2014 vs 13.7% for S&P 500
- 2
Allergan sold to Actavis at $219 — 75% premium to Pershing's entry
- 3
Permanent capital now >1/3 of AUM via PSH London IPO
Primary demands
- Review 2014 portfolio performance for PSH investors (40.4% net return vs S&P 13.7%)
- Highlight PSH IPO execution and permanent capital structure (>1/3 of AUM now permanent)
- Recap portfolio thesis updates: Allergan sale to Actavis, Herbalife pyramid-scheme short, Air Products CEO change, CP transformation, BKW/Tim Hortons merger
- Reaffirm Herbalife short thesis with new evidence of pyramid structure
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (8)
Notes
Annual LP/PSH investor update covering the entire portfolio rather than a single contrarian campaign. Treated as follow_up since it recaps ongoing theses (Herbalife short, CP, APD, Allergan, RBI) first presented in earlier dedicated decks. Herbalife section (pp. 28-39) is the strongest contrarian content — quotes distributor Stephan Gratziani on 'inauthenticity' and reiterates pyramid-scheme thesis. Allergan section (pp. 22-27) is a victory-lap on the Valeant/Actavis saga. Visual style is Pershing's standard blue/green template — functional, slide headers with evidence bullets, annotated timeline charts; no editorial data-viz. Deck contains many divider/cover pages (blank gray logo pages) inflating page count. Structure: 2014 Fund Performance → PSH IPO → Portfolio Update (by position) → Business/Org Update → Appendix/disclaimers.