Multiple (Pershing Square portfolio - annual update)
The three reasons
- 1
2014 net returns of 40.4% vs S&P 500's 13.7%, driven by Allergan (+19.1%), CP (+7.0%), and Herbalife short (+6.1%)
- 2
Permanent-capital IPO of PSH raised $2.8bn, lengthening duration to pursue long-dated activist campaigns
- 3
Portfolio companies delivering operational inflections: APD margins, CP operating ratio, BKW/Tim Hortons merger
Primary demands
- Allergan: force sale/merger via unsolicited Valeant bid and board change
- Air Products: CEO change (Seifi Ghasemi) and margin expansion to Praxair-level 22.5% EBIT
- Canadian Pacific: continue Hunter Harrison operational transformation toward 58-63% operating ratio
- Herbalife (short): expose as pyramid scheme and pursue regulatory action
- Zoetis: drive value at animal-health pure-play (10.1% combined Pershing/Sachem Head 13D stake)
- Fannie/Freddie: reverse Treasury net worth sweep via litigation
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (8)
Notes
Firm-level annual investor update rather than a single-thesis deck - runs through each 2014 portfolio position (Allergan, Herbalife short, APD, CP, Restaurant Brands/BKW, Platform Specialty, Zoetis, HHC, Fannie/Freddie) plus exited positions (Beam, GGP, P&G). Opens with fund performance (40.4% 2014 net return) and PSH permanent-capital IPO story, then position updates. Notable slides: p6 cumulative returns chart, p8 winners/losers attribution table, p27 Allergan event-annotated price chart, p29 'Herbalife: It's a Pyramid Scheme' with Gratziani 'inauthenticity' CEO quote, p31 HLF 2014 timeline of regulatory events, p36 APD thesis with 16%->22% EBIT peer gap, p40 APD share price since 13D with event callouts, p45 CP share price since 2011 Pershing 13D (+384%). Rhetoric is mostly analytical (reporting) with adversarial edges on HLF (pyramid scheme framing) and Allergan Board (hostile/anti-shareholder framing). Tone shifts from collaborative (CP, APD, BKW, Zoetis, Platform) to litigious (HLF, GSEs, Allergan). Visual production is functional institutional style: blue/green/orange banner bars, standard Bloomberg-style stock charts with event callouts. No sum-of-parts. Best specimen value is probably the HLF section (pyramid scheme narrative construction) and Allergan timeline chart as examples of activist 'story-of-the-campaign' visualization.