Pershing Square Portfolio (multiple positions)
The three reasons
- 1
Core longs (QSR, MDLZ, CMG, APD, HHC) are high-quality businesses in mid-transformation with untapped margin upside
- 2
Herbalife short intact: FTC findings describe a pyramid scheme and injunction forces a 'top to bottom' U.S. restructuring
- 3
PSH discount-to-NAV to be narrowed via London listing, FTSE UK inclusion, and buyback of up to 5% of public shares
Primary demands
- Continue margin expansion at Mondelez toward best-in-class peer levels (17-18% by 2018)
- Maintain Air Products operational transformation under CEO Seifi Ghasemi to close Praxair margin gap
- Support Chipotle board refresh and recovery from food-safety incidents
- Pressure Herbalife earnings as FTC-mandated business model restructuring takes effect
- Advance PSH London listing and 5% share buyback to narrow NAV discount
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (8)
Notes
Annual European investor meeting deck — a fund-level portfolio review, not a single-target activist thesis. Covers nine core positions (QSR ~21%, MDLZ ~15%, CMG ~13%, APD ~12%, HHC ~12%, HLF short ~-10%, FNMA/FMCC ~6%, PAH ~5%, NOMD ~4%), exited positions (Valeant acknowledged at -94%), plus PSH corporate updates (London listing, 5% buyback). Each position gets a short divider slide + thesis + progress bullets + annotated share-price chart. Notable specimen pages: p.14 MDLZ vs peers EBIT-margin gap bar chart; p.13 MDLZ margin progression toward 'optimized'; p.15/24 annotated event-driven price charts (a Pershing visual signature); p.37 CMG SSS trough-to-recovery line; p.45 three large pull-quotes from FTC Complaint framing Herbalife as a pyramid scheme; p.48 HLF short-inception timeline including Icahn's 13% stake; p.52-53 Mnuchin quotes supporting GSE reform. Overall tone is defensive/progress-report (post-Valeant blow-up) rather than aggressive new-thesis pitch. Visual craft is plain institutional PowerPoint — functional but uninspired, well below Ackman's Canadian Pacific 2012 tier. Filename prefix '2017-02' is misleading; cover date is April 24, 2017.