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.
Pass-2 extraction may still be in progress for this deck.
Notes
Fund-level annual investor presentation for Pershing Square Holdings (the publicly-listed closed-end fund), not a single-target activist campaign — hence SCQA / thesis_one_liner / thesis_summary / closing_ask set to null per extraction guidance. Classified follow_up. Covers 2023 performance, PSH board governance (Rupert Morley to replace Anne Farlow as Chair at May 2024 AGM), the Feb 7, 2024 Fee Offset Arrangement amendment (eliminates $36mm offset balance; adds 20% of PSCM mgmt fees on new funds as PSH fee credit), strategies to narrow the NAV discount, U.S. listing decision (examined, deemed not viable), and one-page reviews of each portfolio holding (UMG, GOOG, CMG, QSR, HLT, HHH, CPKC, FNMA/FMCC) plus the Lowe's exit (~175% TSR / $1.8bn profit). Bill Ackman remains CEO & PM. Each holding one-pager uses a reusable 3-block colored-band template worth studying. Annotated share-price charts (p38 UMG, p40 GOOG, p42 CMG, p48 HHH, p55 LOW) are the strongest visual element.