Pershing Square

Q4 2013 13F · by Bill Ackman, portfolio manager

As of: Dec 31, 2013
Filed: Feb 14, 2014
US stock: $8.2B · prev $8.4B
Positions: 7 · prev 7
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves6 since the prior filing

+3.5 pp in · −5.1 pp out

New 0 0.00 pp
Added 2 +3.53 pp
Trimmed 3 −5.10 pp
Exited 0 0.00 pp

Options: 1 move on a notional base, in the table below.

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions94% of US stock

unresolved Canadian Pac Ry Ltd trimmed−2.45 pp trimmed−2.4531.6%
APD Air Products & Chemicals, Inc. added+1.80 pp added+1.8027.9%
unresolved Beam Inc held held17.2%
unresolved Burger King Worldwide Inc added+1.73 pp added+1.7310.7%
unresolved General Growth Pptys Inc New trimmed−1.47 pp trimmed−1.476.7%

Positions7 in this filing · 0 exited


unresolvedCanadian Pac Ry Ltd	31.55%	17,159,888	$2.6B	trimmed−26%	−2.45 pp	3 q
APDAir Products & Chemicals, Inc.	27.91%	20,549,076	$2.3B	added0%	+1.80 pp	3 q
unresolvedBeam Inc	17.21%	20,818,545	$1.4B	held	—	3 q
unresolvedBurger King Worldwide Inc	10.66%	38,387,865	$878M	added0%	+1.73 pp	3 q
unresolvedGeneral Growth Pptys Inc New	6.74%	27,624,282	$554M	trimmed−23%	−1.47 pp	3 q
HHCThe Howard Hughes Corporation	5.21%	3,568,017	$429M	held	—	3 q
PGProcter & Gamble Company	0.73%	739,605	$60M	trimmed−65%	−1.18 pp	3 q

Source

Form: 13F-HR
Reading: 0 defects · 4 unresolved
Accession: 0001172661-14-000750
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet