Pershing Square

Q3 2014 13F · by Bill Ackman, portfolio manager

As of: Sep 30, 2014
Filed: Nov 14, 2014
US stock: $13.4B · prev $12.6B
Positions: 7 · prev 6
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%

Moves2 since the prior filing

+3.0 pp in · 0.0 pp out

New 1 +1.52 pp
Added 1 +1.50 pp
Trimmed 0 0.00 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions94% of US stock

unresolved Allergan Inc held held38.3%
unresolved Canadian Pac Ry Ltd added+1.50 pp added+1.5021.5%
APD Air Products & Chemicals, Inc. held held19.9%
unresolved Burger King Worldwide Inc held held8.5%
unresolved Platform Specialty Prods Cor held held6.2%

Positions7 in this filing · 0 exited


unresolvedAllergan Inc	38.33%	28,878,538	$5.1B	held	—	3 q
unresolvedCanadian Pac Ry Ltd	21.54%	13,940,890	$2.9B	added0%	+1.50 pp	6 q
APDAir Products & Chemicals, Inc.	19.93%	20,549,076	$2.7B	held	—	6 q
unresolvedBurger King Worldwide Inc	8.48%	38,387,865	$1.1B	held	—	6 q
unresolvedPlatform Specialty Prods Cor	6.21%	33,333,330	$834M	held	—	3 q
HHCThe Howard Hughes Corporation	3.99%	3,568,017	$535M	held	—	6 q
ZTSZoetis Inc.	1.52%	5,536,862	$205M	new	+1.52 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 4 unresolved
Accession: 0001172661-14-001862
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet