Pershing Square

Q4 2014 13F · by Bill Ackman, portfolio manager

As of: Dec 31, 2014
Filed: Feb 17, 2015
US stock: $16.0B · prev $13.4B
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%

Moves5 since the prior filing

+18.9 pp in · −11.5 pp out

New 1 +9.25 pp
Added 2 +9.61 pp
Trimmed 1 −3.03 pp
Exited 1 −8.48 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions91% of US stock

unresolved Allergan Inc trimmed−3.03 pp trimmed−3.0335.3%
APD Air Products & Chemicals, Inc. held held18.5%
unresolved Canadian Pac Ry Ltd held held16.7%
ZTS Zoetis Inc. added+9.63 pp added+9.6311.2%
QSR Restaurant Brands International Inc. new+9.25 pp new+9.259.3%

Positions7 in this filing · 1 exited


unresolvedAllergan Inc	35.30%	26,635,978	$5.7B	trimmed−8%	−3.03 pp	4 q
APDAir Products & Chemicals, Inc.	18.47%	20,549,076	$3.0B	held	—	7 q
unresolvedCanadian Pac Ry Ltd	16.74%	13,940,890	$2.7B	held	—	7 q
ZTSZoetis Inc.	11.15%	41,569,646	$1.8B	added×7.5	+9.63 pp	2 q
QSRRestaurant Brands International Inc.	9.25%	38,003,984	$1.5B	new	+9.25 pp	new
unresolvedPlatform Specialty Prods Cor	6.19%	42,737,394	$992M	added+28%	−0.02 pp	4 q
HHCThe Howard Hughes Corporation	2.90%	3,568,017	$465M	held	—	7 q
unresolvedBurger King Worldwide Inc	—	−38,387,865	—	exited	−8.48 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001172661-15-000727
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet