Pershing Square

Q1 2015 13F · by Bill Ackman, portfolio manager

As of: Mar 31, 2015
Filed: May 15, 2015
US stock: $15.0B · prev $16.0B
Positions: 8 · 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%

Moves4 since the prior filing

+30.3 pp in · −35.3 pp out

New 2 +28.52 pp
Added 1 +1.78 pp
Trimmed 0 0.00 pp
Exited 1 −35.30 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 114% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions86% of US stock

unresolved Valeant Pharmaceuticals Intl new+25.84 pp new+25.8425.8%
APD Air Products & Chemicals, Inc. held held20.8%
unresolved Canadian Pac Ry Ltd held held17.0%
ZTS Zoetis Inc. added+1.78 pp added+1.7812.9%
QSR Restaurant Brands International Inc. held held9.8%

Positions8 in this filing · 1 exited


unresolvedValeant Pharmaceuticals Intl	25.84%	19,473,933	$3.9B	new	+25.84 pp	new
APDAir Products & Chemicals, Inc.	20.77%	20,549,076	$3.1B	held	—	8 q
unresolvedCanadian Pac Ry Ltd	17.01%	13,940,890	$2.5B	held	—	8 q
ZTSZoetis Inc.	12.93%	41,823,145	$1.9B	added+1%	+1.78 pp	3 q
QSRRestaurant Brands International Inc.	9.75%	38,003,984	$1.5B	held	—	2 q
unresolvedPlatform Specialty Prods Cor	7.33%	42,737,394	$1.1B	held	—	5 q
HHCThe Howard Hughes Corporation	3.69%	3,568,017	$553M	held	—	8 q
unresolvedActavis PLC	2.68%	1,348,358	$401M	new	+2.68 pp	new
unresolvedAllergan Inc	—	−26,635,978	—	exited	−35.30 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 4 unresolved
Accession: 0001172661-15-001225
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet