Pershing Square

Q2 2015 13F · by Bill Ackman, portfolio manager

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $14.4B · prev $15.0B
Positions: 7 · prev 8
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%

Moves1 since the prior filing

0.0 pp in · −2.7 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 0 0.00 pp
Exited 1 −2.68 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions89% of US stock

unresolved Valeant Pharmaceuticals Intl held held29.9%
APD Air Products & Chemicals, Inc. held held19.5%
unresolved Canadian Pac Ry Ltd held held15.5%
ZTS Zoetis Inc. held held14.0%
QSR Restaurant Brands International Inc. held held10.1%

Positions7 in this filing · 1 exited


unresolvedValeant Pharmaceuticals Intl	29.95%	19,473,933	$4.3B	held	—	2 q
APDAir Products & Chemicals, Inc.	19.46%	20,549,076	$2.8B	held	—	9 q
unresolvedCanadian Pac Ry Ltd	15.46%	13,940,890	$2.2B	held	—	9 q
ZTSZoetis Inc.	13.96%	41,823,145	$2.0B	held	—	4 q
QSRRestaurant Brands International Inc.	10.05%	38,003,984	$1.5B	held	—	3 q
unresolvedPlatform Specialty Prods Cor	7.57%	42,737,394	$1.1B	held	—	6 q
HHCThe Howard Hughes Corporation	3.55%	3,568,017	$512M	held	—	9 q
unresolvedActavis PLC	—	−1,348,358	—	exited	−2.68 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001172661-15-001657
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet