Pershing Square

Q3 2015 13F · by Bill Ackman, portfolio manager

As of: Sep 30, 2015
Filed: Nov 16, 2015
US stock: $14.0B · prev $14.4B
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%

Moves1 since the prior filing

+13.0 pp in · 0.0 pp out

New 1 +13.02 pp
Added 0 0.00 pp
Trimmed 0 0.00 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions83% of US stock

unresolved Valeant Pharmaceuticals Intl held held24.9%
APD Air Products & Chemicals, Inc. held held18.8%
unresolved Canadian Pac Ry Ltd held held14.3%
MDLZ Mondelez International, Inc. Class A new+13.02 pp new+13.0213.0%
ZTS Zoetis Inc. held held12.3%

Positions8 in this filing · 0 exited


unresolvedValeant Pharmaceuticals Intl	24.90%	19,473,933	$3.5B	held	—	3 q
APDAir Products & Chemicals, Inc.	18.79%	20,549,076	$2.6B	held	—	10 q
unresolvedCanadian Pac Ry Ltd	14.35%	13,940,890	$2.0B	held	—	10 q
MDLZMondelez International, Inc. Class A	13.02%	43,366,342	$1.8B	new	+13.02 pp	new
ZTSZoetis Inc.	12.35%	41,823,145	$1.7B	held	—	5 q
QSRRestaurant Brands International Inc.	9.79%	38,003,984	$1.4B	held	—	4 q
unresolvedPlatform Specialty Prods Cor	3.88%	42,737,394	$541M	held	—	7 q
HHCThe Howard Hughes Corporation	2.93%	3,568,017	$409M	held	—	10 q

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001172661-15-002091
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet