Pershing Square

Q4 2015 13F · by Bill Ackman, portfolio manager

As of: Dec 31, 2015
Filed: Feb 16, 2016
US stock: $12.5B · prev $14.0B
Positions: 8 · 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 · −11.4 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 1 −11.36 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions81% of US stock

APD Air Products & Chemicals, Inc. held held21.5%
ZTS Zoetis Inc. held held16.1%
MDLZ Mondelez International, Inc. Class A held held15.6%
unresolved Canadian Pac Ry Ltd held held14.3%
unresolved Valeant Pharmaceuticals Intl trimmed−11.36 pp trimmed−11.3613.5%

Positions8 in this filing · 0 exited


APDAir Products & Chemicals, Inc.	21.46%	20,549,076	$2.7B	held	—	11 q
ZTSZoetis Inc.	16.09%	41,823,145	$2.0B	held	—	6 q
MDLZMondelez International, Inc. Class A	15.61%	43,366,342	$1.9B	held	—	2 q
unresolvedCanadian Pac Ry Ltd	14.28%	13,940,890	$1.8B	held	—	11 q
unresolvedValeant Pharmaceuticals Intl	13.54%	16,591,122	$1.7B	trimmed−15%	−11.36 pp	4 q
QSRRestaurant Brands International Inc.	11.40%	38,003,984	$1.4B	held	—	5 q
unresolvedPlatform Specialty Prods Cor	4.40%	42,737,394	$548M	held	—	8 q
HHCThe Howard Hughes Corporation	3.24%	3,568,017	$404M	held	—	11 q

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001172661-16-002931
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet