Pershing Square

Q1 2016 13F · by Bill Ackman, portfolio manager

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+2.0 pp in · −14.3 pp out

Very concentrated · behaves like 7 equal-sized positions

Low turnover · 22% a year, about 4.7 years per position


ZTSZoetis Inc.	20.94%	41,823,145	$1.9B	held	—	7 q
unresolvedCanadian Pac Ry Ltd	20.89%	13,940,890	$1.8B	held	—	12 q
QSRRestaurant Brands International Inc.	17.17%	39,150,551	$1.5B	added+3%	+5.77 pp	6 q
APDAir Products & Chemicals, Inc.	12.37%	7,601,140	$1.1B	trimmed−63%	−9.09 pp	12 q
MDLZMondelez International, Inc. Class A	10.40%	22,942,225	$920M	trimmed−47%	−5.21 pp	3 q
unresolvedValeant Pharmaceuticals Intl	6.41%	21,591,122	$568M	added+30%	−7.13 pp	5 q
HHCThe Howard Hughes Corporation	4.27%	3,568,017	$378M	held	—	12 q
unresolvedPlatform Specialty Prods Cor	4.15%	42,737,394	$368M	held	—	9 q
NOMDNomad Foods Limited	3.39%	33,333,334	$300M	new	+3.39 pp	new