Pershing Square

Q2 2016 13F · by Bill Ackman, portfolio manager

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $7.5B · prev $8.9B
Positions: 9 · prev 9
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%

Moves2 since the prior filing

0.0 pp in · −11.6 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 2 −11.58 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 positions80% of US stock

QSR Restaurant Brands International Inc. held held21.7%
unresolved Canadian Pac Ry Ltd trimmed−4.02 pp trimmed−4.0216.9%
APD Air Products & Chemicals, Inc. held held14.4%
MDLZ Mondelez International, Inc. Class A held held13.9%
ZTS Zoetis Inc. trimmed−7.56 pp trimmed−7.5613.4%

Positions9 in this filing · 0 exited


QSRRestaurant Brands International Inc.	21.68%	39,150,551	$1.6B	held	—	7 q
unresolvedCanadian Pac Ry Ltd	16.87%	9,840,890	$1.3B	trimmed−29%	−4.02 pp	13 q
APDAir Products & Chemicals, Inc.	14.37%	7,601,140	$1.1B	held	—	13 q
MDLZMondelez International, Inc. Class A	13.90%	22,942,225	$1.0B	held	—	4 q
ZTSZoetis Inc.	13.38%	21,173,188	$1.0B	trimmed−49%	−7.56 pp	8 q
unresolvedValeant Pharmaceuticals Intl	5.79%	21,591,122	$435M	held	—	6 q
HHCThe Howard Hughes Corporation	5.43%	3,568,017	$408M	held	—	13 q
unresolvedPlatform Specialty Prods Cor	5.05%	42,737,394	$380M	held	—	10 q
NOMDNomad Foods Limited	3.54%	33,333,334	$266M	held	—	2 q

Source

Form: 13F-HR
Reading: 0 defects · 3 unresolved
Accession: 0001172661-16-003886
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet