Pershing Square

Q1 2017 13F · by Bill Ackman, portfolio manager

As of: Mar 31, 2017
Filed: May 15, 2017
US stock: $6.0B · prev $5.9B
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%

Moves3 since the prior filing

0.0 pp in · −11.5 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 2 −7.02 pp
Exited 1 −4.45 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 positions88% of US stock

QSR Restaurant Brands International Inc. held held36.6%
CMG Chipotle Mexican Grill, Inc. held held21.5%
MDLZ Mondelez International, Inc. Class A trimmed−2.79 pp trimmed−2.7914.4%
unresolved Platform Specialty Prods Cor held held8.8%
HHC The Howard Hughes Corporation held held7.0%

Positions7 in this filing · 1 exited


QSRRestaurant Brands International Inc.	36.61%	39,150,551	$2.2B	held	—	10 q
CMGChipotle Mexican Grill, Inc.	21.54%	2,882,463	$1.3B	held	—	3 q
MDLZMondelez International, Inc. Class A	14.41%	19,942,225	$859M	trimmed−13%	−2.79 pp	7 q
unresolvedPlatform Specialty Prods Cor	8.84%	40,451,506	$527M	held	—	13 q
HHCThe Howard Hughes Corporation	7.02%	3,568,017	$418M	held	—	16 q
NOMDNomad Foods Limited	6.40%	33,333,334	$382M	held	—	5 q
APDAir Products & Chemicals, Inc.	5.18%	2,280,138	$308M	trimmed−41%	−4.23 pp	16 q
unresolvedValeant Pharmaceuticals Intl	—	−18,114,432	—	exited	−4.45 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001172661-17-001220
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet