Pershing Square

Q2 2017 13F · by Bill Ackman, portfolio manager

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $6.0B · prev $6.0B
Positions: 7 · 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%

Moves4 since the prior filing

+5.6 pp in · −9.2 pp out

New 1 +2.98 pp
Added 1 +2.59 pp
Trimmed 1 −4.00 pp
Exited 1 −5.18 pp

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions89% of US stock

QSR Restaurant Brands International Inc. held held40.7%
CMG Chipotle Mexican Grill, Inc. held held19.9%
MDLZ Mondelez International, Inc. Class A trimmed−4.00 pp trimmed−4.0010.4%
HHC The Howard Hughes Corporation added+2.59 pp added+2.599.6%
unresolved Platform Specialty Prods Cor held held8.5%

Positions7 in this filing · 1 exited


QSRRestaurant Brands International Inc.	40.71%	39,150,551	$2.4B	held	—	11 q
CMGChipotle Mexican Grill, Inc.	19.94%	2,882,463	$1.2B	held	—	4 q
MDLZMondelez International, Inc. Class A	10.41%	14,496,225	$626M	trimmed−27%	−4.00 pp	8 q
HHCThe Howard Hughes Corporation	9.61%	4,704,534	$578M	added+32%	+2.59 pp	17 q
unresolvedPlatform Specialty Prods Cor	8.53%	40,451,506	$513M	held	—	14 q
NOMDNomad Foods Limited	7.82%	33,333,334	$470M	held	—	6 q
ADPAutomatic Data Processing	2.98%	1,750,867	$179M	new	+2.98 pp	new
APDAir Products & Chemicals, Inc.	—	−2,280,138	—	exited	−5.18 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001172661-17-001635
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet