Pershing Square

Q3 2017 13F · by Bill Ackman, portfolio manager

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $5.1B · prev $6.0B
Positions: 6 · 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

+15.8 pp in · −14.8 pp out

New 0 0.00 pp
Added 1 +15.83 pp
Trimmed 2 −6.95 pp
Exited 1 −7.82 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 60% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions91% of US stock

QSR Restaurant Brands International Inc. trimmed−7.61 pp trimmed−7.6133.1%
ADP Automatic Data Processing added+15.83 pp added+15.8318.8%
CMG Chipotle Mexican Grill, Inc. held held17.4%
MDLZ Mondelez International, Inc. Class A trimmed+0.66 pp trimmed+0.6611.1%
HHC The Howard Hughes Corporation held held10.8%

Positions6 in this filing · 1 exited


QSRRestaurant Brands International Inc.	33.10%	26,500,729	$1.7B	trimmed−32%	−7.61 pp	12 q
ADPAutomatic Data Processing	18.81%	8,798,442	$962M	added×5.0	+15.83 pp	2 q
CMGChipotle Mexican Grill, Inc.	17.35%	2,882,463	$887M	held	—	5 q
MDLZMondelez International, Inc. Class A	11.07%	13,927,445	$566M	trimmed−4%	+0.66 pp	9 q
HHCThe Howard Hughes Corporation	10.85%	4,704,534	$555M	held	—	18 q
unresolvedPlatform Specialty Prods Cor	8.82%	40,451,506	$451M	held	—	15 q
NOMDNomad Foods Limited	—	−33,333,334	—	exited	−7.82 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001172661-17-002144
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet