Pershing Square

Q4 2017 13F · by Bill Ackman, portfolio manager

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $5.9B · prev $5.1B
Positions: 7 · prev 6
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

+12.1 pp in · 0.0 pp out

New 1 +6.22 pp
Added 1 +5.88 pp
Trimmed 0 0.00 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions87% of US stock

QSR Restaurant Brands International Inc. held held27.7%
ADP Automatic Data Processing held held17.6%
MDLZ Mondelez International, Inc. Class A added+5.88 pp added+5.8816.9%
CMG Chipotle Mexican Grill, Inc. held held14.2%
HHC The Howard Hughes Corporation held held10.5%

Positions7 in this filing · 0 exited


QSRRestaurant Brands International Inc.	27.74%	26,500,729	$1.6B	held	—	13 q
ADPAutomatic Data Processing	17.56%	8,798,442	$1.0B	held	—	3 q
MDLZMondelez International, Inc. Class A	16.95%	23,256,402	$995M	added+67%	+5.88 pp	10 q
CMGChipotle Mexican Grill, Inc.	14.19%	2,882,463	$833M	held	—	6 q
HHCThe Howard Hughes Corporation	10.52%	4,704,534	$618M	held	—	19 q
unresolvedPlatform Specialty Prods Cor	6.83%	40,451,506	$401M	held	—	16 q
NKENike, Inc.	6.22%	5,836,020	$365M	new	+6.22 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001172661-18-000802
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet