Pershing Square

Q1 2018 13F · by Bill Ackman, portfolio manager

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $4.8B · prev $5.9B
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%

Moves6 since the prior filing

+5.1 pp in · −11.4 pp out

New 1 +5.06 pp
Added 0 0.00 pp
Trimmed 4 −5.17 pp
Exited 1 −6.22 pp

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 4.9 years per position

Low
Moderate
High

Top 5 positions89% of US stock

QSR Restaurant Brands International Inc. trimmed+0.91 pp trimmed+0.9128.6%
CMG Chipotle Mexican Grill, Inc. held held19.3%
ADP Automatic Data Processing trimmed+1.09 pp trimmed+1.0918.6%
MDLZ Mondelez International, Inc. Class A trimmed−3.00 pp trimmed−3.0013.9%
unresolved Platform Specialty Prods Cor held held8.1%

Positions7 in this filing · 1 exited


QSRRestaurant Brands International Inc.	28.65%	24,320,295	$1.4B	trimmed−8%	+0.91 pp	14 q
CMGChipotle Mexican Grill, Inc.	19.27%	2,882,463	$931M	held	—	7 q
ADPAutomatic Data Processing	18.65%	7,941,957	$901M	trimmed−10%	+1.09 pp	4 q
MDLZMondelez International, Inc. Class A	13.95%	16,156,591	$674M	trimmed−31%	−3.00 pp	11 q
unresolvedPlatform Specialty Prods Cor	8.06%	40,451,506	$390M	held	—	17 q
HHCThe Howard Hughes Corporation	6.35%	2,204,534	$307M	trimmed−53%	−4.17 pp	20 q
UTXZRTX Corporation	5.06%	1,944,420	$245M	new	+5.06 pp	new
NKENike, Inc.	—	−5,836,020	—	exited	−6.22 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001172661-18-001246
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet