Pershing Square

Q2 2018 13F · by Bill Ackman, portfolio manager

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $5.8B · prev $4.8B
Positions: 8 · 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%

Moves5 since the prior filing

+15.0 pp in · −15.9 pp out

New 1 +12.70 pp
Added 2 +2.33 pp
Trimmed 2 −15.89 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 49% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions77% of US stock

QSR Restaurant Brands International Inc. trimmed−7.00 pp trimmed−7.0021.6%
CMG Chipotle Mexican Grill, Inc. held held21.4%
LOW Lowe's Companies Inc. new+12.70 pp new+12.7012.7%
MDLZ Mondelez International, Inc. Class A added−2.39 pp added−2.3911.6%
UTXZ RTX Corporation added+4.72 pp added+4.729.8%

Positions8 in this filing · 0 exited


QSRRestaurant Brands International Inc.	21.65%	20,843,919	$1.3B	trimmed−14%	−7.00 pp	15 q
CMGChipotle Mexican Grill, Inc.	21.42%	2,882,463	$1.2B	held	—	8 q
LOWLowe's Companies Inc.	12.70%	7,715,501	$737M	new	+12.70 pp	new
MDLZMondelez International, Inc. Class A	11.56%	16,371,713	$671M	added+1%	−2.39 pp	12 q
UTXZRTX Corporation	9.78%	4,540,615	$568M	added×2.3	+4.72 pp	2 q
ADPAutomatic Data Processing	9.76%	4,225,365	$567M	trimmed−47%	−8.89 pp	5 q
unresolvedPlatform Specialty Prods Cor	8.08%	40,451,506	$469M	held	—	18 q
HHCThe Howard Hughes Corporation	5.03%	2,204,534	$292M	held	—	21 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001172661-18-001700
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet