Pershing Square

Q3 2018 13F · by Bill Ackman, portfolio manager

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

+9.4 pp in · −13.1 pp out

Very concentrated · behaves like 6 equal-sized positions

Low turnover · 11% a year, about 9.3 years per position


QSRRestaurant Brands International Inc.	23.72%	20,843,919	$1.2B	held	—	16 q
LOWLowe's Companies Inc.	18.60%	8,438,801	$969M	added+9%	+5.90 pp	2 q
CMGChipotle Mexican Grill, Inc.	17.97%	2,059,106	$936M	trimmed−29%	−3.45 pp	9 q
UTXZRTX Corporation	13.28%	4,947,788	$692M	added+9%	+3.50 pp	3 q
ADPAutomatic Data Processing	11.65%	4,029,427	$607M	trimmed−5%	+1.89 pp	6 q
unresolvedPlatform Specialty Prods Cor	9.68%	40,451,506	$504M	held	—	19 q
HHCThe Howard Hughes Corporation	5.09%	2,133,236	$265M	trimmed−3%	+0.06 pp	22 q
MDLZMondelez International, Inc. Class A	—	−16,371,713	—	exited	−11.56 pp	—