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Pershing Square

Q4 2018 13F · by Bill Ackman, portfolio manager

As of
Dec 31, 2018
Filed
Feb 14, 2019
US stock
$6.0B · prev $5.2B
Positions
9 · 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%

Moves8 since the prior filing

The book

Very concentrated · behaves like 8 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

Low turnover · 13% a year, about 7.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions72% of US stock

  1. QSR Restaurant Brands International Inc. trimmed−6.44 pp trimmed−6.4417.3%
  2. LOW Lowe's Companies Inc. added−3.81 pp added−3.8114.8%
  3. CMG Chipotle Mexican Grill, Inc. trimmed−3.90 pp trimmed−3.9014.1%
  4. HLT Hilton Worldwide Holdings Inc. new+13.19 pp new+13.1913.2%
  5. SBUX Starbucks Corp new+12.71 pp new+12.7112.7%

Positions9 in this filing · 0 exited

QSRRestaurant Brands International Inc.17.28%19,685,602$1.0Btrimmed−6%−6.44 pp17 q
LOWLowe's Companies Inc.14.79%9,536,591$881Madded+13%−3.81 pp3 q
CMGChipotle Mexican Grill, Inc.14.07%1,940,799$838Mtrimmed−6%−3.90 pp10 q
HLTHilton Worldwide Holdings Inc.13.19%10,947,479$786Mnew+13.19 ppnew
SBUXStarbucks Corp12.71%11,754,441$757Mnew+12.71 ppnew
UTXZRTX Corporation9.97%5,578,203$594Madded+13%−3.31 pp4 q
ADPAutomatic Data Processing8.96%4,070,126$534Madded+1%−2.69 pp7 q
unresolvedPlatform Specialty Prods Cor7.01%40,451,506$418Mheld—20 q
HHCThe Howard Hughes Corporation2.02%1,233,589$120Mtrimmed−42%−3.07 pp23 q

Source

Form
13F-HR
Reading
0 defects · 1 unresolved
Accession
0001172661-19-000851
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet