Pershing Square

Q1 2019 13F · by Bill Ackman, portfolio manager

Picture100.0% US stock

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

+1.6 pp in · −1.6 pp out

Very concentrated · behaves like 7 equal-sized positions

Low turnover · 1.9% a year, more than 30 years per position


CMGChipotle Mexican Grill, Inc.	19.70%	1,862,710	$1.3B	trimmed−4%	+5.63 pp	11 q
QSRRestaurant Brands International Inc.	17.78%	18,342,703	$1.2B	trimmed−7%	+0.50 pp	18 q
LOWLowe's Companies Inc.	15.18%	9,315,033	$1.0B	trimmed−2%	+0.39 pp	4 q
HLTHilton Worldwide Holdings Inc.	13.57%	10,966,251	$911M	added0%	+0.38 pp	2 q
UTXZRTX Corporation	11.17%	5,819,203	$750M	added+4%	+1.20 pp	5 q
SBUXStarbucks Corp	11.06%	9,994,049	$743M	trimmed−15%	−1.65 pp	2 q
ADPAutomatic Data Processing	9.58%	4,029,526	$644M	trimmed−1%	+0.62 pp	8 q
HHCThe Howard Hughes Corporation	1.96%	1,194,793	$131M	trimmed−3%	−0.06 pp	24 q
unresolvedPlatform Specialty Prods Cor	—	−40,451,506	—	exited	−7.01 pp	—