Pershing Square

Q2 2019 13F · by Bill Ackman, portfolio manager

As of: Jun 30, 2019
Filed: Aug 14, 2019
US stock: $6.7B · prev $6.7B
Positions: 8 · prev 8
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

+11.2 pp in · −14.2 pp out

New 1 +11.16 pp
Added 0 0.00 pp
Trimmed 4 −3.00 pp
Exited 1 −11.17 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 45% a year, about 2.2 years per position

Low
Moderate
High

Top 5 positions77% of US stock

CMG Chipotle Mexican Grill, Inc. trimmed−0.22 pp trimmed−0.2219.5%
QSR Restaurant Brands International Inc. trimmed−1.57 pp trimmed−1.5716.2%
HLT Hilton Worldwide Holdings Inc. held held16.0%
LOW Lowe's Companies Inc. trimmed−1.79 pp trimmed−1.7913.4%
SBUX Starbucks Corp trimmed+0.58 pp trimmed+0.5811.6%

Positions8 in this filing · 1 exited


CMGChipotle Mexican Grill, Inc.	19.48%	1,782,710	$1.3B	trimmed−4%	−0.22 pp	12 q
QSRRestaurant Brands International Inc.	16.21%	15,641,065	$1.1B	trimmed−15%	−1.57 pp	19 q
HLTHilton Worldwide Holdings Inc.	15.98%	10,966,251	$1.1B	held	—	3 q
LOWLowe's Companies Inc.	13.39%	8,900,535	$898M	trimmed−4%	−1.79 pp	5 q
SBUXStarbucks Corp	11.64%	9,313,890	$781M	trimmed−7%	+0.58 pp	3 q
BRK.BBERKSHIRE HATHAWAY Class B	11.16%	3,512,997	$749M	new	+11.16 pp	new
ADPAutomatic Data Processing	9.93%	4,029,526	$666M	held	—	9 q
HHCThe Howard Hughes Corporation	2.21%	1,194,793	$148M	held	—	25 q
UTXZRTX Corporation	—	−5,819,203	—	exited	−11.17 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001172661-19-001860
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet