Pershing Square

Q3 2019 13F · by Bill Ackman, portfolio manager

Picture100.0% US stock

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

+5.2 pp in · −6.4 pp out

Very concentrated · behaves like 6 equal-sized positions

Low turnover · 20% a year, about 5.0 years per position

revealed late 1 name revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Dec 9, 2019 ↗


CMGChipotle Mexican Grill, Inc.	22.33%	1,724,310	$1.4B	trimmed−3%	+2.85 pp	13 q
QSRRestaurant Brands International Inc.	16.54%	15,084,304	$1.1B	trimmed−4%	+0.33 pp	20 q
HLTHilton Worldwide Holdings Inc.	15.15%	10,556,805	$983M	trimmed−4%	−0.83 pp	4 q
LOWLowe's Companies Inc.	14.59%	8,613,212	$947M	trimmed−3%	+1.20 pp	6 q
BRK.BBERKSHIRE HATHAWAY Class B	12.87%	4,015,594	$835M	added+14%	+1.71 pp	2 q
SBUXStarbucks Corp	12.69%	9,313,890	$824M	held	—	4 q
AAgilent Technologies Inc.	3.44%	2,916,103	$223M	new	+3.44 pp	new
HHCThe Howard Hughes Corporation	2.39%	1,194,793	$155M	held	—	26 q
ADPAutomatic Data Processing	—	−4,029,526	—	exited	−9.93 pp	—