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Pershing Square

Q4 2019 13F · by Bill Ackman, portfolio manager

As of
Dec 31, 2019
Filed
Feb 14, 2020
US stock
$6.6B · prev $6.5B
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%

Moves3 since the prior filing

The book

Very concentrated · behaves like 6 equal-sized positions

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

Low turnover · 9.5% a year, about 10.5 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions84% of US stock

  1. CMG Chipotle Mexican Grill, Inc. held held22.0%
  2. HLT Hilton Worldwide Holdings Inc. held held17.9%
  3. LOW Lowe's Companies Inc. held held15.7%
  4. QSR Restaurant Brands International Inc. held held14.7%
  5. BRK.B BERKSHIRE HATHAWAY Class B held held13.9%

Positions8 in this filing · 0 exited

CMGChipotle Mexican Grill, Inc.22.03%1,724,310$1.4Bheld—14 q
HLTHilton Worldwide Holdings Inc.17.87%10,556,805$1.2Bheld—5 q
LOWLowe's Companies Inc.15.74%8,613,212$1.0Bheld—7 q
QSRRestaurant Brands International Inc.14.68%15,084,304$962Mheld—21 q
BRK.BBERKSHIRE HATHAWAY Class B13.88%4,015,594$910Mheld—3 q
SBUXStarbucks Corp7.32%5,457,954$480Mtrimmed−41%−5.37 pp5 q
HHCThe Howard Hughes Corporation4.25%2,197,389$279Madded+84%+1.86 pp27 q
AAgilent Technologies Inc.4.23%3,248,114$277Madded+11%+0.79 pp2 q

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001172661-20-000821
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet