Pershing Square

Q3 2020 13F · by Bill Ackman, portfolio manager

As of: Sep 30, 2020
Filed: Oct 23, 2020
US stock: $8.8B · prev $7.8B
Positions: 7 · 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%

Moves3 since the prior filing

0.0 pp in · +0.7 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 3 +0.66 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions83% of US stock

LOW Lowe's Companies Inc. trimmed+1.18 pp trimmed+1.1823.3%
CMG Chipotle Mexican Grill, Inc. held held16.4%
QSR Restaurant Brands International Inc. held held16.4%
A Agilent Technologies Inc. trimmed−0.38 pp trimmed−0.3814.0%
HLT Hilton Worldwide Holdings Inc. trimmed−0.14 pp trimmed−0.1412.9%

Positions7 in this filing · 0 exited


LOWLowe's Companies Inc.	23.33%	12,408,077	$2.1B	trimmed−2%	+1.18 pp	10 q
CMGChipotle Mexican Grill, Inc.	16.37%	1,161,232	$1.4B	held	—	17 q
QSRRestaurant Brands International Inc.	16.37%	25,119,016	$1.4B	held	—	24 q
AAgilent Technologies Inc.	14.01%	12,248,514	$1.2B	trimmed−3%	−0.38 pp	5 q
HLTHilton Worldwide Holdings Inc.	12.92%	13,363,011	$1.1B	trimmed−3%	−0.14 pp	8 q
SBUXStarbucks Corp	9.87%	10,131,008	$870M	held	—	8 q
HHCThe Howard Hughes Corporation	7.13%	10,918,008	$629M	held	—	30 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001172661-20-002031
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet