Pershing Square

Q1 2021 13F · by Bill Ackman, portfolio manager

Picture100.0% US stock

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

+10.8 pp in · −10.8 pp out

Very concentrated · behaves like 6 equal-sized positions

Moderate turnover · 38% a year, about 2.6 years per position


LOWLowe's Companies Inc.	21.74%	11,958,315	$2.3B	trimmed−3%	+1.86 pp	12 q
HLTHilton Worldwide Holdings Inc.	14.89%	12,878,636	$1.6B	trimmed−4%	+0.04 pp	10 q
QSRRestaurant Brands International Inc.	14.87%	23,926,652	$1.6B	trimmed−4%	−0.43 pp	26 q
CMGChipotle Mexican Grill, Inc.	14.75%	1,086,136	$1.5B	trimmed−6%	−1.35 pp	19 q
AAgilent Technologies Inc.	14.35%	11,804,536	$1.5B	trimmed−4%	−0.14 pp	7 q
HHCThe Howard Hughes Corporation	12.25%	13,470,008	$1.3B	added+23%	+3.63 pp	32 q
DPZDomino's Pizza Inc.	7.16%	2,035,704	$749M	new	+7.16 pp	new
SBUXStarbucks Corp	—	−10,070,042	—	exited	−10.77 pp	—