Pershing Square

Q2 2021 13F · by Bill Ackman, portfolio manager

Picture100.0% US stock

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

+1.7 pp in · −2.7 pp out

Very concentrated · behaves like 7 equal-sized positions

Low turnover · 0.1% a year, more than 30 years per position


LOWLowe's Companies Inc.	18.37%	10,140,520	$2.0B	trimmed−15%	−3.37 pp	13 q
AAgilent Technologies Inc.	16.14%	11,695,838	$1.7B	trimmed−1%	+1.79 pp	8 q
CMGChipotle Mexican Grill, Inc.	15.72%	1,086,136	$1.7B	held	—	20 q
HLTHilton Worldwide Holdings Inc.	14.37%	12,760,047	$1.5B	trimmed−1%	−0.52 pp	11 q
QSRRestaurant Brands International Inc.	14.26%	23,696,917	$1.5B	trimmed−1%	−0.61 pp	27 q
HHCThe Howard Hughes Corporation	12.26%	13,470,008	$1.3B	held	—	33 q
DPZDomino's Pizza Inc.	8.88%	2,039,170	$951M	added0%	+1.72 pp	2 q