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Pershing Square

Q3 2021 13F · by Bill Ackman, portfolio manager

As of
Sep 30, 2021
Filed
Nov 15, 2021
US stock
$9.5B · prev $10.7B
Positions
6 · 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%

Moves7 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 · 6.0% a year, about 16.8 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions89% of US stock

  1. LOW Lowe's Companies Inc. added+3.57 pp added+3.5721.9%
  2. CMG Chipotle Mexican Grill, Inc. added+5.69 pp added+5.6921.4%
  3. HLT Hilton Worldwide Holdings Inc. added+3.62 pp added+3.6218.0%
  4. QSR Restaurant Brands International Inc. added+1.22 pp added+1.2215.5%
  5. HHC The Howard Hughes Corporation added+0.38 pp added+0.3812.6%

Positions6 in this filing · 1 exited

LOWLowe's Companies Inc.21.94%10,236,471$2.1Badded+1%+3.57 pp14 q
CMGChipotle Mexican Grill, Inc.21.41%1,114,725$2.0Badded+3%+5.69 pp21 q
HLTHilton Worldwide Holdings Inc.17.99%12,885,354$1.7Badded+1%+3.62 pp12 q
QSRRestaurant Brands International Inc.15.48%23,937,248$1.5Badded+1%+1.22 pp28 q
HHCThe Howard Hughes Corporation12.64%13,620,164$1.2Badded+1%+0.38 pp34 q
DPZDomino's Pizza Inc.10.54%2,092,202$998Madded+3%+1.66 pp3 q
AAgilent Technologies Inc.—−11,695,838—exited−16.14 pp—

Source

Form
13F-HR
Reading
0 defects · 0 unresolved
Accession
0001172661-21-002355
Options
none in this filing
Notes
none in this filing
SEC cross-check
SEC data set not published yet