Pershing Square

Q4 2021 13F · by Bill Ackman, portfolio manager

As of: Dec 31, 2021
Filed: Mar 4, 2022
US stock: $10.8B · prev $9.5B
Positions: 7 · prev 6
Options notional: $0
Documents: 2· 1 amendment

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%

Moves2 since the prior filing

+1.9 pp in · +0.2 pp out

New 1 +1.88 pp
Added 0 0.00 pp
Trimmed 1 +0.23 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 1.7% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions87% of US stock

LOW Lowe's Companies Inc. held held24.5%
HLT Hilton Worldwide Holdings Inc. trimmed+0.23 pp trimmed+0.2318.2%
CMG Chipotle Mexican Grill, Inc. held held18.1%
QSR Restaurant Brands International Inc. held held13.5%
HHC The Howard Hughes Corporation held held12.9%

Revealed late, restated

revealed late 1 name revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Mar 4, 2022 ↗

Positions7 in this filing · 0 exited


LOWLowe's Companies Inc.	24.54%	10,236,471	$2.6B	held	—	15 q
HLTHilton Worldwide Holdings Inc.	18.22%	12,594,336	$2.0B	trimmed−2%	+0.23 pp	13 q
CMGChipotle Mexican Grill, Inc.	18.08%	1,114,725	$1.9B	held	—	22 q
QSRRestaurant Brands International Inc.	13.47%	23,937,248	$1.5B	held	—	29 q
HHCThe Howard Hughes Corporation	12.86%	13,620,164	$1.4B	held	—	35 q
DPZDomino's Pizza Inc.	10.95%	2,092,202	$1.2B	held	—	4 q
unresolvedCanadian Pac Ry Ltd	1.88%	2,813,747	$202M	new	+1.88 pp	new

Source

Forms: 13F-HR · 13F-HR/A
Reading: 0 defects · 1 unresolved
Accession: 0001172661-22-000776
: 0001172661-22-001013
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet