Pershing Square

Q1 2022 13F · by Bill Ackman, portfolio manager

As of: Mar 31, 2022
Filed: May 16, 2022
US stock: $10.4B · prev $10.8B
Positions: 8 · 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%

Moves6 since the prior filing

+11.7 pp in · −11.3 pp out

New 1 +11.21 pp
Added 1 +0.46 pp
Trimmed 4 −11.28 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.2 years per position

Low
Moderate
High

Top 5 positions78% of US stock

LOW Lowe's Companies Inc. trimmed−4.68 pp trimmed−4.6819.9%
CMG Chipotle Mexican Grill, Inc. held held17.0%
HLT Hilton Worldwide Holdings Inc. trimmed−3.69 pp trimmed−3.6914.5%
HHC The Howard Hughes Corporation held held13.6%
QSR Restaurant Brands International Inc. trimmed−0.06 pp trimmed−0.0613.4%

Positions8 in this filing · 0 exited


LOWLowe's Companies Inc.	19.86%	10,207,306	$2.1B	trimmed−0%	−4.68 pp	16 q
CMGChipotle Mexican Grill, Inc.	16.97%	1,114,725	$1.8B	held	—	23 q
HLTHilton Worldwide Holdings Inc.	14.53%	9,952,287	$1.5B	trimmed−21%	−3.69 pp	14 q
HHCThe Howard Hughes Corporation	13.58%	13,620,164	$1.4B	held	—	36 q
QSRRestaurant Brands International Inc.	13.41%	23,864,631	$1.4B	trimmed−0%	−0.06 pp	30 q
NFLXNetFlix Inc	11.21%	3,109,965	$1.2B	new	+11.21 pp	new
DPZDomino's Pizza Inc.	8.10%	2,068,031	$842M	trimmed−1%	−2.85 pp	5 q
unresolvedCanadian Pac Ry Ltd	2.34%	2,944,259	$243M	added+5%	+0.46 pp	2 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001172661-22-001442
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet