Pershing Square

Q2 2022 13F · by Bill Ackman, portfolio manager

As of: Jun 30, 2022
Filed: Aug 15, 2022
US stock: $7.5B · prev $10.4B
Positions: 7 · prev 8
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%

Moves5 since the prior filing

0.0 pp in · −3.3 pp out

New 0 0.00 pp
Added 0 0.00 pp
Trimmed 4 +7.92 pp
Exited 1 −11.21 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.0% a year

Low
Moderate
High

Top 5 positions86% of US stock

LOW Lowe's Companies Inc. held held23.9%
CMG Chipotle Mexican Grill, Inc. trimmed+2.39 pp trimmed+2.3919.4%
QSR Restaurant Brands International Inc. trimmed+2.60 pp trimmed+2.6016.0%
HLT Hilton Worldwide Holdings Inc. trimmed+0.27 pp trimmed+0.2714.8%
HHC The Howard Hughes Corporation held held12.4%

Positions7 in this filing · 1 exited


LOWLowe's Companies Inc.	23.89%	10,207,306	$1.8B	held	—	17 q
CMGChipotle Mexican Grill, Inc.	19.36%	1,105,208	$1.4B	trimmed−1%	+2.39 pp	24 q
QSRRestaurant Brands International Inc.	16.01%	23,822,641	$1.2B	trimmed−0%	+2.60 pp	31 q
HLTHilton Worldwide Holdings Inc.	14.80%	9,908,602	$1.1B	trimmed−0%	+0.27 pp	15 q
HHCThe Howard Hughes Corporation	12.42%	13,620,164	$927M	held	—	37 q
DPZDomino's Pizza Inc.	10.76%	2,061,312	$803M	trimmed−0%	+2.66 pp	6 q
unresolvedCanadian Pac Ry Ltd	2.76%	2,944,259	$206M	held	—	3 q
NFLXNetFlix Inc	—	−3,109,965	—	exited	−11.21 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001172661-22-002007
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet