Pershing Square

Q3 2022 13F · by Bill Ackman, portfolio manager

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $7.9B · prev $7.5B
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%

Moves5 since the prior filing

+11.9 pp in · −10.8 pp out

New 0 0.00 pp
Added 4 +11.88 pp
Trimmed 0 0.00 pp
Exited 1 −10.76 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 41% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions90% of US stock

LOW Lowe's Companies Inc. added+0.85 pp added+0.8524.7%
CMG Chipotle Mexican Grill, Inc. held held21.1%
QSR Restaurant Brands International Inc. added+0.32 pp added+0.3216.3%
HLT Hilton Worldwide Holdings Inc. added+0.56 pp added+0.5615.4%
unresolved Canadian Pac Ry Ltd added+10.15 pp added+10.1512.9%

Positions6 in this filing · 1 exited


LOWLowe's Companies Inc.	24.74%	10,374,801	$1.9B	added+2%	+0.85 pp	18 q
CMGChipotle Mexican Grill, Inc.	21.08%	1,105,208	$1.7B	held	—	25 q
QSRRestaurant Brands International Inc.	16.33%	24,194,166	$1.3B	added+2%	+0.32 pp	32 q
HLTHilton Worldwide Holdings Inc.	15.36%	10,031,580	$1.2B	added+1%	+0.56 pp	16 q
unresolvedCanadian Pac Ry Ltd	12.91%	15,237,044	$1.0B	added×5.2	+10.15 pp	4 q
HHCThe Howard Hughes Corporation	9.58%	13,620,164	$754M	held	—	38 q
DPZDomino's Pizza Inc.	—	−2,061,312	—	exited	−10.76 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001172661-22-002568
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet