Pershing Square

Q4 2022 13F · by Bill Ackman, portfolio manager

As of: Dec 31, 2022
Filed: Feb 10, 2023
US stock: $8.8B · prev $7.9B
Positions: 6 · prev 6
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%

Moves1 since the prior filing

+4.3 pp in · 0.0 pp out

New 0 0.00 pp
Added 1 +4.25 pp
Trimmed 0 0.00 pp
Exited 0 0.00 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 positions87% of US stock

LOW Lowe's Companies Inc. held held23.5%
QSR Restaurant Brands International Inc. held held17.8%
CMG Chipotle Mexican Grill, Inc. held held17.5%
HLT Hilton Worldwide Holdings Inc. held held14.4%
HHC The Howard Hughes Corporation added+4.25 pp added+4.2513.8%

Positions6 in this filing · 0 exited


LOWLowe's Companies Inc.	23.53%	10,374,801	$2.1B	held	—	19 q
QSRRestaurant Brands International Inc.	17.81%	24,194,166	$1.6B	held	—	33 q
CMGChipotle Mexican Grill, Inc.	17.46%	1,105,208	$1.5B	held	—	26 q
HLTHilton Worldwide Holdings Inc.	14.43%	10,031,580	$1.3B	held	—	17 q
HHCThe Howard Hughes Corporation	13.83%	15,895,135	$1.2B	added+17%	+4.25 pp	39 q
unresolvedCanadian Pac Ry Ltd	12.94%	15,237,044	$1.1B	held	—	5 q

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001172661-23-000673
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet