Pershing Square

Q1 2023 13F · by Bill Ackman, portfolio manager

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $10.2B · prev $8.8B
Positions: 8 · 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%

Moves7 since the prior filing

+7.7 pp in · −5.8 pp out

New 2 +10.43 pp
Added 2 −2.77 pp
Trimmed 3 −5.75 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.5 years per position

Low
Moderate
High

Top 5 positions78% of US stock

LOW Lowe's Companies Inc. trimmed−3.89 pp trimmed−3.8919.6%
CMG Chipotle Mexican Grill, Inc. trimmed−0.25 pp trimmed−0.2517.2%
QSR Restaurant Brands International Inc. held held15.9%
HLT Hilton Worldwide Holdings Inc. trimmed−1.61 pp trimmed−1.6112.8%
HHC The Howard Hughes Corporation added−1.31 pp added−1.3112.5%

Positions8 in this filing · 0 exited


LOWLowe's Companies Inc.	19.64%	10,036,114	$2.0B	trimmed−3%	−3.89 pp	20 q
CMGChipotle Mexican Grill, Inc.	17.21%	1,029,186	$1.8B	trimmed−7%	−0.25 pp	27 q
QSRRestaurant Brands International Inc.	15.90%	24,194,166	$1.6B	held	—	34 q
HLTHilton Worldwide Holdings Inc.	12.82%	9,299,041	$1.3B	trimmed−7%	−1.61 pp	18 q
HHCThe Howard Hughes Corporation	12.52%	15,984,532	$1.3B	added+1%	−1.31 pp	40 q
unresolvedCanadian Pac Ry Ltd	11.48%	15,238,044	$1.2B	added0%	−1.46 pp	6 q
GOOGAlphabet Inc. Class C	8.21%	8,069,770	$839M	new	+8.21 pp	new
GOOGLAlphabet Inc. Class A	2.22%	2,185,000	$227M	new	+2.22 pp	new

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001172661-23-002303
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet