Pershing Square

Q4 2023 13F · by Bill Ackman, portfolio manager

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $10.4B · prev $10.5B
Positions: 8 · 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%

Moves4 since the prior filing

+3.6 pp in · −8.5 pp out

New 0 0.00 pp
Added 1 +3.64 pp
Trimmed 3 −8.50 pp
Exited 0 0.00 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.7% a year, about 14.9 years per position

Low
Moderate
High

Top 5 positions80% of US stock

CMG Chipotle Mexican Grill, Inc. trimmed+1.50 pp trimmed+1.5018.1%
QSR Restaurant Brands International Inc. held held17.6%
HLT Hilton Worldwide Holdings Inc. trimmed+1.33 pp trimmed+1.3316.1%
HHH Howard Hughes Holdings Inc. added+3.64 pp added+3.6415.5%
GOOG Alphabet Inc. Class C held held12.7%

Positions8 in this filing · 0 exited


CMGChipotle Mexican Grill, Inc.	18.15%	824,998	$1.9B	trimmed−13%	+1.50 pp	30 q
QSRRestaurant Brands International Inc.	17.55%	23,348,135	$1.8B	held	—	37 q
HLTHilton Worldwide Holdings Inc.	16.08%	9,181,180	$1.7B	trimmed−11%	+1.33 pp	21 q
HHHHoward Hughes Holdings Inc.	15.51%	18,852,064	$1.6B	added+12%	+3.64 pp	2 q
GOOGAlphabet Inc. Class C	12.71%	9,377,195	$1.3B	held	—	4 q
CPCanadian Pacific Kansas City Limited	11.48%	15,095,528	$1.2B	held	—	3 q
GOOGLAlphabet Inc. Class A	5.85%	4,354,824	$608M	held	—	4 q
LOWLowe's Companies Inc.	2.67%	1,245,515	$277M	trimmed−82%	−11.33 pp	23 q

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001172661-24-001556
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet