Aravt Global’s Restaurant Brands International QSR Stock Holding History

Aravt Global’s Portfolio QSR Stock Details QSR Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2019 Q3	–	Sell	-576,000	Closed	-$40.1M	–	16
2019 Q2	$40.1M	Hold	576,000	–	–	6.26%	7
2019 Q1	$37.5M	Sell	576,000 -130,000	-18%	-$7.99M	5.94%	8
2018 Q4	$36.9M	Sell	706,000 -608,000	-46%	-$33.8M	5.28%	8
2018 Q3	$77.9M	Sell	1,314,000 -272,000	-17%	-$16.6M	10.29%	5
2018 Q2	$95.6M	Buy	1,586,000 +320,000	+25%	+$18.3M	9.33%	5
2018 Q1	$72.1M	Buy	1,266,000 +429,000	+51%	+$25.5M	7.43%	8
2017 Q4	$51.5M	Hold	837,000	–	–	4.9%	10
2017 Q3	$53.5M	Sell	837,000 -747,000	-47%	-$46.2M	5.28%	10
2017 Q2	$99.1M	Hold	1,584,000	–	–	8.99%	8
2017 Q1	$88.3M	Hold	1,584,000	–	–	6.45%	9
2016 Q4	$75.5M	Hold	1,584,000	–	–	5.42%	10
2016 Q3	$70.6M	Sell	1,584,000 -716,000	-31%	-$32.5M	4.13%	8
2016 Q2	$95.7M	Hold	2,300,000	–	–	7.1%	3
2016 Q1	$89.3M	Sell	2,300,000 -365,000	-14%	-$12.7M	7.56%	4
2015 Q4	$99.6M	Hold	2,665,000	–	–	10.06%	5
2015 Q3	$95.7M	Hold	2,665,000	–	–	8.2%	7
2015 Q2	$102M	Hold	2,665,000	–	–	8.14%	5
2015 Q1	$102M	Buy	2,665,000 +328,600	+14%	+$13.1M	7.69%	6
2014 Q4	$91.2M	Buy	+2,336,400	New	+$89.8M	6.8%	5

Other funds holding QSR

T. Rowe Price Associates Baltimore, Maryland $865B AUM 30.76% 1-Year Est. Return

Royal Bank of Canada Toronto, Ontario, Canada $570B AUM 27.57% 1-Year Est. Return

PSCM

Pershing Square Capital Management New York $13.7B AUM 13.45% 1-Year Est. Return

Capital World Investors Los Angeles, California $733B AUM 35.63% 1-Year Est. Return

Fidelity International Hamilton, Bermuda $129B AUM 30.83% 1-Year Est. Return

Principal Financial Group Des Moines, Iowa $204B AUM 27.99% 1-Year Est. Return

Bank of Montreal Toronto, Ontario, Canada $269B AUM 31.4% 1-Year Est. Return

Berkshire Hathaway Omaha, Nebraska $263B AUM 16.68% 1-Year Est. Return

JFL

Jarislowsky, Fraser Ltd Montreal, Quebec, Canada $18.2B AUM 22.04% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

Aravt Global's QSR Position: Q3 2019 in Review

Aravt Global sold out of Restaurant Brands International (QSR) in Q3 2019, closing a stake of 576,000 shares — an estimated $40.1M sold.

Aravt Global first reported a position in QSR in Q4 2014 and held it in 19 quarters. The position peaked at $102M in Q1 2015. 388 funds tracked by Wall St. Rank hold QSR as of Q3 2019.

Aravt Global reported no remaining Restaurant Brands International position as of Q3 2019 after selling out during the quarter.
Aravt Global sold 576,000 Restaurant Brands International shares in Q3 2019, an estimated $40.1M.
Aravt Global first reported a position in Restaurant Brands International in Q4 2014 and held it in 19 quarters.
Aravt Global's Restaurant Brands International position peaked at $102M in Q1 2015.
388 funds tracked by Wall St. Rank held Restaurant Brands International as of Q3 2019.

Based on Aravt Global's 13F filing for Q3 2019, filed 14 Nov 2019.