Pershing Square Capital Management’s Chipotle Mexican Grill CMG Stock Holding History

Pershing Square Capital Management’s Portfolio CMG Stock Details CMG Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-21,541,177	Closed	-$844M	–	12
2025 Q3	$844M	Hold	21,541,177	–	–	5.77%	8
2025 Q2	$1.21B	Hold	21,541,177	–	–	8.81%	6
2025 Q1	$1.08B	Sell	21,541,177 -3,112,356	-13%	-$169M	9.07%	5
2024 Q4	$1.49B	Sell	24,653,533 -4,161,632	-14%	-$251M	11.74%	3
2024 Q3	$1.66B	Hold	28,815,165	–	–	12.85%	3
2024 Q2	$1.81B	Sell	28,815,165 -8,384,035	-23%	-$521M	17.34%	2
2024 Q1	$2.16B	Sell	37,199,200 -4,050,700	-10%	-$207M	20.1%	1
2023 Q4	$1.89B	Sell	41,249,900 -6,430,500	-13%	-$268M	18.15%	1
2023 Q3	$1.75B	Hold	47,680,400	–	–	16.65%	1
2023 Q2	$2.04B	Sell	47,680,400 -3,778,900	-7%	-$149M	18.86%	1
2023 Q1	$1.76B	Sell	51,459,300 -3,801,100	-7%	-$119M	17.21%	2
2022 Q4	$1.53B	Hold	55,260,400	–	–	17.46%	3
2022 Q3	$1.66B	Hold	55,260,400	–	–	21.08%	2
2022 Q2	$1.44B	Sell	55,260,400 -475,850	-0.9%	-$13.3M	19.36%	2
2022 Q1	$1.76B	Hold	55,736,250	–	–	16.97%	2
2021 Q4	$1.95B	Hold	55,736,250	–	–	18.08%	3
2021 Q3	$2.03B	Buy	55,736,250 +1,429,450	+3%	+$52M	21.41%	2
2021 Q2	$1.68B	Hold	54,306,800	–	–	15.72%	3
2021 Q1	$1.54B	Sell	54,306,800 -3,754,800	-6%	-$109M	14.75%	4
2020 Q4	$1.61B	Hold	58,061,600	–	–	16.1%	2
2020 Q3	$1.44B	Hold	58,061,600	–	–	16.37%	3
2020 Q2	$1.22B	Hold	58,061,600	–	–	15.76%	3
2020 Q1	$760M	Sell	58,061,600 -28,153,900	-33%	-$445M	11.56%	5
2019 Q4	$1.44B	Hold	86,215,500	–	–	22.03%	1
2019 Q3	$1.45B	Sell	86,215,500 -2,920,000	-3%	-$46.6M	22.33%	1
2019 Q2	$1.31B	Sell	89,135,500 -4,000,000	-4%	-$56.4M	19.48%	1
2019 Q1	$1.32B	Sell	93,135,500 -3,904,450	-4%	-$45.3M	19.7%	1
2018 Q4	$838M	Sell	97,039,950 -5,915,350	-6%	-$53.5M	14.07%	3
2018 Q3	$936M	Sell	102,955,300 -41,167,850	-29%	-$392M	17.97%	3
2018 Q2	$1.24B	Hold	144,123,150	–	–	21.42%	2
2018 Q1	$931M	Hold	144,123,150	–	–	19.27%	2
2017 Q4	$833M	Hold	144,123,150	–	–	14.19%	4
2017 Q3	$887M	Hold	144,123,150	–	–	17.35%	3
2017 Q2	$1.2B	Hold	144,123,150	–	–	19.94%	2
2017 Q1	$1.28B	Hold	144,123,150	–	–	21.54%	2
2016 Q4	$1.09B	Buy	144,123,150 +116,412,500	+420%	+$918M	18.39%	2
2016 Q3	$235M	Buy	+27,710,650	New	+$228M	4.34%	8

Other funds holding CMG

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

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

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

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

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

JP Morgan Chase New York $1.56T AUM 27.86% 1-Year Est. Return

Capital International Investors Los Angeles, California $427B AUM 29.17% 1-Year Est. Return

AllianceBernstein Nashville, Tennessee $309B AUM 23.92% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return

Fidelity Investments Boston, Massachusetts $1.9T AUM 41.92% 1-Year Est. Return

Pershing Square Capital Management's CMG Position: Q4 2025 in Review

Pershing Square Capital Management sold out of Chipotle Mexican Grill (CMG) in Q4 2025, closing a stake of 21,541,177 shares — an estimated $844M sold.

Pershing Square Capital Management first reported a position in CMG in Q3 2016 and held it in 37 quarters. The position peaked at $2.16B in Q1 2024. 1,339 funds tracked by Wall St. Rank hold CMG as of Q4 2025.

Pershing Square Capital Management reported no remaining Chipotle Mexican Grill position as of Q4 2025 after selling out during the quarter.
Pershing Square Capital Management sold 21,541,177 Chipotle Mexican Grill shares in Q4 2025, an estimated $844M.
Pershing Square Capital Management first reported a position in Chipotle Mexican Grill in Q3 2016 and held it in 37 quarters.
Pershing Square Capital Management's Chipotle Mexican Grill position peaked at $2.16B in Q1 2024.
1,339 funds tracked by Wall St. Rank held Chipotle Mexican Grill as of Q4 2025.

Based on Pershing Square Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.