Pershing Square Capital Management’s Restaurant Brands International QSR Stock Holding History

Pershing Square Capital Management’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
2026 Q1	$1.67B	Sell	22,645,483 -221,290	-1%	-$15.5M	12.2%	5
2025 Q4	$1.56B	Sell	22,866,773 -48,723	-0.2%	-$3.36M	10.05%	6
2025 Q3	$1.47B	Sell	22,915,496 -85,418	-0.4%	-$5.62M	10.04%	5
2025 Q2	$1.52B	Hold	23,000,914	–	–	11.11%	3
2025 Q1	$1.53B	Hold	23,000,914	–	–	12.85%	3
2024 Q4	$1.5B	Hold	23,000,914	–	–	11.84%	2
2024 Q3	$1.66B	Sell	23,000,914 -141,628	-0.6%	-$9.95M	12.84%	4
2024 Q2	$1.63B	Sell	23,142,542 -205,593	-0.9%	-$14.7M	15.64%	3
2024 Q1	$1.86B	Hold	23,348,135	–	–	17.24%	3
2023 Q4	$1.82B	Hold	23,348,135	–	–	17.55%	2
2023 Q3	$1.56B	Hold	23,348,135	–	–	14.82%	2
2023 Q2	$1.81B	Sell	23,348,135 -846,031	-3%	-$61.1M	16.73%	2
2023 Q1	$1.62B	Hold	24,194,166	–	–	15.9%	3
2022 Q4	$1.56B	Hold	24,194,166	–	–	17.81%	2
2022 Q3	$1.29B	Buy	24,194,166 +371,525	+2%	+$21M	16.33%	3
2022 Q2	$1.19B	Sell	23,822,641 -41,990	-0.2%	-$2.25M	16.01%	3
2022 Q1	$1.39B	Sell	23,864,631 -72,617	-0.3%	-$4.13M	13.41%	5
2021 Q4	$1.45B	Hold	23,937,248	–	–	13.47%	4
2021 Q3	$1.46B	Buy	23,937,248 +240,331	+1%	+$15.4M	15.48%	4
2021 Q2	$1.53B	Sell	23,696,917 -229,735	-1%	-$15.5M	14.26%	5
2021 Q1	$1.56B	Sell	23,926,652 -1,111,875	-4%	-$68.9M	14.87%	3
2020 Q4	$1.53B	Sell	25,038,527 -80,489	-0.3%	-$4.7M	15.3%	3
2020 Q3	$1.44B	Hold	25,119,016	–	–	16.37%	2
2020 Q2	$1.37B	Buy	25,119,016 +10,034,712	+67%	+$506M	17.7%	2
2020 Q1	$604M	Hold	15,084,304	–	–	9.19%	8
2019 Q4	$962M	Hold	15,084,304	–	–	14.68%	4
2019 Q3	$1.07B	Sell	15,084,304 -556,761	-4%	-$41.1M	16.54%	2
2019 Q2	$1.09B	Sell	15,641,065 -2,701,638	-15%	-$181M	16.21%	2
2019 Q1	$1.19B	Sell	18,342,703 -1,342,899	-7%	-$82.5M	17.78%	2
2018 Q4	$1.03B	Sell	19,685,602 -1,158,317	-6%	-$64.3M	17.28%	1
2018 Q3	$1.24B	Hold	20,843,919	–	–	23.72%	1
2018 Q2	$1.26B	Sell	20,843,919 -3,476,376	-14%	-$199M	21.65%	1
2018 Q1	$1.38B	Sell	24,320,295 -2,180,434	-8%	-$129M	28.65%	1
2017 Q4	$1.63B	Hold	26,500,729	–	–	27.74%	1
2017 Q3	$1.69B	Sell	26,500,729 -12,649,822	-32%	-$782M	33.1%	1
2017 Q2	$2.45B	Hold	39,150,551	–	–	40.71%	1
2017 Q1	$2.18B	Hold	39,150,551	–	–	36.61%	1
2016 Q4	$1.87B	Hold	39,150,551	–	–	31.56%	1
2016 Q3	$1.75B	Hold	39,150,551	–	–	32.24%	1
2016 Q2	$1.63B	Hold	39,150,551	–	–	21.68%	1
2016 Q1	$1.52B	Buy	39,150,551 +1,146,567	+3%	+$39.9M	17.17%	3
2015 Q4	$1.42B	Hold	38,003,984	–	–	11.4%	6
2015 Q3	$1.37B	Hold	38,003,984	–	–	9.79%	6
2015 Q2	$1.45B	Hold	38,003,984	–	–	10.05%	5
2015 Q1	$1.46B	Hold	38,003,984	–	–	9.75%	5
2014 Q4	$1.48B	Buy	+38,003,984	New	+$1.46B	9.25%	5