Pershing Square Capital Management Portfolio holdings
Pershing Square Capital Management, L.P., founded in 2004 by Bill Ackman and headquartered in New York City, is a prominent American hedge fund known for its concentrated, activist investment approach, managing over $18 billion in assets as of recent years. Starting with $54 million from Ackman’s personal funds and a seed investment from Leucadia National, the firm focuses on acquiring significant stakes in a small portfolio of large-cap North American companies, often pushing for operational and governance changes to unlock shareholder value, as seen in high-profile campaigns targeting Wendy’s, McDonald’s, and Herbalife. In 2014, Ackman launched Pershing Square Holdings, a closed-end fund listed on Euronext Amsterdam and the London Stock Exchange, raising $3 billion in its IPO, providing a permanent capital base to support its long-term strategies. Renowned for bold moves—like a $2.6 billion profit betting on a market crash in 2020—and a research-intensive, value-driven philosophy, Pershing Square has solidified its reputation as a formidable player in the investment world under Ackman’s leadership.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Zoetis
ZTS
|
+$1.46B |
| 2 |
Restaurant Brands International
QSR
|
+$1.46B |
| 3 |
Element Solutions
ESI
|
+$233M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BKW
BURGER KING WORLDWIDE
BKW
|
+$1.14B |
| 2 |
AGN
Allergan Inc
AGN
|
+$446M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 46.45% |
| 2 | Materials | 24.66% |
| 3 | Industrials | 16.74% |
| 4 | Consumer Discretionary | 9.25% |
| 5 | Real Estate | 2.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AGN
1
DELISTED
Allergan Inc
AGN
| $5.66B | 35.3% |
26,635,978
-2,242,560
| -8% | -$446M |
|
2
Air Products & Chemicals
APD
$66.3B
| $2.96B | 18.47% |
22,213,551
| – | – |
|
3
Canadian Pacific Kansas City
CP
$82B
| $2.69B | 16.74% |
69,704,450
| – | – |
|
|
4
Zoetis
ZTS
$31.6B
| $1.79B | 11.15% |
41,569,646
+36,032,784
| +651% | +$1.46B |
|
|
5
Restaurant Brands International
QSR
$25.1B
| $1.48B | 9.25% |
+38,003,984
| New | +$1.46B |
|
|
6
Element Solutions
ESI
$9.12B
| $992M | 6.19% |
42,737,394
+9,404,064
| +28% | +$233M |
|
7
Howard Hughes
HHH
$3.93B
| $465M | 2.9% |
3,742,850
| – | – |
|
|
BKW
8
DELISTED
BURGER KING WORLDWIDE
BKW
| – | – |
-38,387,865
| Closed | -$1.14B |
|
Similar funds
Pershing Square Capital Management's Q4 2014 Portfolio in Review
As of Q4 2014, Pershing Square Capital Management held 8 positions worth $16B, up 19% from $13.4B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management deployed $1.57B of net new capital in Q4 2014, opening 1 new position and adding to 2 existing holdings. Its largest new stake was Restaurant Brands International: 38,003,984 shares worth $1.48B.
By sector, the portfolio is most concentrated in Healthcare at 46% of assets, up from 40% a quarter earlier, followed by Materials and Industrials.
On the sell side, the largest reduction was Allergan Inc, an estimated $446M trimmed.
- Pershing Square Capital Management's largest Q4 2014 buy was Restaurant Brands International: 38,003,984 shares worth $1.48B.
- Pershing Square Capital Management added most to Zoetis in Q4 2014, an estimated $1.46B increase.
- Pershing Square Capital Management's biggest Q4 2014 reduction was Allergan Inc, cutting an estimated $446M.
- Pershing Square Capital Management fully exited BURGER KING WORLDWIDE in Q4 2014, selling an estimated $1.14B.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $16B portfolio in Q4 2014.
- Pershing Square Capital Management opened 1 new position and closed 1 in Q4 2014.
- Pershing Square Capital Management's portfolio value rose 19% quarter-over-quarter to $16B.
Based on Pershing Square Capital Management's 13F filing for Q4 2014, filed 17 Feb 2015.