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 |
Bausch Health
BHC
|
+$3.45B |
| 2 |
AGN
Allergan plc
AGN
|
+$384M |
| 3 |
Zoetis
ZTS
|
+$11.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AGN
Allergan Inc
AGN
|
+$5.66B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 41.45% |
| 2 | Materials | 28.09% |
| 3 | Industrials | 17.01% |
| 4 | Consumer Discretionary | 9.75% |
| 5 | Real Estate | 3.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Bausch Health
BHC
$1.65B
| $3.87B | 25.84% |
+19,473,933
| New | +$3.45B |
|
2
Air Products & Chemicals
APD
$66.3B
| $3.11B | 20.77% |
22,213,551
| – | – |
|
3
Canadian Pacific Kansas City
CP
$82B
| $2.55B | 17.01% |
69,704,450
| – | – |
|
|
4
Zoetis
ZTS
$31.6B
| $1.94B | 12.93% |
41,823,145
+253,499
| +0.6% | +$11.4M |
|
5
Restaurant Brands International
QSR
$25.1B
| $1.46B | 9.75% |
38,003,984
| – | – |
|
6
Element Solutions
ESI
$9.12B
| $1.1B | 7.33% |
42,737,394
| – | – |
|
7
Howard Hughes
HHH
$3.93B
| $553M | 3.69% |
3,742,850
| – | – |
|
|
AGN
8
DELISTED
Allergan plc
AGN
| $401M | 2.68% |
+1,348,358
| New | +$384M |
|
|
AGN
9
DELISTED
Allergan Inc
AGN
| – | – |
-26,635,978
| Closed | -$5.66B |
|
Similar funds
Pershing Square Capital Management's Q1 2015 Portfolio in Review
As of Q1 2015, Pershing Square Capital Management held 9 positions worth $15B, down 6.7% from $16B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $1.81B in Q1 2015, closing 1 position. Its most notable exit was Allergan Inc, an estimated $5.66B position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 41% of assets, down from 46% a quarter earlier, followed by Materials and Industrials.
Against the trend, Pershing Square Capital Management opened a new position in Bausch Health worth $3.87B.
- Pershing Square Capital Management's largest Q1 2015 buy was Bausch Health: 19,473,933 shares worth $3.87B.
- Pershing Square Capital Management added most to Zoetis in Q1 2015, an estimated $11.4M increase.
- Pershing Square Capital Management fully exited Allergan Inc in Q1 2015, selling an estimated $5.66B.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $15B portfolio in Q1 2015.
- Pershing Square Capital Management opened 2 new positions and closed 1 in Q1 2015.
- Pershing Square Capital Management's portfolio value fell 6.7% quarter-over-quarter to $15B.
Based on Pershing Square Capital Management's 13F filing for Q1 2015, filed 15 May 2015.