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
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bausch Health
BHC
|
+$324M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 29.62% |
| 2 | Materials | 25.86% |
| 3 | Consumer Staples | 15.61% |
| 4 | Industrials | 14.28% |
| 5 | Consumer Discretionary | 11.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Air Products & Chemicals
APD
$68.3B
| $2.67B | 21.46% |
22,213,551
| – | – |
|
2
Zoetis
ZTS
$32.3B
| $2B | 16.09% |
41,823,145
| – | – |
|
3
Mondelez International
MDLZ
$80.4B
| $1.94B | 15.61% |
43,366,342
| – | – |
|
4
Canadian Pacific Kansas City
CP
$83.8B
| $1.78B | 14.28% |
69,704,450
| – | – |
|
|
5
Bausch Health
BHC
$2.48B
| $1.69B | 13.54% |
16,591,122
-2,882,811
| -15% | -$324M |
|
6
Restaurant Brands International
QSR
$27.8B
| $1.42B | 11.4% |
38,003,984
| – | – |
|
7
Element Solutions
ESI
$8.77B
| $548M | 4.4% |
42,737,394
| – | – |
|
8
Howard Hughes
HHH
$3.94B
| $404M | 3.24% |
3,742,850
| – | – |
|
Similar funds
Pershing Square Capital Management's Q4 2015 Portfolio in Review
As of Q4 2015, Pershing Square Capital Management held 8 positions worth $12.5B, down 11% from $14B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Trading was light in Q4 2015: portfolio turnover was 0%. Pershing Square Capital Management opened no new positions and made no exits, leaving the 8-position portfolio largely intact.
By sector, the portfolio is most concentrated in Healthcare at 30% of assets, down from 37% a quarter earlier, followed by Materials and Consumer Staples.
- Pershing Square Capital Management's biggest Q4 2015 reduction was Bausch Health, cutting an estimated $324M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $12.5B portfolio in Q4 2015.
- Pershing Square Capital Management opened 0 new positions and closed 0 in Q4 2015.
- Pershing Square Capital Management's portfolio value fell 11% quarter-over-quarter to $12.5B.
Based on Pershing Square Capital Management's 13F filing for Q4 2015, filed 16 Feb 2016.