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 |
Chipotle Mexican Grill
CMG
|
+$228M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Canadian Pacific Kansas City
CP
|
+$1.27B |
| 2 |
Zoetis
ZTS
|
+$934M |
| 3 |
Air Products & Chemicals
APD
|
+$536M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 36.58% |
| 2 | Consumer Staples | 25.89% |
| 3 | Materials | 17.58% |
| 4 | Healthcare | 12.4% |
| 5 | Real Estate | 7.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Restaurant Brands International
QSR
$25.1B
| $1.75B | 32.24% |
39,150,551
| – | – |
|
2
Mondelez International
MDLZ
$77.7B
| $1.01B | 18.61% |
22,942,225
| – | – |
|
|
3
Air Products & Chemicals
APD
$66.3B
| $605M | 11.18% |
4,351,176
-3,865,656
| -47% | -$536M |
|
4
Bausch Health
BHC
$1.65B
| $530M | 9.79% |
21,591,122
| – | – |
|
5
Howard Hughes
HHH
$3.93B
| $409M | 7.55% |
3,742,850
| – | – |
|
6
Nomad Foods
NOMD
$1.64B
| $394M | 7.28% |
33,333,334
| – | – |
|
7
Element Solutions
ESI
$9.12B
| $347M | 6.4% |
42,737,394
| – | – |
|
|
8
Chipotle Mexican Grill
CMG
$40.8B
| $235M | 4.34% |
+27,710,650
| New | +$228M |
|
|
9
Zoetis
ZTS
$31.6B
| $141M | 2.61% |
2,717,719
-18,455,469
| -87% | -$934M |
|
|
10
Canadian Pacific Kansas City
CP
$82B
| – | – |
-49,204,450
| Closed | -$1.27B |
|
Similar funds
Pershing Square Capital Management's Q3 2016 Portfolio in Review
As of Q3 2016, Pershing Square Capital Management held 10 positions worth $5.41B, down 28% from $7.51B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $2.51B in Q3 2016, closing 1 position and reducing 2 holdings. Its most notable exit was Canadian Pacific Kansas City, an estimated $1.27B position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 37% of assets, up from 22% a quarter earlier, followed by Consumer Staples and Materials.
Against the trend, Pershing Square Capital Management opened a new position in Chipotle Mexican Grill worth $235M.
- Pershing Square Capital Management's largest Q3 2016 buy was Chipotle Mexican Grill: 27,710,650 shares worth $235M.
- Pershing Square Capital Management's biggest Q3 2016 reduction was Zoetis, cutting an estimated $934M.
- Pershing Square Capital Management fully exited Canadian Pacific Kansas City in Q3 2016, selling an estimated $1.27B.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $5.41B portfolio in Q3 2016.
- Pershing Square Capital Management opened 1 new position and closed 1 in Q3 2016.
- Pershing Square Capital Management's portfolio value fell 28% quarter-over-quarter to $5.41B.
Based on Pershing Square Capital Management's 13F filing for Q3 2016, filed 14 Nov 2016.