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
|
+$918M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Zoetis
ZTS
|
+$141M |
| 2 |
Air Products & Chemicals
APD
|
+$67.2M |
| 3 |
Bausch Health
BHC
|
+$63.8M |
| 4 |
Element Solutions
ESI
|
+$19.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 49.95% |
| 2 | Consumer Staples | 22.59% |
| 3 | Materials | 16.13% |
| 4 | Real Estate | 6.88% |
| 5 | Healthcare | 4.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Restaurant Brands International
QSR
$25.1B
| $1.87B | 31.56% |
39,150,551
| – | – |
|
|
2
Chipotle Mexican Grill
CMG
$40.8B
| $1.09B | 18.39% |
144,123,150
+116,412,500
| +420% | +$918M |
|
3
Mondelez International
MDLZ
$77.7B
| $1.02B | 17.2% |
22,942,225
| – | – |
|
|
4
Air Products & Chemicals
APD
$66.3B
| $557M | 9.41% |
3,870,760
-480,416
| -11% | -$67.2M |
|
5
Howard Hughes
HHH
$3.93B
| $407M | 6.88% |
3,742,850
| – | – |
|
|
6
Element Solutions
ESI
$9.12B
| $397M | 6.71% |
40,451,506
-2,285,888
| -5% | -$19.5M |
|
7
Nomad Foods
NOMD
$1.64B
| $319M | 5.39% |
33,333,334
| – | – |
|
|
8
Bausch Health
BHC
$1.65B
| $263M | 4.45% |
18,114,432
-3,476,690
| -16% | -$63.8M |
|
|
9
Zoetis
ZTS
$31.6B
| – | – |
-2,717,719
| Closed | -$141M |
|
Similar funds
Pershing Square Capital Management's Q4 2016 Portfolio in Review
As of Q4 2016, Pershing Square Capital Management held 9 positions worth $5.91B, up 9.2% from $5.41B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management deployed $627M of net new capital in Q4 2016, adding to 1 existing holding.
By sector, the portfolio is most concentrated in Consumer Discretionary at 50% of assets, up from 37% a quarter earlier, followed by Consumer Staples and Materials.
On the sell side, the largest reduction was Air Products & Chemicals, an estimated $67.2M trimmed.
- Pershing Square Capital Management added most to Chipotle Mexican Grill in Q4 2016, an estimated $918M increase.
- Pershing Square Capital Management's biggest Q4 2016 reduction was Air Products & Chemicals, cutting an estimated $67.2M.
- Pershing Square Capital Management fully exited Zoetis in Q4 2016, selling an estimated $141M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $5.91B portfolio in Q4 2016.
- Pershing Square Capital Management opened 0 new positions and closed 1 in Q4 2016.
- Pershing Square Capital Management's portfolio value rose 9.2% quarter-over-quarter to $5.91B.
Based on Pershing Square Capital Management's 13F filing for Q4 2016, filed 14 Feb 2017.