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
|
+$263M |
| 2 |
Air Products & Chemicals
APD
|
+$224M |
| 3 |
Mondelez International
MDLZ
|
+$133M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 58.15% |
| 2 | Consumer Staples | 20.82% |
| 3 | Materials | 14.01% |
| 4 | Real Estate | 7.02% |
| 5 | Healthcare | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Restaurant Brands International
QSR
$25.1B
| $2.18B | 36.61% |
39,150,551
| – | – |
|
2
Chipotle Mexican Grill
CMG
$40.8B
| $1.28B | 21.54% |
144,123,150
| – | – |
|
|
3
Mondelez International
MDLZ
$77.7B
| $859M | 14.41% |
19,942,225
-3,000,000
| -13% | -$133M |
|
4
Element Solutions
ESI
$9.12B
| $527M | 8.84% |
40,451,506
| – | – |
|
5
Howard Hughes
HHH
$3.93B
| $418M | 7.02% |
3,742,850
| – | – |
|
6
Nomad Foods
NOMD
$1.64B
| $382M | 6.4% |
33,333,334
| – | – |
|
|
7
Air Products & Chemicals
APD
$66.3B
| $308M | 5.18% |
2,280,138
-1,590,622
| -41% | -$224M |
|
|
8
Bausch Health
BHC
$1.65B
| – | – |
-18,114,432
| Closed | -$263M |
|
Similar funds
Pershing Square Capital Management's Q1 2017 Portfolio in Review
As of Q1 2017, Pershing Square Capital Management held 8 positions worth $5.96B, up 0.8% from $5.91B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $620M in Q1 2017, closing 1 position and reducing 2 holdings. Its most notable exit was Bausch Health, an estimated $263M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 58% of assets, up from 50% a quarter earlier, followed by Consumer Staples and Materials.
- Pershing Square Capital Management's biggest Q1 2017 reduction was Air Products & Chemicals, cutting an estimated $224M.
- Pershing Square Capital Management fully exited Bausch Health in Q1 2017, selling an estimated $263M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $5.96B portfolio in Q1 2017.
- Pershing Square Capital Management opened 0 new positions and closed 1 in Q1 2017.
- Pershing Square Capital Management's portfolio value rose 0.8% quarter-over-quarter to $5.96B.
Based on Pershing Square Capital Management's 13F filing for Q1 2017, filed 15 May 2017.