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 |
Automatic Data Processing
ADP
|
+$177M |
| 2 |
Howard Hughes
HHH
|
+$141M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Air Products & Chemicals
APD
|
+$308M |
| 2 |
Mondelez International
MDLZ
|
+$246M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 60.65% |
| 2 | Consumer Staples | 18.23% |
| 3 | Real Estate | 9.61% |
| 4 | Materials | 8.53% |
| 5 | Technology | 2.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Restaurant Brands International
QSR
$25.1B
| $2.45B | 40.71% |
39,150,551
| – | – |
|
2
Chipotle Mexican Grill
CMG
$40.8B
| $1.2B | 19.94% |
144,123,150
| – | – |
|
|
3
Mondelez International
MDLZ
$77.7B
| $626M | 10.41% |
14,496,225
-5,446,000
| -27% | -$246M |
|
|
4
Howard Hughes
HHH
$3.93B
| $578M | 9.61% |
4,935,056
+1,192,206
| +32% | +$141M |
|
5
Element Solutions
ESI
$9.12B
| $513M | 8.53% |
40,451,506
| – | – |
|
6
Nomad Foods
NOMD
$1.64B
| $470M | 7.82% |
33,333,334
| – | – |
|
|
7
Automatic Data Processing
ADP
$100B
| $179M | 2.98% |
+1,750,867
| New | +$177M |
|
|
8
Air Products & Chemicals
APD
$66.3B
| – | – |
-2,280,138
| Closed | -$308M |
|
Similar funds
Pershing Square Capital Management's Q2 2017 Portfolio in Review
As of Q2 2017, Pershing Square Capital Management held 8 positions worth $6.01B, up 0.9% from $5.96B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $236M in Q2 2017, closing 1 position and reducing 1 holding. Its most notable exit was Air Products & Chemicals, an estimated $308M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 61% of assets, up from 58% a quarter earlier, followed by Consumer Staples and Real Estate.
Against the trend, Pershing Square Capital Management opened a new position in Automatic Data Processing worth $179M.
- Pershing Square Capital Management's largest Q2 2017 buy was Automatic Data Processing: 1,750,867 shares worth $179M.
- Pershing Square Capital Management added most to Howard Hughes in Q2 2017, an estimated $141M increase.
- Pershing Square Capital Management's biggest Q2 2017 reduction was Mondelez International, cutting an estimated $246M.
- Pershing Square Capital Management fully exited Air Products & Chemicals in Q2 2017, selling an estimated $308M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $6.01B portfolio in Q2 2017.
- Pershing Square Capital Management opened 1 new position and closed 1 in Q2 2017.
- Pershing Square Capital Management's portfolio value rose 0.9% quarter-over-quarter to $6.01B.
Based on Pershing Square Capital Management's 13F filing for Q2 2017, filed 14 Aug 2017.