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
|
+$755M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Restaurant Brands International
QSR
|
+$782M |
| 2 |
Nomad Foods
NOMD
|
+$470M |
| 3 |
Mondelez International
MDLZ
|
+$24.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 50.45% |
| 2 | Technology | 18.81% |
| 3 | Consumer Staples | 11.07% |
| 4 | Real Estate | 10.85% |
| 5 | Materials | 8.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Restaurant Brands International
QSR
$25.1B
| $1.69B | 33.1% |
26,500,729
-12,649,822
| -32% | -$782M |
|
|
2
Automatic Data Processing
ADP
$100B
| $962M | 18.81% |
8,798,442
+7,047,575
| +403% | +$755M |
|
3
Chipotle Mexican Grill
CMG
$40.8B
| $887M | 17.35% |
144,123,150
| – | – |
|
|
4
Mondelez International
MDLZ
$77.7B
| $566M | 11.07% |
13,927,445
-568,780
| -4% | -$24.2M |
|
5
Howard Hughes
HHH
$3.93B
| $555M | 10.85% |
4,935,056
| – | – |
|
6
Element Solutions
ESI
$9.12B
| $451M | 8.82% |
40,451,506
| – | – |
|
|
7
Nomad Foods
NOMD
$1.64B
| – | – |
-33,333,334
| Closed | -$470M |
|
Similar funds
Pershing Square Capital Management's Q3 2017 Portfolio in Review
As of Q3 2017, Pershing Square Capital Management held 7 positions worth $5.11B, down 15% from $6.01B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $522M in Q3 2017, closing 1 position and reducing 2 holdings. Its most notable exit was Nomad Foods, an estimated $470M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 50% of assets, down from 61% a quarter earlier, followed by Technology and Consumer Staples.
Against the trend, Pershing Square Capital Management added an estimated $755M to Automatic Data Processing.
- Pershing Square Capital Management added most to Automatic Data Processing in Q3 2017, an estimated $755M increase.
- Pershing Square Capital Management's biggest Q3 2017 reduction was Restaurant Brands International, cutting an estimated $782M.
- Pershing Square Capital Management fully exited Nomad Foods in Q3 2017, selling an estimated $470M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $5.11B portfolio in Q3 2017.
- Pershing Square Capital Management opened 0 new positions and closed 1 in Q3 2017.
- Pershing Square Capital Management's portfolio value fell 15% quarter-over-quarter to $5.11B.
Based on Pershing Square Capital Management's 13F filing for Q3 2017, filed 14 Nov 2017.