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 |
Lowe's Companies
LOW
|
+$698M |
| 2 |
RTX Corp
RTX
|
+$323M |
| 3 |
Mondelez International
MDLZ
|
+$8.65M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Automatic Data Processing
ADP
|
+$471M |
| 2 |
Restaurant Brands International
QSR
|
+$199M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 55.78% |
| 2 | Consumer Staples | 11.56% |
| 3 | Industrials | 9.78% |
| 4 | Technology | 9.76% |
| 5 | Materials | 8.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Restaurant Brands International
QSR
$25.1B
| $1.26B | 21.65% |
20,843,919
-3,476,376
| -14% | -$199M |
|
2
Chipotle Mexican Grill
CMG
$40.8B
| $1.24B | 21.42% |
144,123,150
| – | – |
|
|
3
Lowe's Companies
LOW
$116B
| $737M | 12.7% |
+7,715,501
| New | +$698M |
|
|
4
Mondelez International
MDLZ
$77.7B
| $671M | 11.56% |
16,371,713
+215,122
| +1% | +$8.65M |
|
|
5
RTX Corp
RTX
$287B
| $568M | 9.78% |
7,215,037
+4,125,354
| +134% | +$323M |
|
|
6
Automatic Data Processing
ADP
$100B
| $567M | 9.76% |
4,225,365
-3,716,592
| -47% | -$471M |
|
7
Element Solutions
ESI
$9.12B
| $469M | 8.08% |
40,451,506
| – | – |
|
8
Howard Hughes
HHH
$3.93B
| $292M | 5.03% |
2,312,556
| – | – |
|
Similar funds
Pershing Square Capital Management's Q2 2018 Portfolio in Review
As of Q2 2018, Pershing Square Capital Management held 8 positions worth $5.8B, up 20% from $4.83B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management deployed $360M of net new capital in Q2 2018, opening 1 new position and adding to 2 existing holdings. Its largest new stake was Lowe's Companies: 7,715,501 shares worth $737M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 56% of assets, up from 48% a quarter earlier, followed by Consumer Staples and Industrials.
On the sell side, the largest reduction was Automatic Data Processing, an estimated $471M trimmed.
- Pershing Square Capital Management's largest Q2 2018 buy was Lowe's Companies: 7,715,501 shares worth $737M.
- Pershing Square Capital Management added most to RTX Corp in Q2 2018, an estimated $323M increase.
- Pershing Square Capital Management's biggest Q2 2018 reduction was Automatic Data Processing, cutting an estimated $471M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $5.8B portfolio in Q2 2018.
- Pershing Square Capital Management opened 1 new position and closed 0 in Q2 2018.
- Pershing Square Capital Management's portfolio value rose 20% quarter-over-quarter to $5.8B.
Based on Pershing Square Capital Management's 13F filing for Q2 2018, filed 14 Aug 2018.