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
|
+$75.4M |
| 2 |
RTX Corp
RTX
|
+$54.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mondelez International
MDLZ
|
+$671M |
| 2 |
Chipotle Mexican Grill
CMG
|
+$392M |
| 3 |
Automatic Data Processing
ADP
|
+$27.7M |
| 4 |
Howard Hughes
HHH
|
+$9.39M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 60.29% |
| 2 | Industrials | 13.28% |
| 3 | Technology | 11.65% |
| 4 | Materials | 9.68% |
| 5 | Real Estate | 5.09% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Restaurant Brands International
QSR
$25.1B
| $1.24B | 23.72% |
20,843,919
| – | – |
|
|
2
Lowe's Companies
LOW
$116B
| $969M | 18.6% |
8,438,801
+723,300
| +9% | +$75.4M |
|
|
3
Chipotle Mexican Grill
CMG
$40.8B
| $936M | 17.97% |
102,955,300
-41,167,850
| -29% | -$392M |
|
|
4
RTX Corp
RTX
$287B
| $692M | 13.28% |
7,862,035
+646,998
| +9% | +$54.3M |
|
|
5
Automatic Data Processing
ADP
$100B
| $607M | 11.65% |
4,029,427
-195,938
| -5% | -$27.7M |
|
6
Element Solutions
ESI
$9.12B
| $504M | 9.68% |
40,451,506
| – | – |
|
|
7
Howard Hughes
HHH
$3.93B
| $265M | 5.09% |
2,237,765
-74,791
| -3% | -$9.39M |
|
|
8
Mondelez International
MDLZ
$77.7B
| – | – |
-16,371,713
| Closed | -$671M |
|
Similar funds
Pershing Square Capital Management's Q3 2018 Portfolio in Review
As of Q3 2018, Pershing Square Capital Management held 8 positions worth $5.21B, down 10% from $5.8B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $970M in Q3 2018, closing 1 position and reducing 3 holdings. Its most notable exit was Mondelez International, an estimated $671M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 60% of assets, up from 56% a quarter earlier, followed by Industrials and Technology.
Against the trend, Pershing Square Capital Management added an estimated $75.4M to Lowe's Companies.
- Pershing Square Capital Management added most to Lowe's Companies in Q3 2018, an estimated $75.4M increase.
- Pershing Square Capital Management's biggest Q3 2018 reduction was Chipotle Mexican Grill, cutting an estimated $392M.
- Pershing Square Capital Management fully exited Mondelez International in Q3 2018, selling an estimated $671M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $5.21B portfolio in Q3 2018.
- Pershing Square Capital Management opened 0 new positions and closed 1 in Q3 2018.
- Pershing Square Capital Management's portfolio value fell 10% quarter-over-quarter to $5.21B.
Based on Pershing Square Capital Management's 13F filing for Q3 2018, filed 14 Nov 2018.