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 |
Berkshire Hathaway Class B
BRK.B
|
+$727M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RTX Corp
RTX
|
+$750M |
| 2 |
Restaurant Brands International
QSR
|
+$181M |
| 3 |
Chipotle Mexican Grill
CMG
|
+$56.4M |
| 4 |
Starbucks
SBUX
|
+$53.3M |
| 5 |
Lowe's Companies
LOW
|
+$43.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 76.7% |
| 2 | Financials | 11.16% |
| 3 | Technology | 9.93% |
| 4 | Real Estate | 2.21% |
| 5 | Industrials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Chipotle Mexican Grill
CMG
$40.8B
| $1.31B | 19.48% |
89,135,500
-4,000,000
| -4% | -$56.4M |
|
|
2
Restaurant Brands International
QSR
$25.1B
| $1.09B | 16.21% |
15,641,065
-2,701,638
| -15% | -$181M |
|
3
Hilton Worldwide
HLT
$74B
| $1.07B | 15.98% |
10,966,251
| – | – |
|
|
4
Lowe's Companies
LOW
$116B
| $898M | 13.39% |
8,900,535
-414,498
| -4% | -$43.7M |
|
|
5
Starbucks
SBUX
$118B
| $781M | 11.64% |
9,313,890
-680,159
| -7% | -$53.3M |
|
|
6
Berkshire Hathaway Class B
BRK.B
$1.07T
| $749M | 11.16% |
+3,512,997
| New | +$727M |
|
7
Automatic Data Processing
ADP
$100B
| $666M | 9.93% |
4,029,526
| – | – |
|
8
Howard Hughes
HHH
$3.93B
| $148M | 2.21% |
1,253,338
| – | – |
|
|
9
RTX Corp
RTX
$287B
| – | – |
-9,246,714
| Closed | -$750M |
|
Similar funds
Pershing Square Capital Management's Q2 2019 Portfolio in Review
As of Q2 2019, Pershing Square Capital Management held 9 positions worth $6.71B, down 0.13% from $6.72B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $357M in Q2 2019, closing 1 position and reducing 4 holdings. Its most notable exit was RTX Corp, an estimated $750M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 77% of assets, down from 77% a quarter earlier, followed by Financials and Technology.
Against the trend, Pershing Square Capital Management opened a new position in Berkshire Hathaway Class B worth $749M.
- Pershing Square Capital Management's largest Q2 2019 buy was Berkshire Hathaway Class B: 3,512,997 shares worth $749M.
- Pershing Square Capital Management's biggest Q2 2019 reduction was Restaurant Brands International, cutting an estimated $181M.
- Pershing Square Capital Management fully exited RTX Corp in Q2 2019, selling an estimated $750M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $6.71B portfolio in Q2 2019.
- Pershing Square Capital Management opened 1 new position and closed 1 in Q2 2019.
- Pershing Square Capital Management's portfolio value fell 0.13% quarter-over-quarter to $6.71B.
Based on Pershing Square Capital Management's 13F filing for Q2 2019, filed 14 Aug 2019.