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 |
Agilent Technologies
A
|
+$210M |
| 2 |
Berkshire Hathaway Class B
BRK.B
|
+$104M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Automatic Data Processing
ADP
|
+$666M |
| 2 |
Chipotle Mexican Grill
CMG
|
+$46.6M |
| 3 |
Restaurant Brands International
QSR
|
+$41.1M |
| 4 |
Hilton Worldwide
HLT
|
+$38.9M |
| 5 |
Lowe's Companies
LOW
|
+$30.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 81.3% |
| 2 | Financials | 12.87% |
| 3 | Healthcare | 3.44% |
| 4 | Real Estate | 2.39% |
| 5 | Technology | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Chipotle Mexican Grill
CMG
$40.8B
| $1.45B | 22.33% |
86,215,500
-2,920,000
| -3% | -$46.6M |
|
|
2
Restaurant Brands International
QSR
$25.1B
| $1.07B | 16.54% |
15,084,304
-556,761
| -4% | -$41.1M |
|
|
3
Hilton Worldwide
HLT
$74B
| $983M | 15.15% |
10,556,805
-409,446
| -4% | -$38.9M |
|
|
4
Lowe's Companies
LOW
$116B
| $947M | 14.59% |
8,613,212
-287,323
| -3% | -$30.3M |
|
|
5
Berkshire Hathaway Class B
BRK.B
$1.07T
| $835M | 12.87% |
4,015,594
+502,597
| +14% | +$104M |
|
6
Starbucks
SBUX
$118B
| $824M | 12.69% |
9,313,890
| – | – |
|
|
7
Agilent Technologies
A
$39.1B
| $223M | 3.44% |
+2,916,103
| New | +$210M |
|
8
Howard Hughes
HHH
$3.93B
| $155M | 2.39% |
1,253,338
| – | – |
|
|
9
Automatic Data Processing
ADP
$100B
| – | – |
-4,029,526
| Closed | -$666M |
|
Similar funds
Pershing Square Capital Management's Q3 2019 Portfolio in Review
As of Q3 2019, Pershing Square Capital Management held 9 positions worth $6.49B, down 3.3% from $6.71B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $509M in Q3 2019, closing 1 position and reducing 4 holdings. Its most notable exit was Automatic Data Processing, an estimated $666M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 81% of assets, up from 77% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Pershing Square Capital Management opened a new position in Agilent Technologies worth $223M.
- Pershing Square Capital Management's largest Q3 2019 buy was Agilent Technologies: 2,916,103 shares worth $223M.
- Pershing Square Capital Management added most to Berkshire Hathaway Class B in Q3 2019, an estimated $104M increase.
- Pershing Square Capital Management's biggest Q3 2019 reduction was Chipotle Mexican Grill, cutting an estimated $46.6M.
- Pershing Square Capital Management fully exited Automatic Data Processing in Q3 2019, selling an estimated $666M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $6.49B portfolio in Q3 2019.
- Pershing Square Capital Management opened 1 new position and closed 1 in Q3 2019.
- Pershing Square Capital Management's portfolio value fell 3.3% quarter-over-quarter to $6.49B.
Based on Pershing Square Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.