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 |
Howard Hughes
HHH
|
+$117M |
| 2 |
Agilent Technologies
A
|
+$26.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Starbucks
SBUX
|
+$329M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 77.64% |
| 2 | Financials | 13.88% |
| 3 | Real Estate | 4.25% |
| 4 | Healthcare | 4.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Chipotle Mexican Grill
CMG
$40.8B
| $1.44B | 22.03% |
86,215,500
| – | – |
|
2
Hilton Worldwide
HLT
$74B
| $1.17B | 17.87% |
10,556,805
| – | – |
|
3
Lowe's Companies
LOW
$116B
| $1.03B | 15.74% |
8,613,212
| – | – |
|
4
Restaurant Brands International
QSR
$25.1B
| $962M | 14.68% |
15,084,304
| – | – |
|
5
Berkshire Hathaway Class B
BRK.B
$1.07T
| $910M | 13.88% |
4,015,594
| – | – |
|
|
6
Starbucks
SBUX
$118B
| $480M | 7.32% |
5,457,954
-3,855,936
| -41% | -$329M |
|
|
7
Howard Hughes
HHH
$3.93B
| $279M | 4.25% |
2,305,061
+1,051,723
| +84% | +$117M |
|
|
8
Agilent Technologies
A
$39.1B
| $277M | 4.23% |
3,248,114
+332,011
| +11% | +$26.1M |
|
Similar funds
Pershing Square Capital Management's Q4 2019 Portfolio in Review
As of Q4 2019, Pershing Square Capital Management held 8 positions worth $6.55B, up 0.98% from $6.49B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Trading was light in Q4 2019: portfolio turnover was 0%. Pershing Square Capital Management opened no new positions and made no exits, leaving the 8-position portfolio largely intact.
By sector, the portfolio is most concentrated in Consumer Discretionary at 78% of assets, down from 81% a quarter earlier, followed by Financials and Real Estate.
- Pershing Square Capital Management added most to Howard Hughes in Q4 2019, an estimated $117M increase.
- Pershing Square Capital Management's biggest Q4 2019 reduction was Starbucks, cutting an estimated $329M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $6.55B portfolio in Q4 2019.
- Pershing Square Capital Management opened 0 new positions and closed 0 in Q4 2019.
- Pershing Square Capital Management's portfolio value rose 0.98% quarter-over-quarter to $6.55B.
Based on Pershing Square Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.