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 |
Restaurant Brands International
QSR
|
+$506M |
| 2 |
Lowe's Companies
LOW
|
+$52.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Berkshire Hathaway Class B
BRK.B
|
+$997M |
| 2 |
Howard Hughes
HHH
|
+$67.6M |
| 3 |
Blackstone
BX
|
+$25M |
| 4 |
Park Hotels & Resorts
PK
|
+$5.36M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 78.29% |
| 2 | Healthcare | 14.39% |
| 3 | Real Estate | 7.32% |
| 4 | Financials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Lowe's Companies
LOW
$116B
| $1.72B | 22.15% |
12,708,853
+456,439
| +4% | +$52.1M |
|
|
2
Restaurant Brands International
QSR
$25.1B
| $1.37B | 17.7% |
25,119,016
+10,034,712
| +67% | +$506M |
|
3
Chipotle Mexican Grill
CMG
$40.8B
| $1.22B | 15.76% |
58,061,600
| – | – |
|
4
Agilent Technologies
A
$39.1B
| $1.12B | 14.39% |
12,626,593
| – | – |
|
5
Hilton Worldwide
HLT
$74B
| $1.01B | 13.06% |
13,789,589
| – | – |
|
6
Starbucks
SBUX
$118B
| $746M | 9.62% |
10,131,008
| – | – |
|
|
7
Howard Hughes
HHH
$3.93B
| $567M | 7.32% |
11,452,990
-1,342,071
| -10% | -$67.6M |
|
|
8
Berkshire Hathaway Class B
BRK.B
$1.07T
| – | – |
-5,453,360
| Closed | -$997M |
|
|
9
Blackstone
BX
$104B
| – | – |
-548,526
| Closed | -$25M |
|
|
10
Park Hotels & Resorts
PK
$2.97B
| – | – |
-677,888
| Closed | -$5.36M |
|
Similar funds
Pershing Square Capital Management's Q2 2020 Portfolio in Review
As of Q2 2020, Pershing Square Capital Management held 10 positions worth $7.75B, up 18% from $6.57B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $537M in Q2 2020, closing 3 positions and reducing 1 holding. Its most notable exit was Berkshire Hathaway Class B, an estimated $997M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 78% of assets, up from 61% a quarter earlier, followed by Healthcare and Real Estate.
Against the trend, Pershing Square Capital Management added an estimated $506M to Restaurant Brands International.
- Pershing Square Capital Management added most to Restaurant Brands International in Q2 2020, an estimated $506M increase.
- Pershing Square Capital Management's biggest Q2 2020 reduction was Howard Hughes, cutting an estimated $67.6M.
- Pershing Square Capital Management fully exited Berkshire Hathaway Class B in Q2 2020, selling an estimated $997M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $7.75B portfolio in Q2 2020.
- Pershing Square Capital Management opened 0 new positions and closed 3 in Q2 2020.
- Pershing Square Capital Management's portfolio value rose 18% quarter-over-quarter to $7.75B.
Based on Pershing Square Capital Management's 13F filing for Q2 2020, filed 14 Aug 2020.