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
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lowe's Companies
LOW
|
+$46.3M |
| 2 |
Agilent Technologies
A
|
+$36.5M |
| 3 |
Hilton Worldwide
HLT
|
+$35.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 78.86% |
| 2 | Healthcare | 14.01% |
| 3 | Real Estate | 7.13% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Lowe's Companies
LOW
$116B
| $2.06B | 23.33% |
12,408,077
-300,776
| -2% | -$46.3M |
|
2
Restaurant Brands International
QSR
$25.1B
| $1.44B | 16.37% |
25,119,016
| – | – |
|
3
Chipotle Mexican Grill
CMG
$40.8B
| $1.44B | 16.37% |
58,061,600
| – | – |
|
|
4
Agilent Technologies
A
$39.1B
| $1.24B | 14.01% |
12,248,514
-378,079
| -3% | -$36.5M |
|
|
5
Hilton Worldwide
HLT
$74B
| $1.14B | 12.92% |
13,363,011
-426,578
| -3% | -$35.6M |
|
6
Starbucks
SBUX
$118B
| $870M | 9.87% |
10,131,008
| – | – |
|
7
Howard Hughes
HHH
$3.93B
| $629M | 7.13% |
11,452,990
| – | – |
|
Similar funds
Pershing Square Capital Management's Q3 2020 Portfolio in Review
As of Q3 2020, Pershing Square Capital Management held 7 positions worth $8.82B, up 14% from $7.75B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Trading was light in Q3 2020: portfolio turnover was 0%. Pershing Square Capital Management opened no new positions and made no exits, leaving the 7-position portfolio largely intact.
By sector, the portfolio is most concentrated in Consumer Discretionary at 79% of assets, up from 78% a quarter earlier, followed by Healthcare and Real Estate.
- Pershing Square Capital Management's biggest Q3 2020 reduction was Lowe's Companies, cutting an estimated $46.3M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $8.82B portfolio in Q3 2020.
- Pershing Square Capital Management opened 0 new positions and closed 0 in Q3 2020.
- Pershing Square Capital Management's portfolio value rose 14% quarter-over-quarter to $8.82B.
Based on Pershing Square Capital Management's 13F filing for Q3 2020, filed 23 Oct 2020.