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 |
Starbucks
SBUX
|
+$5.82M |
| 2 |
Restaurant Brands International
QSR
|
+$4.7M |
| 3 |
Lowe's Companies
LOW
|
+$3.33M |
| 4 |
Agilent Technologies
A
|
+$1.37M |
| 5 |
Hilton Worldwide
HLT
|
+$1.27M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 76.89% |
| 2 | Healthcare | 14.49% |
| 3 | Real Estate | 8.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Lowe's Companies
LOW
$116B
| $1.99B | 19.88% |
12,387,587
-20,490
| -0.2% | -$3.33M |
|
2
Chipotle Mexican Grill
CMG
$40.8B
| $1.61B | 16.1% |
58,061,600
| – | – |
|
|
3
Restaurant Brands International
QSR
$25.1B
| $1.53B | 15.3% |
25,038,527
-80,489
| -0.3% | -$4.7M |
|
|
4
Hilton Worldwide
HLT
$74B
| $1.49B | 14.85% |
13,350,206
-12,805
| -0.1% | -$1.27M |
|
|
5
Agilent Technologies
A
$39.1B
| $1.45B | 14.49% |
12,236,107
-12,407
| -0.1% | -$1.37M |
|
|
6
Starbucks
SBUX
$118B
| $1.08B | 10.77% |
10,070,042
-60,966
| -0.6% | -$5.82M |
|
7
Howard Hughes
HHH
$3.93B
| $862M | 8.62% |
11,452,990
| – | – |
|
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Pershing Square Capital Management's Q4 2020 Portfolio in Review
As of Q4 2020, Pershing Square Capital Management held 7 positions worth $10B, up 13% from $8.82B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Trading was light in Q4 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 77% of assets, down from 79% a quarter earlier, followed by Healthcare and Real Estate.
- Pershing Square Capital Management's biggest Q4 2020 reduction was Starbucks, cutting an estimated $5.82M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $10B portfolio in Q4 2020.
- Pershing Square Capital Management opened 0 new positions and closed 0 in Q4 2020.
- Pershing Square Capital Management's portfolio value rose 13% quarter-over-quarter to $10B.
Based on Pershing Square Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.