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 |
Domino's
DPZ
|
+$751M |
| 2 |
Howard Hughes
HHH
|
+$235M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Starbucks
SBUX
|
+$1.08B |
| 2 |
Chipotle Mexican Grill
CMG
|
+$109M |
| 3 |
Lowe's Companies
LOW
|
+$73.7M |
| 4 |
Restaurant Brands International
QSR
|
+$68.9M |
| 5 |
Hilton Worldwide
HLT
|
+$54.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 73.4% |
| 2 | Healthcare | 14.35% |
| 3 | Real Estate | 12.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Lowe's Companies
LOW
$116B
| $2.27B | 21.74% |
11,958,315
-429,272
| -3% | -$73.7M |
|
|
2
Hilton Worldwide
HLT
$74B
| $1.56B | 14.89% |
12,878,636
-471,570
| -4% | -$54.5M |
|
|
3
Restaurant Brands International
QSR
$25.1B
| $1.56B | 14.87% |
23,926,652
-1,111,875
| -4% | -$68.9M |
|
|
4
Chipotle Mexican Grill
CMG
$40.8B
| $1.54B | 14.75% |
54,306,800
-3,754,800
| -6% | -$109M |
|
5
Agilent Technologies
A
$39.1B
| $1.5B | 14.35% |
11,804,536
-431,571
| -4% | -$53.3M |
|
|
6
Howard Hughes
HHH
$3.93B
| $1.28B | 12.25% |
14,130,038
+2,677,048
| +23% | +$235M |
|
|
7
Domino's
DPZ
$11B
| $749M | 7.16% |
+2,035,704
| New | +$751M |
|
|
8
Starbucks
SBUX
$118B
| – | – |
-10,070,042
| Closed | -$1.08B |
|
Similar funds
Pershing Square Capital Management's Q1 2021 Portfolio in Review
As of Q1 2021, Pershing Square Capital Management held 8 positions worth $10.5B, up 4.6% from $10B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $450M in Q1 2021, closing 1 position and reducing 5 holdings. Its most notable exit was Starbucks, an estimated $1.08B position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 73% of assets, down from 77% a quarter earlier, followed by Healthcare and Real Estate.
Against the trend, Pershing Square Capital Management opened a new position in Domino's worth $749M.
- Pershing Square Capital Management's largest Q1 2021 buy was Domino's: 2,035,704 shares worth $749M.
- Pershing Square Capital Management added most to Howard Hughes in Q1 2021, an estimated $235M increase.
- Pershing Square Capital Management's biggest Q1 2021 reduction was Chipotle Mexican Grill, cutting an estimated $109M.
- Pershing Square Capital Management fully exited Starbucks in Q1 2021, selling an estimated $1.08B.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $10.5B portfolio in Q1 2021.
- Pershing Square Capital Management opened 1 new position and closed 1 in Q1 2021.
- Pershing Square Capital Management's portfolio value rose 4.6% quarter-over-quarter to $10.5B.
Based on Pershing Square Capital Management's 13F filing for Q1 2021, filed 17 May 2021.