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 |
Chipotle Mexican Grill
CMG
|
+$52M |
| 2 |
Domino's
DPZ
|
+$26.9M |
| 3 |
Lowe's Companies
LOW
|
+$19.1M |
| 4 |
Hilton Worldwide
HLT
|
+$15.8M |
| 5 |
Restaurant Brands International
QSR
|
+$15.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Agilent Technologies
A
|
+$1.73B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 87.36% |
| 2 | Real Estate | 12.64% |
| 3 | Healthcare | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Lowe's Companies
LOW
$116B
| $2.08B | 21.94% |
10,236,471
+95,951
| +0.9% | +$19.1M |
|
|
2
Chipotle Mexican Grill
CMG
$40.8B
| $2.03B | 21.41% |
55,736,250
+1,429,450
| +3% | +$52M |
|
|
3
Hilton Worldwide
HLT
$74B
| $1.7B | 17.99% |
12,885,354
+125,307
| +1% | +$15.8M |
|
|
4
Restaurant Brands International
QSR
$25.1B
| $1.46B | 15.48% |
23,937,248
+240,331
| +1% | +$15.4M |
|
5
Howard Hughes
HHH
$3.93B
| $1.2B | 12.64% |
14,287,552
+157,514
| +1% | +$13.6M |
|
|
6
Domino's
DPZ
$11B
| $998M | 10.54% |
2,092,202
+53,032
| +3% | +$26.9M |
|
|
7
Agilent Technologies
A
$39.1B
| – | – |
-11,695,838
| Closed | -$1.73B |
|
Similar funds
Pershing Square Capital Management's Q3 2021 Portfolio in Review
As of Q3 2021, Pershing Square Capital Management held 7 positions worth $9.46B, down 12% from $10.7B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management withdrew a net $1.59B in Q3 2021, closing 1 position. Its most notable exit was Agilent Technologies, an estimated $1.73B position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 87% of assets, up from 72% a quarter earlier, followed by Real Estate and Healthcare.
Against the trend, Pershing Square Capital Management added an estimated $52M to Chipotle Mexican Grill.
- Pershing Square Capital Management added most to Chipotle Mexican Grill in Q3 2021, an estimated $52M increase.
- Pershing Square Capital Management fully exited Agilent Technologies in Q3 2021, selling an estimated $1.73B.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $9.46B portfolio in Q3 2021.
- Pershing Square Capital Management opened 0 new positions and closed 1 in Q3 2021.
- Pershing Square Capital Management's portfolio value fell 12% quarter-over-quarter to $9.46B.
Based on Pershing Square Capital Management's 13F filing for Q3 2021, filed 15 Nov 2021.