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 |
Howard Hughes
HHH
|
+$152M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 73.23% |
| 2 | Real Estate | 13.83% |
| 3 | Industrials | 12.94% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Lowe's Companies
LOW
$116B
| $2.07B | 23.53% |
10,374,801
| – | – |
|
2
Restaurant Brands International
QSR
$25.1B
| $1.56B | 17.81% |
24,194,166
| – | – |
|
3
Chipotle Mexican Grill
CMG
$40.8B
| $1.53B | 17.46% |
55,260,400
| – | – |
|
4
Hilton Worldwide
HLT
$74B
| $1.27B | 14.43% |
10,031,580
| – | – |
|
|
5
Howard Hughes
HHH
$3.93B
| $1.21B | 13.83% |
16,673,997
+2,386,445
| +17% | +$152M |
|
6
Canadian Pacific Kansas City
CP
$82B
| $1.14B | 12.94% |
15,237,044
| – | – |
|
Similar funds
Pershing Square Capital Management's Q4 2022 Portfolio in Review
As of Q4 2022, Pershing Square Capital Management held 6 positions worth $8.78B, up 12% from $7.88B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 0%. Pershing Square Capital Management opened no new positions and made no exits, leaving the 6-position portfolio largely intact.
By sector, the portfolio is most concentrated in Consumer Discretionary at 73% of assets, down from 78% a quarter earlier, followed by Real Estate and Industrials.
- Pershing Square Capital Management added most to Howard Hughes in Q4 2022, an estimated $152M increase.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $8.78B portfolio in Q4 2022.
- Pershing Square Capital Management opened 0 new positions and closed 0 in Q4 2022.
- Pershing Square Capital Management's portfolio value rose 12% quarter-over-quarter to $8.78B.
Based on Pershing Square Capital Management's 13F filing for Q4 2022, filed 13 Feb 2023.