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 |
Alphabet (Google) Class A
GOOGL
|
+$281M |
| 2 |
Hilton Worldwide
HLT
|
+$147M |
| 3 |
Howard Hughes
HHH
|
+$18.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lowe's Companies
LOW
|
+$90.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 60.21% |
| 2 | Communication Services | 17.21% |
| 3 | Real Estate | 11.87% |
| 4 | Industrials | 10.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Chipotle Mexican Grill
CMG
$40.8B
| $1.75B | 16.65% |
47,680,400
| – | – |
|
2
Restaurant Brands International
QSR
$25.1B
| $1.56B | 14.82% |
23,348,135
| – | – |
|
|
3
Hilton Worldwide
HLT
$74B
| $1.55B | 14.75% |
10,305,500
+972,647
| +10% | +$147M |
|
|
4
Lowe's Companies
LOW
$116B
| $1.47B | 14% |
7,066,623
-402,227
| -5% | -$90.5M |
|
|
5
Howard Hughes
HHH
$3.93B
| $1.25B | 11.87% |
17,630,446
+248,277
| +1% | +$18.7M |
|
|
6
Alphabet (Google) Class C
GOOG
$3.9T
| $1.24B | 11.78% |
9,377,195
| – | – |
|
7
Canadian Pacific Kansas City
CP
$82B
| $1.12B | 10.7% |
15,095,528
| – | – |
|
|
8
Alphabet (Google) Class A
GOOGL
$3.91T
| $570M | 5.43% |
4,354,824
+2,169,824
| +99% | +$281M |
|
Similar funds
Pershing Square Capital Management's Q3 2023 Portfolio in Review
As of Q3 2023, Pershing Square Capital Management held 8 positions worth $10.5B, down 3% from $10.8B the previous quarter. Its ten largest holdings account for 100% of the portfolio.
Pershing Square Capital Management deployed $356M of net new capital in Q3 2023, adding to 3 existing holdings.
By sector, the portfolio is most concentrated in Consumer Discretionary at 60% of assets, down from 64% a quarter earlier, followed by Communication Services and Real Estate.
On the sell side, the largest reduction was Lowe's Companies, an estimated $90.5M trimmed.
- Pershing Square Capital Management added most to Alphabet (Google) Class A in Q3 2023, an estimated $281M increase.
- Pershing Square Capital Management's biggest Q3 2023 reduction was Lowe's Companies, cutting an estimated $90.5M.
- Pershing Square Capital Management's ten largest holdings make up 100% of its $10.5B portfolio in Q3 2023.
- Pershing Square Capital Management opened 0 new positions and closed 0 in Q3 2023.
- Pershing Square Capital Management's portfolio value fell 3% quarter-over-quarter to $10.5B.
Based on Pershing Square Capital Management's 13F filing for Q3 2023, filed 14 Nov 2023.