13F filer · CIK 1336528 ↗
Pershing Square
You are looking at Q4 2018. See the latest, Q1 2026 →
Reported value
$5.96B
+14% on the quarter before
Positions
9
2 new · 0 sold out
Top 10
100.0%
of the value
Est. gain
−$734.1M
on stocks held all quarter
Est. return
−14.8%
on those stocks since Q3 2018
Positions as of Dec 31, 2018, from Pershing Square's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.
Portfolio at a glance
- New
- Added
- Cut
- Same
- Options
Each tile is a position, sized by its share, colored by what the fund did with it since Q3 2018. Striped tiles are options.
Largest buys
Since Q3 2018, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Hilton Worldwide Hldgs Inc~$786.0MNew · 0.0% → 13.2%+10,947,479 shares
- Starbucks Corp~$757.0MNew · 0.0% → 12.7%+11,754,441 shares
- Lowes Cos Inc~$101.4MAdded · 18.6% → 14.8%+1,097,790 shares
- United Technologies Corp~$67.1MAdded · 13.3% → 10.0%+630,415 shares
- Automatic Data Processing~$5.3MAdded · 11.7% → 9.0%+40,699 shares
Largest sells
Since Q3 2018, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Howard Hughes Corp~$87.8MCut · 5.1% → 2.0%−899,647 shares
- Restaurant Brands Intl Inc~$60.6MCut · 23.7% → 17.3%−1,158,317 shares
- Chipotle Mexican Grill Inc~$51.1MCut · 18.0% → 14.1%−118,307 shares
Holdings
As of Dec 31, 2018. Changes are in shares against Sep 30, 2018, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restaurant Brands Intl IncCOM · shares −5.6% · price −11.8% | 17.3% | $1.03B | −$137.4M | ||||||||
| Lowes Cos IncCOM · shares +13% · price −19.6% | 14.8% | $880.8M | −$189.5M | ||||||||
| Chipotle Mexican Grill IncCOM · shares −5.7% · price −5.0% | 14.1% | $838.0M | −$44.1M | ||||||||
| Hilton Worldwide Hldgs IncCOM · shares New | 13.2% | $786.0M | — | ||||||||
| Starbucks CorpCOM · shares New | 12.7% | $757.0M | — | ||||||||
| United Technologies CorpCOM · shares +13% · price −23.8% | 10.0% | $594.0M | −$164.9M | ||||||||
| Automatic Data ProcessingCOM · shares +1.0% · price −13.0% | 9.0% | $533.7M | −$78.7M | ||||||||
| Platform Specialty Prods CorCOM · shares 0% · price −17.2% | 7.0% | $417.9M | −$86.6M | ||||||||
| Howard Hughes CorpCOM · shares −42% · price −21.4% | 2.0% | $120.4M | −$32.8M | ||||||||
| Total · 9 positions | 100% | $5.96B | −$734.1M |
Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.
What made money
From Q3 2018 to Q4 2018: 7 stocks held throughout, down $734.1M (−14.8%).
- Automatic Data Processing−$78.7M−13%
- Platform Specialty Prods Cor−$86.6M−17%
- Restaurant Brands Intl Inc−$137.4M−12%
- United Technologies Corp−$164.9M−24%
- Lowes Cos Inc−$189.5M−20%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out.
Reported value by quarter
The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q1 2026 | May 15, 2026 | $13.71B−12% | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | $15.53B+6% | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | $14.64B+7% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $13.73B+15% | SEC ↗ |
| Q1 2025 | May 15, 2025 | $11.93B−6% | SEC ↗ |
| Q4 2024 | Feb 14, 2025 (amended) | $12.66B−2% | SEC ↗ |
| Q3 2024 | Nov 14, 2024 | $12.92B+24% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 | $10.41B−3% | SEC ↗ |
| Q1 2024 | May 15, 2024 | $10.76B+4% | SEC ↗ |
| Q4 2023 | Feb 14, 2024 | $10.40B−1% | SEC ↗ |
| Q3 2023 | Nov 14, 2023 | $10.49B−3% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 | $10.82B+6% | SEC ↗ |
| Q1 2023 | May 15, 2023 | $10.22B+16% | SEC ↗ |
| Q4 2022 | Feb 10, 2023 | $8.78B+12% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $7.88B+6% | SEC ↗ |
| Q2 2022 | Aug 15, 2022 | $7.46B−28% | SEC ↗ |
| Q1 2022 | May 16, 2022 | $10.39B−4% | SEC ↗ |
| Q4 2021 | Feb 14, 2022 (amended) | $10.78B+14% | SEC ↗ |
| Q3 2021 | Nov 15, 2021 | $9.46B−12% | SEC ↗ |
| Q2 2021 | Aug 16, 2021 | $10.71B+2% | SEC ↗ |
| Q1 2021 | May 17, 2021 | $10.46B+5% | SEC ↗ |
| Q4 2020 | Feb 16, 2021 | $10.00B+13% | SEC ↗ |
| Q3 2020 | Oct 23, 2020 | $8.82B+14% | SEC ↗ |
| Q2 2020 | Aug 14, 2020 | $7.75B+18% | SEC ↗ |
| Q1 2020 | May 15, 2020 | $6.57B+0% | SEC ↗ |
| Q4 2019 | Feb 14, 2020 | $6.55B+1% | SEC ↗ |
| Q3 2019 | Nov 14, 2019 (amended) | $6.49B−3% | SEC ↗ |
| Q2 2019 | Aug 14, 2019 | $6.71B−0% | SEC ↗ |
| Q1 2019 | May 15, 2019 | $6.72B+13% | SEC ↗ |
| Q4 2018 | Feb 14, 2019 | $5.96B+14% | SEC ↗ |
| Q3 2018 | Nov 14, 2018 | $5.21B−10% | SEC ↗ |
| Q2 2018 | Aug 14, 2018 | $5.80B+20% | SEC ↗ |
| Q1 2018 | May 15, 2018 | $4.83B−18% | SEC ↗ |
| Q4 2017 | Feb 14, 2018 | $5.87B+15% | SEC ↗ |
| Q3 2017 | Nov 14, 2017 | $5.11B−15% | SEC ↗ |
| Q2 2017 | Aug 14, 2017 | $6.01B+1% | SEC ↗ |
| Q1 2017 | May 15, 2017 | $5.96B+1% | SEC ↗ |
| Q4 2016 | Feb 14, 2017 | $5.91B+9% | SEC ↗ |
| Q3 2016 | Nov 14, 2016 | $5.41B−28% | SEC ↗ |
| Q2 2016 | Aug 15, 2016 | $7.51B−15% | SEC ↗ |
| Q1 2016 | May 16, 2016 | $8.85B | SEC ↗ |