13F filer · CIK 1336528 ↗
Pershing Square
You are looking at Q1 2019. See the latest, Q1 2026 →
Reported value
$6.72B
+13% on the quarter before
Positions
8
0 new · 1 sold out
Top 10
100.0%
of the value
Est. gain
+$1.39B
on stocks held all quarter
Est. return
+26.3%
on those stocks since Q4 2018
Positions as of Mar 31, 2019, 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 Q4 2018. Striped tiles are options.
Largest buys
Since Q4 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.
- United Technologies Corp~$31.1MAdded · 10.0% → 11.2%+241,000 shares
- Hilton Worldwide Hldgs Inc~$1.6MAdded · 13.2% → 13.6%+18,772 shares
Largest sells
Since Q4 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.
- Platform Specialty Prods Cor~$417.9MSold out · 7.0% → 0.0%−40,451,506 shares
- Starbucks Corp~$130.9MCut · 12.7% → 11.1%−1,760,392 shares
- Restaurant Brands Intl Inc~$87.4MCut · 17.3% → 17.8%−1,342,899 shares
- Chipotle Mexican Grill Inc~$55.5MCut · 14.1% → 19.7%−78,089 shares
- Lowes Cos Inc~$24.3MCut · 14.8% → 15.2%−221,558 shares
- Automatic Data Processing~$6.5MCut · 9.0% → 9.6%−40,600 shares
- Howard Hughes Corp~$4.3MCut · 2.0% → 2.0%−38,796 shares
Holdings
As of Mar 31, 2019. Changes are in shares against Dec 31, 2018, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Chipotle Mexican Grill IncCOM · shares −4.0% · price +64.5% | 19.7% | $1.32B | +$518.8M | ||||||||
| Restaurant Brands Intl IncCOM · shares −6.8% · price +24.5% | 17.8% | $1.19B | +$235.0M | ||||||||
| Lowes Cos IncCOM · shares −2.3% · price +18.5% | 15.2% | $1.02B | +$159.4M | ||||||||
| Hilton Worldwide Hldgs IncCOM · shares +0.2% · price +15.8% | 13.6% | $911.4M | +$123.8M | ||||||||
| United Technologies CorpCOM · shares +4.3% · price +21.0% | 11.2% | $750.0M | +$125.0M | ||||||||
| Starbucks CorpCOM · shares −15% · price +15.4% | 11.1% | $743.0M | +$99.3M | ||||||||
| Automatic Data ProcessingCOM · shares −1.0% · price +21.8% | 9.6% | $643.7M | +$115.3M | ||||||||
| Howard Hughes CorpCOM · shares −3.1% · price +12.7% | 2.0% | $131.4M | +$14.8M | ||||||||
| Total · 8 positions | 100% | $6.72B | +$1.39B |
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 Q4 2018 to Q1 2019: 8 stocks held throughout, up $1.39B (+26.3%).
- Chipotle Mexican Grill Inc+$518.8M+65%
- Restaurant Brands Intl Inc+$235.0M+24%
- Lowes Cos Inc+$159.4M+19%
- United Technologies Corp+$125.0M+21%
- Hilton Worldwide Hldgs Inc+$123.8M+16%
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 ↗ |