13F filer · CIK 1336528 ↗
Pershing Square
You are looking at Q3 2019. See the latest, Q1 2026 →
Reported value
$6.49B
−3.3% on the quarter before
Positions
8
1 new · 1 sold out
Top 10
100.0%
of the value
Est. gain
+$270.3M
on stocks held all quarter
Est. return
+4.6%
on those stocks since Q2 2019
Positions as of Sep 30, 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 Q2 2019. Striped tiles are options.
Largest buys
Since Q2 2019, 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.
- Agilent Technologies Inc~$223.5MNew · 0.0% → 3.4%+2,916,103 shares
- Berkshire Hathaway Inc Del~$104.6MAdded · 11.2% → 12.9%+502,597 shares
Largest sells
Since Q2 2019, 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.
- Automatic Data Processing~$666.2MSold out · 9.9% → 0.0%−4,029,526 shares
- Chipotle Mexican Grill Inc~$49.1MCut · 19.5% → 22.3%−58,400 shares
- Restaurant Brands Intl Inc~$39.6MCut · 16.2% → 16.5%−556,761 shares
- Hilton Worldwide Hldgs Inc~$38.1MCut · 16.0% → 15.1%−409,446 shares
- Lowes Cos Inc~$31.6MCut · 13.4% → 14.6%−287,323 shares
Holdings
As of Sep 30, 2019. Changes are in shares against Jun 30, 2019, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Chipotle Mexican Grill IncCOM · shares −3.3% · price +14.7% | 22.3% | $1.45B | +$185.5M | ||||||||
| Restaurant Brands Intl IncCOM · shares −3.6% · price +2.3% | 16.5% | $1.07B | +$24.1M | ||||||||
| Hilton Worldwide Hldgs IncCOM · shares −3.7% · price −4.7% | 15.1% | $982.9M | −$48.9M | ||||||||
| Lowes Cos IncCOM · shares −3.2% · price +9.0% | 14.6% | $947.1M | +$77.9M | ||||||||
| Berkshire Hathaway Inc DelCL B NEW · shares +14% · price −2.4% | 12.9% | $835.3M | −$18.1M | ||||||||
| Starbucks CorpCOM · shares 0% · price +5.5% | 12.7% | $823.5M | +$42.8M | ||||||||
| Agilent Technologies IncCOM · shares New | 3.4% | $223.5M | — | ||||||||
| Howard Hughes CorpCOM · shares 0% · price +4.7% | 2.4% | $154.8M | +$6.9M | ||||||||
| Total · 8 positions | 100% | $6.49B | +$270.3M |
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 Q2 2019 to Q3 2019: 7 stocks held throughout, up $270.3M (+4.6%).
- Chipotle Mexican Grill Inc+$185.5M+15%
- Lowes Cos Inc+$77.9M+9%
- Starbucks Corp+$42.8M+5%
- Restaurant Brands Intl Inc+$24.1M+2%
- Howard Hughes Corp+$6.9M+5%
- Berkshire Hathaway Inc Del−$18.1M−2%
- Hilton Worldwide Hldgs Inc−$48.9M−5%
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 ↗ |