13F filer · CIK 1336528 ↗
Pershing Square
You are looking at Q1 2020. See the latest, Q1 2026 →
Reported value
$6.57B
+0.3% on the quarter before
Positions
10
2 new · 0 sold out
Top 10
100.0%
of the value
Est. gain
−$1.82B
on stocks held all quarter
Est. return
−29.9%
on those stocks since Q4 2019
Positions as of Mar 31, 2020, 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 2019. Striped tiles are options.
Largest buys
Since Q4 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~$671.7MAdded · 4.2% → 13.8%+9,378,479 shares
- Howard Hughes Corp~$505.2MAdded · 4.3% → 9.4%+10,000,000 shares
- Lowes Cos Inc~$313.2MAdded · 15.7% → 16.0%+3,639,202 shares
- Starbucks Corp~$307.2MAdded · 7.3% → 10.1%+4,673,054 shares
- Berkshire Hathaway Inc Del~$262.9MAdded · 13.9% → 15.2%+1,437,766 shares
- Hilton Worldwide Hldgs Inc~$220.6MAdded · 17.9% → 14.3%+3,232,784 shares
- Blackstone Group Inc~$25.0MNew · 0.0% → 0.4%+548,526 shares
- Park Hotels Resorts Inc~$5.4MNew · 0.0% → 0.1%+677,888 shares
Largest sells
Since Q4 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.
- Chipotle Mexican Grill Inc~$368.5MCut · 22.0% → 11.6%−563,078 shares
Holdings
As of Mar 31, 2020. Changes are in shares against Dec 31, 2019, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Lowes Cos IncCOM · shares +42% · price −28.1% | 16.0% | $1.05B | −$290.4M | ||||||||
| Berkshire Hathaway Inc DelCL B NEW · shares +36% · price −19.3% | 15.2% | $997.0M | −$175.4M | ||||||||
| Hilton Worldwide Hldgs IncCOM · shares +31% · price −38.5% | 14.3% | $941.0M | −$450.5M | ||||||||
| Agilent Technologies IncCOM · shares +289% · price −16.0% | 13.8% | $904.3M | −$44.5M | ||||||||
| Chipotle Mexican Grill IncCOM · shares −33% · price −21.8% | 11.6% | $759.9M | −$212.2M | ||||||||
| Starbucks CorpCOM · shares +86% · price −25.2% | 10.1% | $666.0M | −$121.1M | ||||||||
| Howard Hughes CorpCOM · shares +455% · price −60.2% | 9.4% | $616.2M | −$167.6M | ||||||||
| Restaurant Brands Intl IncCOM · shares 0% · price −37.2% | 9.2% | $603.8M | −$358.1M | ||||||||
| Blackstone Group IncCOM CL A · shares New | 0.38% | $25.0M | — | ||||||||
| Park Hotels Resorts IncCOM · shares New | 0.08% | $5.4M | — | ||||||||
| Total · 10 positions | 100% | $6.57B | −$1.82B |
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 2019 to Q1 2020: 8 stocks held throughout, down $1.82B (−29.9%).
- Berkshire Hathaway Inc Del−$175.4M−19%
- Chipotle Mexican Grill Inc−$212.2M−22%
- Lowes Cos Inc−$290.4M−28%
- Restaurant Brands Intl Inc−$358.1M−37%
- Hilton Worldwide Hldgs Inc−$450.5M−38%
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 ↗ |