13F filer · CIK 1336528 ↗
Pershing Square
You are looking at Q1 2022. See the latest, Q1 2026 →
Reported value
$10.39B
−3.6% on the quarter before
Positions
8
1 new · 0 sold out
Top 10
100.0%
of the value
Est. gain
−$1.13B
on stocks held all quarter
Est. return
−10.9%
on those stocks since Q4 2021
Positions as of Mar 31, 2022, 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 2021. Striped tiles are options.
Largest buys
Since Q4 2021, 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.
- Netflix~$1.16BNew · 0.0% → 11.2%+3,109,965 shares
- Canadian Pac Ry Ltd~$10.8MAdded · 1.9% → 2.3%+130,512 shares
Largest sells
Since Q4 2021, 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~$400.9MCut · 18.2% → 14.5%−2,642,049 shares
- Dominos Pizza Inc~$9.8MCut · 11.0% → 8.1%−24,171 shares
- Lowes Cos Inc~$5.9MCut · 24.5% → 19.9%−29,165 shares
- Restaurant Brands Intl Inc~$4.2MCut · 13.5% → 13.4%−72,617 shares
Holdings
As of Mar 31, 2022. Changes are in shares against Dec 31, 2021, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Lowes Cos IncCOM · shares −0.3% · price −21.8% | 19.9% | $2.06B | −$574.6M | ||||||||
| Chipotle Mexican Grill IncCOM · shares 0% · price −9.5% | 17.0% | $1.76B | −$185.3M | ||||||||
| Hilton Worldwide Hldgs IncCOM · shares −21% · price −2.7% | 14.5% | $1.51B | −$42.3M | ||||||||
| Howard Hughes CorpCOM · shares 0% · price +1.8% | 13.6% | $1.41B | +$24.9M | ||||||||
| Restaurant Brands Intl IncCOM · shares −0.3% · price −3.8% | 13.4% | $1.39B | −$54.6M | ||||||||
| NetflixCOM · shares New | 11.2% | $1.16B | — | ||||||||
| Dominos Pizza IncCOM · shares −1.2% · price −27.9% | 8.1% | $841.7M | −$325.3M | ||||||||
| Canadian Pac Ry LtdCOM · shares +4.6% · price +14.7% | 2.3% | $243.0M | +$29.8M | ||||||||
| Total · 8 positions | 100% | $10.39B | −$1.13B |
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 2021 to Q1 2022: 7 stocks held throughout, down $1.13B (−10.9%).
- Canadian Pac Ry Ltd+$29.8M+15%
- Howard Hughes Corp+$24.9M+2%
- Hilton Worldwide Hldgs Inc−$42.3M−3%
- Restaurant Brands Intl Inc−$54.6M−4%
- Chipotle Mexican Grill Inc−$185.3M−10%
- Dominos Pizza Inc−$325.3M−28%
- Lowes Cos Inc−$574.6M−22%
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 ↗ |