13F filer · CIK 1336528 ↗
Pershing Square
You are looking at Q4 2023. See the latest, Q1 2026 →
Reported value
$10.40B
−0.9% on the quarter before
Positions
8
0 new · 0 sold out
Top 10
100.0%
of the value
Est. gain
+$1.34B
on stocks held all quarter
Est. return
+15.1%
on those stocks since Q3 2023
Positions as of Dec 31, 2023, 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 2023. Striped tiles are options.
Largest buys
Since Q3 2023, 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 Holdings Inc~$175.0MAdded · 11.9% → 15.5%+2,045,156 shares
Largest sells
Since Q3 2023, 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.
- Lowes Cos Inc~$1.30BCut · 14.0% → 2.7%−5,821,108 shares
- Chipotle Mexican Grill Inc~$294.1MCut · 16.6% → 18.1%−128,610 shares
- Hilton Worldwide Hldgs Inc~$204.7MCut · 14.7% → 16.1%−1,124,320 shares
Holdings
As of Dec 31, 2023. Changes are in shares against Sep 30, 2023, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Chipotle Mexican Grill IncCOM · shares −13% · price +24.8% | 18.1% | $1.89B | +$375.5M | ||||||||
| Restaurant Brands Intl IncCOM · shares 0% · price +17.3% | 17.5% | $1.82B | +$268.7M | ||||||||
| Hilton Worldwide Hldgs IncCOM · shares −11% · price +21.2% | 16.1% | $1.67B | +$293.0M | ||||||||
| Howard Hughes Holdings IncCOM · shares +12% · price +15.4% | 15.5% | $1.61B | +$191.9M | ||||||||
| AlphabetCAP STK CL C · shares 0% · price +6.9% | 12.7% | $1.32B | +$85.1M | ||||||||
| Canadian Pacific Kansas CityCOM · shares 0% · price +6.2% | 11.5% | $1.19B | +$70.2M | ||||||||
| AlphabetCAP STK CL A · shares 0% · price +6.7% | 5.9% | $608.3M | +$38.5M | ||||||||
| Lowes Cos IncCOM · shares −82% · price +7.1% | 2.7% | $277.2M | +$18.3M | ||||||||
| Total · 8 positions | 100% | $10.40B | +$1.34B |
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 2023 to Q4 2023: 8 stocks held throughout, up $1.34B (+15.1%).
- Chipotle Mexican Grill Inc+$375.5M+25%
- Hilton Worldwide Hldgs Inc+$293.0M+21%
- Restaurant Brands Intl Inc+$268.7M+17%
- Howard Hughes Holdings Inc+$191.9M+15%
- Alphabet+$85.1M+7%
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 ↗ |