Pershing Square Capital Management, L.P.

Top Holdings8 positions

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Activity:AllNewIncreasedDecreasedExitedUnchangedFirst report

Stock	Shares	Value	Weight	Price Trend	Avg Buy	Est. P&L	Held	Conviction
CMG Chipotle Mexican Grill Inc	1.9M	$1.3B	19.7%	—	$8.64	+64.50%	2 qtrssince 2018-Q4	Decreased 0
QSR Restaurant Brands Internationa	18.3M	$1.2B	17.8%	—	$40.83	+26.18%	2 qtrssince 2018-Q4	Decreased 0
LOW Lowe's Cos Inc	9.3M	$1B	15.2%	—	$79.92	+19.13%	2 qtrssince 2018-Q4	Decreased 0
HLT Hilton Worldwide Holdings Inc	11M	$911.4M	13.6%	—	$69.53	+17.32%	2 qtrssince 2018-Q4	Increased 65
United Technologies Corp(UTX)Delisted	5.8M	$750M	11.2%	—	—	—	2 qtrssince 2018-Q4	Increased 67
SBUX Starbucks Corp	10M	$743M	11.1%	—	$54.35	+16.04%	2 qtrssince 2018-Q4	Decreased 0
ADP Automatic Data Processing Inc	4M	$643.7M	9.6%	—	$111.43	+24.26%	2 qtrssince 2018-Q4	Decreased 0
HHC Howard Hughes Corp/The	1.2M	$131.4M	2.0%	—	—	—	2 qtrssince 2018-Q4	Decreased 0

$6.7B

Reported value

8

Positions

Q1 2019

Filing

HI score · 1.0/5

Quarterly 13F Value Change

Not enough history yet

Activity profile

$ moved · Q1'19

New0%Increased17%Decreased57%Exited26%

Composition

Equity vs derivatives

Equity100%Puts0%Calls0%

Holding period

Avg 1.0 quarters

<1Q0%1-4Q100%1-2Y0%2Y+0%

Pershing Square Capital Management, L.P. reported holdings worth $6.7B across 8 positions as of Q1 2019. Top holdings: CMG (19.7%), QSR (17.8%), LOW (15.2%). Fund DNA: Concentrated Value. HoldingsIntel Score: 1/5.0.

Position Outcomes

Best and worst performing positions by estimated return

Top Winners

CMG2Q held

Chipotle Mexican Grill Inc

Avg $8.64 · $10.4M est. P&L

—

Est. P&L

+64.50%

QSR2Q held

Restaurant Brands Internationa

Avg $40.83 · $196.1M est. P&L

—

Est. P&L

+26.18%

ADP2Q held

Automatic Data Processing Inc

Avg $111.43 · $108.9M est. P&L

—

Est. P&L

+24.26%

Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.