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	1.8M	$1.3B	19.5%	—	$8.64	+69.73%	3 qtrssince 2018-Q4	Decreased 0
QSR RESTAURANT BRANDS INTL INC	15.6M	$1.1B	16.2%	—	$40.83	+35.76%	3 qtrssince 2018-Q4	Decreased 0
HLT HILTON WORLDWIDE HLDGS INC	11M	$1.1B	16.0%	—	$69.53	+38.18%	3 qtrssince 2018-Q4	Unchanged 0
LOW LOWES COS INC	8.9M	$898.2M	13.4%	—	$79.92	+10.28%	3 qtrssince 2018-Q4	Decreased 0
SBUX STARBUCKS CORP	9.3M	$780.8M	11.6%	—	$54.35	+31.46%	3 qtrssince 2018-Q4	Decreased 0
BRK/B BERKSHIRE HATHAWAY INC DEL	3.5M	$748.9M	11.2%	—	$213.17	0.00%	1 qtr	New 100
ADP AUTOMATIC DATA PROCESSING IN	4M	$666.2M	9.9%	—	$111.43	+142.96%	3 qtrssince 2018-Q4	Unchanged 0
HHC HOWARD HUGHES CORPORATION	1.2M	$148M	2.2%	—	—	—	3 qtrssince 2018-Q4	Unchanged 0

$6.7B

Reported value

8

Positions

Q2 2019

Filing

HI score · 1.0/5

Quarterly 13F Value Change

Activity profile

$ moved · Q2'19

New42%Increased0%Decreased16%Exited42%

Composition

Equity vs derivatives

Equity100%Puts0%Calls0%

Holding period

Avg 1.8 quarters

<1Q13%1-4Q88%1-2Y0%2Y+0%

Pershing Square Capital Management, L.P. reported holdings worth $6.7B across 8 positions as of Q2 2019. Top holdings: CMG (19.5%), QSR (16.2%), HLT (16.0%). Fund DNA: Concentrated Value. HoldingsIntel Score: 1/5.0.

Position Outcomes

Best and worst performing positions by estimated return

Top Winners

ADP3Q held

AUTOMATIC DATA PROCESSING IN

Avg $111.43 · $641.9M est. P&L

—

Est. P&L

+142.96%

CMG3Q held

CHIPOTLE MEXICAN GRILL INC

Avg $8.64 · $10.7M est. P&L

—

Est. P&L

+69.73%

HLT3Q held

HILTON WORLDWIDE HLDGS INC

Avg $69.53 · $291.1M est. P&L

—

Est. P&L

+38.18%

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