Pershing Square Capital Management, L.P.

Top Holdings9 positions

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Activity:AllNewIncreasedDecreasedExitedUnchanged

Stock	Shares	Value	Weight	Price Trend	Avg Buy	Est. P&L	Held	Conviction
QSR RESTAURANT BRANDS INTERN	19.7M	$1B	17.3%	—	$40.83	0.00%	1 qtr	New 100
LOW LOWE'S COS INC	9.5M	$880.8M	14.8%	—	$79.92	0.00%	1 qtr	New 100
CMG CHIPOTLE MEXICAN GRILL INC	1.9M	$838M	14.1%	—	$8.48	0.00%	1 qtr	New 100
HLT HILTON WORLDWIDE HLDGS	10.9M	$786M	13.2%	—	$69.51	0.00%	1 qtr	New 100
SBUX STARBUCKS CORP	11.8M	$757M	12.7%	—	$54.35	0.00%	1 qtr	New 100
UNITED TECHNOLOGIES CORP(UTX)Delisted	5.6M	$594M	10.0%	—	—	—	1 qtr	New 100
ADP AUTOMATIC DATA PROCESSING	4.1M	$533.7M	9.0%	—	$111.43	0.00%	1 qtr	New 100
??PLATFORM SPECIALTY PRODS CORDelisted	40.5M	$417.9M	7.0%	—	—	—	—	New 99
HHCDelisted HOWARD HUGHES CORPORATION	1.2M	$120.4M	2.0%	—	—	—	1 qtr	New 81

$6B

AUM

9

Positions

Q4 2018

Filing

Rating · 1.0

Quarterly Portfolio Change

Not enough history yet

Activity profile

$ moved · Q4'18

New100%Increased0%Decreased0%Exited0%

Composition

Equity vs derivatives

Equity100%Puts0%Calls0%

Holding period

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

Pershing Square Capital Management, L.P. manages $6B across 9 positions as of Q4 2018. Top holdings: QSR (17.3%), LOW (14.8%), CMG (14.1%). Fund DNA: Concentrated Value. HoldingsIntel Rating: 1/5.0.