Pershing Square Capital Management, L.P.

Top Holdings6 positions

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Activity:AllNewIncreasedDecreasedExitedUnchangedFirst report

Stock	Shares	Value	Weight	Price Trend	Avg Buy	Est. P&L	Held	Conviction
LOW Lowes Companies, Inc.	10.4M	$2.1B	23.5%	—	$82.80	+123.30%	17 qtrssince 2018-Q4	Unchanged 0
QSR RESTAURANT BRANDS INTL INC	24.2M	$1.6B	17.8%	—	$42.95	+36.11%	17 qtrssince 2018-Q4	Unchanged 0
CMG CHIPOTLE MEXICAN GRILL INC	1.1M	$1.5B	17.5%	—	$9.35	+196.90%	17 qtrssince 2018-Q4	Unchanged 0
HLT Hilton Worldwide Holdings Inc	10M	$1.3B	14.4%	—	$70.38	+77.92%	17 qtrssince 2018-Q4	Unchanged 0
HHC HOWARD HUGHES CORP	15.9M	$1.2B	13.8%	—	—	—	17 qtrssince 2018-Q4	Increased 75
??CANADIAN PAC RY LTD	15.2M	$1.1B	12.9%	—	—	—	5 qtrssince 2021-Q4	Unchanged 0

$8.8B

Reported value

6

Positions

Q4 2022

Filing

HI score · 1.0/5

Quarterly 13F Value Change

Activity profile

$ moved · Q4'22

New0%Increased100%Decreased0%Exited0%

Composition

Equity vs derivatives

Equity100%Puts0%Calls0%

Holding period

Avg 3.5 years

<1Q0%1-4Q0%1-2Y17%2Y+83%

Pershing Square Capital Management, L.P. reported holdings worth $8.8B across 6 positions as of Q4 2022. Top holdings: LOW (23.5%), QSR (17.8%), CMG (17.5%). Fund DNA: Concentrated Value. HoldingsIntel Score: 1/5.0.

Position Outcomes

Best and worst performing positions by estimated return

Top Winners

CMG17Q held

CHIPOTLE MEXICAN GRILL INC

Avg $9.35 · $20.3M est. P&L

—

Est. P&L

+196.90%

LOW17Q held

Lowes Companies, Inc.

Avg $82.80 · $1.1B est. P&L

—

Est. P&L

+123.30%

HLT17Q held

Hilton Worldwide Holdings Inc

Avg $70.38 · $550.1M est. P&L

—

Est. P&L

+77.92%

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