Pershing Square Capital Management, L.P. 13F holdings, Q4 2008
Pershing Square Capital Management, L.P. disclosed 11 US equity positions worth $2.4bn in its Q4 2008 13F filing. Its largest position is TGT at 40.7% of the reported book, followed by E M C CORP MASS and V. Versus Q3 2008 it opened 3 new positions, added to 2, reduced 3 and exited 5.
- $2.4bn
- Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
- 11
- Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
- 40.7%
- Largest position The largest single position as a share of the reported equity book.
- 99.9%
- Top 10 weight The ten largest positions together, as a share of the reported equity book.
- 4
- Effective positions 1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
- 83
- Quarters on file since Q4 2005 Quarters for which this manager's 13F holdings are on record.
Holdings
Against Q3 2008: 3 new, 2 added, 3 reduced, 5 exited
| TGT TARGET CORP | 40.7% | +33% | added |
| E M C CORP MASS no ticker | 25.1% | 0.0% | held |
| V VISA INC | 15.3% | +164% | added |
| WENDYS ARBYS GROUP INC no ticker | 9.5% | −15% | reduced |
| DR PEPPER SNAPPLE GROUP INC no ticker | 7.2% | −51% | reduced |
| GENERAL GROWTH PPTYS INC no ticker | 1.1% | – | new |
| SHLDEUR SEARS HLDGS CORP | 0.5% | −40% | reduced |
| SAKS INC no ticker | 0.2% | – | new |
| BORDERS GROUP INC no ticker | 0.2% | 0.0% | held |
| GLRE GREENLIGHT CAPITAL RE LTD | 0.1% | 0.0% | held |
| ALX ALEXANDERS INC | 0.09% | – | new |
Exited since Q3 2008
| WACHOVIA CORP NEW no ticker | 8.7% | $338m |
| LONGS DRUG STORES CORP no ticker | 6.1% | $237m |
| BARNES & NOBLE INC no ticker | 4.4% | $171m |
| AMERICAN INTL GROUP INC no ticker | 2.9% | $112m |
| MA MASTERCARD INC | 2.6% | $101m |
Sector mix
Book over time
Every quarter on file (83)
| Quarter | Positions | Equity book |
|---|---|---|
| Q2 2026 | 14 | $19.5bn |
| Q1 2026 | 11 | $13.7bn |
| Q4 2025 | 11 | $15.5bn |
| Q3 2025 | 11 | $14.6bn |
| Q2 2025 | 11 | $13.7bn |
| Q1 2025 | 11 | $11.9bn |
| Q4 2024 | 11 | $12.7bn |
| Q3 2024 | 11 | $12.9bn |
| Q2 2024 | 9 | $10.4bn |
| Q1 2024 | 7 | $10.8bn |
| Q4 2023 | 8 | $10.4bn |
| Q3 2023 | 8 | $10.5bn |
| Q2 2023 | 8 | $10.8bn |
| Q1 2023 | 8 | $10.2bn |
| Q4 2022 | 6 | $8.8bn |
| Q3 2022 | 6 | $7.9bn |
| Q2 2022 | 7 | $7.5bn |
| Q1 2022 | 8 | $10.4bn |
| Q4 2021 | 7 | $10.8bn |
| Q3 2021 | 6 | $9.5bn |
| Q2 2021 | 7 | $10.7bn |
| Q1 2021 | 7 | $10.5bn |
| Q4 2020 | 7 | $10.0bn |
| Q3 2020 | 7 | $8.8bn |
| Q2 2020 | 7 | $7.8bn |
| Q1 2020 | 10 | $6.6bn |
| Q4 2019 | 8 | $6.6bn |
| Q3 2019 | 8 | $6.5bn |
| Q2 2019 | 8 | $6.7bn |
| Q1 2019 | 8 | $6.7bn |
| Q4 2018 | 9 | $6.0bn |
| Q3 2018 | 7 | $5.2bn |
| Q2 2018 | 8 | $5.8bn |
| Q1 2018 | 7 | $4.8bn |
| Q4 2017 | 7 | $5.9bn |
| Q3 2017 | 6 | $5.1bn |
| Q2 2017 | 7 | $6.0bn |
| Q1 2017 | 7 | $6.0bn |
| Q4 2016 | 8 | $5.9bn |
| Q3 2016 | 9 | $5.4bn |
| Q2 2016 | 9 | $7.5bn |
| Q1 2016 | 9 | $8.9bn |
| Q4 2015 | 8 | $12.5bn |
| Q3 2015 | 8 | $14.0bn |
| Q2 2015 | 7 | $14.4bn |
| Q1 2015 | 8 | $15.0bn |
| Q4 2014 | 7 | $16.0bn |
| Q3 2014 | 7 | $13.4bn |
| Q2 2014 | 6 | $12.6bn |
| Q1 2014 | 9 | $8.4bn |
| Q4 2013 | 7 | $8.2bn |
| Q3 2013 | 7 | $8.4bn |
| Q2 2013 | 9 | $9.0bn |
| Q1 2013 | 7 | $9.3bn |
| Q4 2012 | 7 | $8.6bn |
| Q3 2012 | 6 | $8.2bn |
| Q2 2012 | 6 | $7.4bn |
| Q1 2012 | 6 | $6.5bn |
| Q4 2011 | 6 | $6.3bn |
| Q3 2011 | 5 | $3.4bn |
| Q2 2011 | 4 | $3.3bn |
| Q1 2011 | 4 | $3.2bn |
| Q4 2010 | 6 | $3.4bn |
| Q3 2010 | 7 | $2.5bn |
| Q2 2010 | 6 | $2.3bn |
| Q1 2010 | 6 | $2.5bn |
| Q4 2009 | 5 | $1.1bn |
| Q3 2009 | 4 | $2.3bn |
| Q2 2009 | 4 | $1.9bn |
| Q1 2009 | 9 | $1.9bn |
| Q4 2008 | 11 | $2.4bn |
| Q3 2008 | 13 | $3.9bn |
| Q2 2008 | 11 | $3.0bn |
| Q1 2008 | 7 | $2.3bn |
| Q4 2007 | 7 | $1.4bn |
| Q3 2007 | 6 | $1.9bn |
| Q2 2007 | 7 | $1.5bn |
| Q1 2007 | 4 | $1.3bn |
| Q4 2006 | 4 | $852m |
| Q3 2006 | 5 | $870m |
| Q2 2006 | 3 | $166m |
| Q1 2006 | 5 | $542m |
| Q4 2005 | 5 | $363m |
Where Pershing Square Capital Management, L.P. was early
| TGT TARGET CORP | Q2 2007 | 6 of 191 | 7.0% | Exited by Q1 2011 | −5.5% |
| V VISA INC | Q3 2008 | 8 of 284 | 4.3% | Held at last filing, Q2 2026 | +2135% |
| FBIN FORTUNE BRANDS HOME & SEC IN | Q4 2011 | 1 of 132 | 5.6% | Exited by Q2 2012 | +30% |
| HHH HOWARD HUGHES HOLDINGS INC | Q2 2012 | 1 of 116 | 3.0% | Held at last filing, Q2 2026 | +22% |
| PG PROCTER & GAMBLE CO | Q2 2012 | 11 of 164 | 25.2% | Exited by Q1 2014 | +33% |
| MDLZ MONDELEZ INTL INC | Q4 2012 | 3 of 145 | 1.8% | Exited by Q3 2018 | +61% |
| APD AIR PRODS & CHEMS INC | Q2 2013 | 4 of 169 | 10.2% | Exited by Q2 2017 | +60% |
| ZTS ZOETIS INC | Q3 2014 | 8 of 178 | 1.5% | Exited by Q4 2016 | +41% |
| QSR RESTAURANT BRANDS INTL INC | Q4 2014 | 1 of 176 | 9.2% | Held at last filing, Q2 2026 | +86% |
| NOMD NOMAD FOODS LTD | Q1 2016 | 4 of 112 | 3.4% | Exited by Q3 2017 | +57% |
| ADP AUTOMATIC DATA PROCESSING IN | Q2 2017 | 12 of 148 | 3.0% | Exited by Q3 2019 | +61% |
| CP CANADIAN PACIFIC KANSAS CITY | Q2 2023 | 6 of 149 | 11.3% | Exited by Q2 2025 | −13% |
Concentration and tenure
- 27.7%
- Median largest position, all quarters The largest single position as a share of the reported equity book.
- 100%
- Median top 10 weight, all quarters The ten largest positions together, as a share of the reported equity book.
- Concentrated
- Style, by median largest position
- 3
- Median completed holding, quarters