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What Positions Did Bill Ackman Add, Cut, and Dispose of in Q1?

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Nov. 20 2020, Updated 4:53 p.m. ET

Pershing Square’s top three positions

Pershing Square Holdings’ 13F portfolio’s value declined from $6.7 billion to $5.96 billion at the end of the first quarter of 2019. Its number of positions fell from nine to eight. Pershing’s three largest positions at the end of the first quarter were as follows:

  • Chipotle Mexican Grill (CMG) accounted for 19.7% of Pershing’s total portfolio.
  • Restaurant Brands International (QSR) accounted for 17.8% of its total portfolio.
  • Lowe’s (LOW) accounted for 15.2% of its total portfolio.

During the first quarter, the fund didn’t add any new stocks to its portfolio. However, it disposed of its stake in Element Solutions (ESI), which was previously known as Platform Specialty Products (PAH).

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Stake increases

Pershing increased its stake in United Technologies (UTX) by 4.3% in the first quarter. The stock formed 11.17% of its total portfolio value at the end of the first quarter. Pershing believes that the upcoming three-way split of the company will serve as a positive catalyst for the stock.

The fund also increased its stake in Hilton Worldwide (HLT) by 0.17%. The stock has contributed 4.5% of Pershing’s gain in the first quarter.

Stake declines

Bill Ackman’s Pershing cut its stake in CMG, QSR, LOW, and Starbucks (SBUX) by 4.0%, 6.8%. 2.3%, and 14.9%, respectively.

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