Pershing Square Capital Management LP
Last Updated: 12/3/2020
Pershing Square Capital Management LP is a Limited Partnership that started in 2004 and is primarily owned and controlled by Bill A. Ackman.
Pershing Square operates as an investment advisory firm, offering investment funds and advisory through Pershing Square, L.P., Pershing Square International, Ltd, and Pershing Square Holdings.
Pershing Square Capital Management LP operates out of an office in New York, NY. Based on the Form ADV filed on 2020-03-30 00:00:00, the investment firm is comprised of 36 employees, only 9 of whom performs investment advisory functions.
Fact Sheet
- Name: Pershing Square Capital Management LP
- CRD No: 132982
- Filing Recorded: 2020-03-30 00:00:00
- Year of Origin: 2004
- Employees: 36
- Clients: 3
- AUM: 9,154,898,159
- Management Fee: 1.5 Percent
- Performance Fee: 20+ Percent
- Client Type: Pooled Investment Vehicles
- Assets Traded: Unspecified
Contact
- Email: [email protected]
- Telephone: 212-813-3700
- Address: 787 Eleventh Ave New York, NY 10019
Investment Strategy
According to the brochure submitted to IAPD, Pershing Squares investment strategy is as follows:
In seeking to achieve the Funds’ objectives, the Adviser may use any investment strategy, long or short, in the global marketplace that it believes will enhance overall performance and, except as described in the Funds’ offering documents, there are no restrictions on the securities or other financial instruments that may be used by the Funds. The Funds are authorized and are expected to invest in long and short positions in equity or debt securities of U.S. and non-U.S. issuers (including securities convertible into equity or debt securities); distressed securities, rights, options and warrants; bonds, notes and equity and debt indices; swaps (including equity, foreign exchange, interest rate, commodity and credit-default swaps), swaptions, and other derivatives; instruments such as futures contracts, foreign currency, forward contracts on stock indices and structured equity or fixed-income products (including without limitation, asset-backed securities, mortgage-backed securities, mezzanine loans, commercial loans, mortgages and bank debt); exchange-traded funds; and any other financial instruments that the Adviser believes will achieve the Funds’ investment objectives. The Funds’ investments may include both publicly traded and privately placed securities of public issuers, as well as publicly traded securities of private issuers. The Funds also may invest in securities sold pursuant to initial public offerings. Investments in options on financial indices may be used to establish or increase long or short positions or to hedge the Funds’ investments. The Funds have no overarching strategy or asset allocation model that specifies what percentage of their portfolios should be invested in each investment category. Rather, cash, cash equivalents, and/or securities issued by the U.S. Department of the Treasury (“U.S. Treasurys”) are generally the default investment choices for the Funds until the Adviser identifies new investment opportunities. The Funds’ allocation among different investment categories is a function of their potential risk and reward compared with available opportunities in the marketplace. Accordingly, the Funds may hold significant cash balances on an ongoing basis.
The Funds will not make an initial investment in the equity of companies whose securities are not publicly traded (i.e., private equity), but, as described above, may invest in privately placed securities of public issuers and publicly traded securities of private issuers. Notwithstanding the foregoing, it is possible that, in limited circumstances, public companies in which the Funds have invested may later be taken private and the Funds may make additional investments in the equity or debt of such companies. The Funds may make investments in the debt securities of a private company, provided that there is an observable market price for such debt securities.
Methods of Analysis
In addition, Pershing Squares methods of analysis include:
As part of the Funds’ investment program, the Adviser intends to concentrate the Funds’ assets in a relatively limited number of investments because the Adviser believes that (1) there are a limited number of attractive investments available in the marketplace at any one time, and (2) investing in a relatively modest number of attractive investments about which it has detailed knowledge provides a better opportunity to deliver superior risk-adjusted returns when compared with a large diversified portfolio of investments it can know less well. As a result, the Adviser intends to invest the substantial majority of the Funds’ capital in typically 8 to 12 core investments.
Top 10 Holdings from Form 13F
Reporting Period: 09/30/2020
| Issuer | Share | Value(1000s) | Put/Call |
|---|---|---|---|
| LOWES COS INC | 12,408,077 | 2,058,004 | |
| RESTAURANT BRANDS INTL INC | 25,119,016 | 1,444,595 | |
| CHIPOTLE MEXICAN GRILL INC | 1,161,232 | 1,444,236 | |
| AGILENT TECHNOLOGIES INC | 12,248,514 | 1,236,365 | |
| HILTON WORLDWIDE HLDGS INC | 13,363,011 | 1,140,132 | |
| STARBUCKS CORP | 10,131,008 | 870,456 | |
| HOWARD HUGHES CORP | 10,918,008 | 628,877 |
Historical 13F Filings
EdgeGiant has compiled all 13F filings since Q2 2013 for your convenience. You can view historical portfolio position forPershing Square Capital Management LPin our 13F section HERE.
To get the comprehensive list of holdings that fall under 13F regulatory guidelines, check out our write up on how to access and use 13Fs in your personal investment decisions.