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Bill Ackman - Pershing Square Capital Management 13F Activity & Position Changes (Q4 2018)

According to the SEC 13F filed on May 15, 2026, the Pershing Square Capital Management portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2018. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q4 2018, the filing reported:

New Buys - Hilton Worldwide Holdings Inc., Starbucks Corporation

Increases - Automatic Data Processing, Inc., Lowe's Companies, Inc.

Reductions - Chipotle Mexican Grill, Inc., Restaurant Brands International

Complete Exits - None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q4 2018	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Buy	+40,699	+1.0%	$533.67K	4,070,126
Q4 2018	CMG Chipotle Mexican Grill, Inc.	Chipotle Mexican Grill, Inc.	Sell	-118,307	-5.7%	$838.02K	1,940,799
Q4 2018	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Buy - Position Entry	+10,947,479	-	$786.03K	10,947,479
Q4 2018	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy	+1,097,790	+13.0%	$880.80K	9,536,591
Q4 2018	QSR Restaurant Brands International	Restaurant Brands International	Sell	-1,158,317	-5.6%	$1.03M	19,685,602
Q4 2018	SBUX Starbucks Corporation	Starbucks Corporation	Buy - Position Entry	+11,754,441	-	$756.99K	11,754,441