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

As of Dec 31, 2018, the Pershing Square Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 2026. 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