13F filing recap · Q3 2006

What did Pershing Square Capital Management buy in Q3 2006?

Reported stock-position changes between this filing and the previous one.

Stock value

$880.49M

Positions

Estimated turnover

142.5%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

BGPBorders Group Inc$105.32Mreported value+5.16M shares BDKBlack & Decker Corp$103.62Mreported value+1.31M shares MCDMcdonald’s Corporation$10.50Mreported value+313.4K shares

Increased positions

WENWendy'S International Inc$430.21Mreported value+5.11M shares+388.0%BKSBarnes & Noble Inc$199.63Mreported value+3.73M shares+244.3%

Exited positions

VIABViacom Inc.$147.05Mprior reported value-4.10M shares-100.0%