13F filing recap · Q4 2007

What did Pershing Square Capital Management buy in Q4 2007?

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

Stock value

$1.35B

Positions

Estimated turnover

98.6%

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.

Increased positions

SHLDQSears Holdings Corporation$627.61Mreported value+1.15M shares+23.0%TGTTarget Corporation$378.11Mreported value+4.01M shares+113.1%BGPBorders Group Inc$112.87Mreported value+3.74M shares+54.6%

Exited positions

MCDMcdonald’s Corporation$1.02Bprior reported value-18.76M shares-100.0%CENCeridian Corporation$744.57Mprior reported value-21.43M shares-100.0%