13F filing recap · Q2 2009

What did Pershing Square Capital Management buy in Q2 2009?

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

Stock value

$2.19B

Positions

Estimated turnover

38.3%

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

ADPAutomatic Data Processing Inc$257.23Mreported value+7.26M shares MCDMcdonald’s Corporation$137.98Mreported value+2.40M shares

Increased positions

EMCEmc Corp$768.69Mreported value+59.7K shares+0.1%

Exited positions

WENThe Wendy'S Company$162.59Mprior reported value-32.32M shares-100.0%VVisa Inc.$122.62Mprior reported value-2.21M shares-100.0%AIVApartment Investment and Management Company$44.53Mprior reported value-8.13M shares-100.0%YUMYum! Brands, Inc.$42.71Mprior reported value-1.55M shares