13F filing recap · Q4 2009

What did Pershing Square Capital Management buy in Q4 2009?

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

Stock value

$1.90B

Positions

Estimated turnover

106.1%

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

YUMYum! Brands, Inc.$483.18Mreported value+13.82M shares HHyatt Hotels Corp$82.48Mreported value+2.77M shares LNYLandry'S Restaurants Inc$33.09Mreported value+1.55M shares

Increased positions

CXWCorecivic, Inc.$268.50Mreported value+3.58M shares+48.7%

Reduced positions

TGTTarget Corporation$1.01Breported value-5.22M shares-20.1%ADPAutomatic Data Processing Inc$4.90Mreported value-6.00M shares-98.1%

Exited positions

EMCEmc Corp$999.89Mprior reported value-58.68M shares-100.0%MCDMcdonald’s Corporation$470.57Mprior reported value-8.25M shares-100.0%