13F filing recap · Q4 2010

What did Pershing Square Capital Management buy in Q4 2010?

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

Stock value

$5.71B

Positions

Estimated turnover

86.4%

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

GGPGeneral Growth Properties, Inc.$1.08Breported value+69.97M shares GMGeneral Motors Company$264.94Mreported value+7.19M shares HHCHoward Hughes Holdings Inc.$194.17Mreported value+3.57M shares ALEXAlexander & Baldwin Inc.$6.88Mreported value+172.0K shares

Increased positions

JCPJ. C. Penney Company, Inc.$1.13Breported value+19.21M shares+122.2%FBINFortune Brands Innovations, Inc.$1.00Breported value+9.20M shares+123.3%CCitigroup Inc$693.01Mreported value+38.9K shares+0.0%

Reduced positions

KFTKraft Foods Inc$613.50Mreported value-8.16M shares-29.5%TGTTarget Corporation$444.94Mreported value-6.74M shares-47.7%CXWCorecivic, Inc.$196.16Mreported value-3.11M shares-28.4%ADPAutomatic Data Processing Inc$65.01Mreported value-7.30M shares

Exited positions

GGPGeneral Growth Properties Inc$373.68Mprior reported value-23.95M shares-100.0%LNYLandry'S Restaurants Inc$38.06Mprior reported value-1.55M shares-100.0%