13F filing recap · Q4 2011

What did Pershing Square Capital Management buy in Q4 2011?

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

Stock value

$7.77B

Positions

Estimated turnover

67.4%

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

BEAMBeam Inc.$1.07Breported value+20.82M shares FBINFortune Brands Innovations, Inc.$354.54Mreported value+20.82M shares

Increased positions

CPCanadian Pacific Kansas City Ltd/cn$1.63Breported value+20.11M shares+497.8%

Reduced positions

KFTKraft Foods Inc$790.57Mreported value-4.02M shares-16.0%CCitigroup Inc$687.21Mreported value-4.4K shares-0.0%FDOFamily Dollar Stores Inc$483.47Mreported value-3.00M shares-26.4%

Exited positions

FBINFortune Brands Innovations, Inc.$1.13Bprior reported value-20.82M shares-100.0%LOWLowe’s Companies, Inc.$410.79Mprior reported value-21.24M shares-100.0%