13F filing recap · Q4 2016

What did Pershing Square Capital Management buy in Q4 2016?

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

Stock value

$5.91B

Positions

Estimated turnover

19.7%

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

CMGChipotle Mexican Grill, Inc.$1.09Breported value+2.33M shares+420.1%

Reduced positions

APDAir Products and Chemicals, Inc.$556.69Mreported value-154.4K shares-3.8%PAHElement Solutions Inc$396.83Mreported value-2.29M shares-5.3%VRXValeant Pharmaceuticals International, Inc.$263.02Mreported value-3.48M shares-16.1%

Exited positions

ZTSZoetis Inc.$141.35Mprior reported value-2.72M shares-100.0%