13F filing recap · Q2 2017

What did Pershing Square Capital Management buy in Q2 2017?

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

Stock value

$6.01B

Positions

Estimated turnover

14.4%

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

ADPAutomatic Data Processing Inc$179.39Mreported value+1.75M shares

Increased positions

HHCHoward Hughes Holdings Inc.$577.90Mreported value+1.14M shares+31.9%

Reduced positions

MDLZMondelez International, Inc.$626.09Mreported value-5.45M shares-27.3%

Exited positions

APDAir Products and Chemicals, Inc.$308.48Mprior reported value-2.28M shares-100.0%