13F filing recap · Q3 2017

What did Pershing Square Capital Management buy in Q3 2017?

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

Stock value

$5.11B

Positions

Estimated turnover

37.2%

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

ADPAutomatic Data Processing Inc$961.85Mreported value+7.05M shares+402.5%

Reduced positions

QSRRestaurant Brands International Inc.$1.69Breported value-12.65M shares-32.3%MDLZMondelez International, Inc.$566.29Mreported value-568.8K shares-3.9%

Exited positions

NOMDNomad Foods Limited$470.33Mprior reported value-33.33M shares-100.0%