Bill Ackman

Pershing Square Capital Management · 20 closed periods in the current 5-year detail window (latest closed period: Q1 2026 → next disclosure, 11 priced positions, +2.03% return). Every disclosed long-equity position appears in the table for its period; the Valid column shows 1 (counted in the math) or 0 (excluded — hover the row for the reason). See the methodology for the exact math.

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Latest quarter: +2.03%
1-year: +15.19%
3-year: +41.45%
5-year: +49.93%
3-year vs S&P 500: -31.80%
5-year vs S&P 500: -23.76%
5-year top 5: +47.55%

Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. The vs S&P 500 figures subtract SPY over that manager's own rebalance dates, so both sides cover the same days; both are price return, excluding dividends. Method & limitations.

2026-05-15 → 2026-08-14

11 of 11 priced100.00% coverage

+2.03%

Holdings from Q1 2026 disclosure · accession 0001172661-26-002336 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
BNTOP 5	59,697,208	$45.54	—	$43.85	$2.72B	$2.62B	-3.71%	17.62%	-65.4 bps	1
AMZNTOP 5	11,451,981	$264.14	—	$262.65	$3.02B	$3.01B	-0.56%	17.39%	-9.8 bps	1
UBERTOP 5	29,958,771	$75.09	—	$75.95	$2.25B	$2.28B	+1.15%	15.71%	+18.0 bps	1
MSFTTOP 5	5,654,078	$421.92	—	$495.40	$2.39B	$2.8B	+17.42%	15.26%	+265.8 bps	1
QSRTOP 5	22,645,483	$75.84	—	$77.64	$1.72B	$1.76B	+2.37%	12.20%	+29.0 bps	1
META	2,660,861	$614.23	—	$589.85	$1.63B	$1.57B	-3.97%	11.10%	-44.1 bps	1
HHH	18,852,064	$63.79	—	$66.60	$1.2B	$1.26B	+4.41%	8.70%	+38.3 bps	1
SEG	5,023,780	$22.77	—	$27.71	$114.39M	$139.21M	+21.70%	0.79%	+17.1 bps	1
GOOG	311,726	$393.32	—	$343.54	$122.61M	$107.09M	-12.66%	0.65%	-8.3 bps	1
HTZ	15,241,127	$5.53	—	$2.24	$84.28M	$34.14M	-59.49%	0.51%	-30.5 bps	1
GOOGL	32,376	$396.78	—	$345.90	$12.85M	$11.2M	-12.82%	0.07%	-0.9 bps	1
Top 5 (by entry value)(5)					$12.1B	$12.46B	+3.01%
Total(11)					$15.27B	$15.58B	+2.03%

2026-02-17 → 2026-05-15

11 of 11 priced100.00% coverage

+6.62%

Holdings from Q4 2025 disclosure · accession 0001172661-26-001091 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
BNTOP 5	61,403,089	$47.78	—	$45.54	$2.93B	$2.8B	-4.69%	18.15%	-85.1 bps	1
UBERTOP 5	30,207,734	$70.53	—	$75.09	$2.13B	$2.27B	+6.47%	15.90%	+102.8 bps	1
AMZNTOP 5	9,607,824	$201.15	—	$264.14	$1.93B	$2.54B	+31.31%	14.28%	+447.3 bps	1
GOOGTOP 5	6,163,871	$302.82	—	$393.32	$1.87B	$2.42B	+29.89%	12.46%	+372.3 bps	1
METATOP 5	2,673,569	$639.29	—	$614.23	$1.71B	$1.64B	-3.92%	11.37%	-44.6 bps	1
QSR	22,866,773	$68.13	—	$75.84	$1.56B	$1.73B	+11.32%	10.05%	+113.7 bps	1
HHH	18,852,064	$82.76	—	$63.79	$1.56B	$1.2B	-22.92%	9.69%	-222.0 bps	1
HLT	3,028,664	$317.82	—	$316.17	$962.57M	$957.57M	-0.52%	5.60%	-2.9 bps	1
GOOGL	678,297	$302.02	—	$396.78	$204.86M	$269.13M	+31.38%	1.37%	+42.9 bps	1
SEG	5,023,780	$20.27	—	$22.77	$101.83M	$114.39M	+12.33%	0.64%	+7.9 bps	1
HTZ	15,241,127	$4.92	—	$5.53	$74.99M	$84.28M	+12.40%	0.50%	+6.3 bps	1
Top 5 (by entry value)(5)					$10.57B	$11.67B	+10.37%
Total(11)					$15.04B	$16.03B	+6.62%

2025-11-14 → 2026-02-17

11 of 11 priced100.00% coverage

-0.85%

Holdings from Q3 2025 disclosure · accession 0001172661-25-005039 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
UBERTOP 5	30,270,518	$91.62	—	$70.53	$2.77B	$2.13B	-23.02%	20.25%	-466.2 bps	1
BNTOP 5	41,020,231	$66.08	—	$71.67	$2.71B	$2.94B	+8.47%	19.21%	+162.7 bps	1
HHHTOP 5	18,852,064	$85.93	—	$82.76	$1.62B	$1.56B	-3.69%	10.58%	-39.0 bps	1
GOOGTOP 5	6,324,031	$276.98	—	$302.82	$1.75B	$1.92B	+9.33%	10.52%	+98.1 bps	1
QSRTOP 5	22,915,496	$68.68	—	$68.13	$1.57B	$1.56B	-0.80%	10.04%	-8.0 bps	1
AMZN	5,823,316	$234.69	—	$201.15	$1.37B	$1.17B	-14.29%	8.73%	-124.8 bps	1
GOOGL	4,843,973	$276.41	—	$302.02	$1.34B	$1.46B	+9.27%	8.04%	+74.5 bps	1
CMG	21,541,177	$31.57	—	$37.88	$680.05M	$815.98M	+19.99%	5.77%	+115.2 bps	1
HLT	3,030,578	$269.67	—	$317.82	$817.26M	$963.18M	+17.86%	5.37%	+95.9 bps	1
SEG	5,023,780	$21.75	—	$20.27	$109.27M	$101.83M	-6.80%	0.79%	-5.4 bps	1
HTZ	15,241,127	$5.65	—	$4.92	$86.11M	$74.99M	-12.92%	0.71%	-9.1 bps	1
Top 5 (by entry value)(5)					$10.43B	$10.11B	-3.05%
Total(11)					$14.83B	$14.7B	-0.85%

2025-08-14 → 2025-11-14

11 of 11 priced100.00% coverage

+6.79%

Holdings from Q2 2025 disclosure · accession 0001172661-25-003509 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
UBERTOP 5	30,301,161	$91.40	—	$91.62	$2.77B	$2.78B	+0.24%	20.59%	+5.0 bps	1
BNTOP 5	41,160,397	$65.60	×1.5	$44.05	$2.7B	$2.72B	+0.72%	18.54%	+13.4 bps	1
QSRTOP 5	23,000,914	$65.18	—	$68.68	$1.5B	$1.58B	+5.37%	11.11%	+59.6 bps	1
AMZNTOP 5	5,823,316	$230.98	—	$234.69	$1.35B	$1.37B	+1.61%	9.31%	+14.9 bps	1
HHHTOP 5	18,852,064	$73.49	—	$85.93	$1.39B	$1.62B	+16.93%	9.27%	+156.9 bps	1
CMG	21,541,177	$43.17	—	$31.57	$929.93M	$680.05M	-26.87%	8.81%	-236.7 bps	1
GOOG	6,324,031	$203.82	—	$276.98	$1.29B	$1.75B	+35.89%	8.17%	+293.3 bps	1
GOOGL	5,362,980	$202.94	—	$276.41	$1.09B	$1.48B	+36.20%	6.88%	+249.2 bps	1
HLT	3,030,578	$270.34	—	$269.67	$819.29M	$817.26M	-0.25%	5.88%	-1.5 bps	1
HTZ	15,241,127	$5.24	—	$5.65	$79.86M	$86.11M	+7.82%	0.76%	+5.9 bps	1
SEG	5,023,780	$25.89	—	$21.75	$130.07M	$109.27M	-15.99%	0.68%	-10.9 bps	1
Top 5 (by entry value)(5)					$9.7B	$10.06B	+3.74%
Total(11)					$14.04B	$14.99B	+6.79%

2025-05-15 → 2025-08-14

11 of 11 priced100.00% coverage

+3.12%

Holdings from Q1 2025 disclosure · accession 0001172661-25-002315 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
UBERTOP 5	30,301,161	$90.16	—	$91.40	$2.73B	$2.77B	+1.38%	18.50%	+25.4 bps	1
BNTOP 5	41,004,657	$59.72	—	$65.60	$2.45B	$2.69B	+9.85%	18.01%	+177.4 bps	1
QSRTOP 5	23,000,914	$69.68	—	$65.18	$1.6B	$1.5B	-6.46%	12.85%	-83.0 bps	1
HHHTOP 5	18,852,064	$70.80	—	$73.49	$1.33B	$1.39B	+3.80%	11.71%	+44.5 bps	1
CMG	21,541,177	$52.04	—	$43.17	$1.12B	$929.93M	-17.04%	9.07%	-154.5 bps	1
CPTOP 5	14,799,796	$81.49	—	$73.88	$1.21B	$1.09B	-9.34%	8.71%	-81.3 bps	1
GOOG	6,324,031	$165.40	—	$203.82	$1.05B	$1.29B	+23.23%	8.28%	+192.4 bps	1
GOOGL	4,437,980	$163.96	—	$202.94	$727.65M	$900.64M	+23.77%	5.75%	+136.8 bps	1
HLT	3,000,770	$252.49	—	$270.34	$757.66M	$811.23M	+7.07%	5.72%	+40.5 bps	1
SEG	5,023,780	$18.90	—	$25.89	$94.95M	$130.07M	+36.98%	0.90%	+33.4 bps	1
HTZ	15,000,000	$6.31	—	$5.24	$94.65M	$78.6M	-16.96%	0.50%	-8.4 bps	1
Top 5 (by entry value)(5)					$9.32B	$9.44B	+1.21%
Total(11)					$13.17B	$13.58B	+3.12%

2025-04-16 → 2025-05-15

11 of 11 priced100.00% coverage

+13.10%

Holdings from Q4 2024 disclosure · accession 0001172661-25-001497 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
BNTOP 5	34,893,064	$48.83	—	$59.72	$1.7B	$2.08B	+22.30%	15.83%	+353.1 bps	1
QSRTOP 5	23,000,914	$62.25	—	$69.68	$1.43B	$1.6B	+11.94%	11.84%	+141.3 bps	1
CMGTOP 5	24,653,533	$48.08	—	$52.04	$1.19B	$1.28B	+8.24%	11.74%	+96.7 bps	1
HHHTOP 5	18,852,064	$65.61	—	$70.80	$1.24B	$1.33B	+7.91%	11.45%	+90.6 bps	1
GOOGTOP 5	7,547,582	$155.50	—	$165.40	$1.17B	$1.25B	+6.37%	11.35%	+72.3 bps	1
NKE	18,768,946	$53.55	—	$62.40	$1.01B	$1.17B	+16.53%	11.22%	+185.4 bps	1
HLT	5,440,546	$209.09	—	$252.49	$1.14B	$1.37B	+20.76%	10.62%	+220.4 bps	1
CP	14,877,651	$72.91	—	$81.49	$1.08B	$1.21B	+11.77%	8.50%	+100.1 bps	1
GOOGL	3,986,488	$153.33	—	$163.96	$611.25M	$653.62M	+6.93%	5.96%	+41.3 bps	1
SEG	5,023,780	$17.92	—	$18.90	$90.03M	$94.95M	+5.47%	1.11%	+6.1 bps	1
HTZ	12,713,963	$5.71	—	$6.31	$72.6M	$80.23M	+10.51%	0.37%	+3.9 bps	1
Top 5 (by entry value)(5)					$6.73B	$7.55B	+12.20%
Total(11)					$10.73B	$12.14B	+13.10%

2024-11-14 → 2025-04-16

10 of 11 priced99.95% coverage

-15.71%

Holdings from Q3 2024 disclosure · accession 0001172661-24-005218 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
BNTOP 5	32,735,883	$57.80	—	$48.83	$1.89B	$1.6B	-15.52%	13.47%	-209.1 bps	1
HLTTOP 5	7,370,168	$250.04	—	$209.09	$1.84B	$1.54B	-16.38%	13.15%	-215.4 bps	1
CMGTOP 5	28,815,165	$59.91	—	$48.08	$1.73B	$1.39B	-19.75%	12.85%	-253.8 bps	1
QSRTOP 5	23,000,914	$68.47	—	$62.25	$1.57B	$1.43B	-9.08%	12.84%	-116.7 bps	1
HHHTOP 5	18,852,064	$80.86	—	$65.61	$1.52B	$1.24B	-18.86%	11.30%	-213.1 bps	1
NKE	16,280,338	$75.68	—	$53.55	$1.23B	$871.81M	-29.24%	11.14%	-325.8 bps	1
CP	14,877,651	$75.87	—	$72.91	$1.13B	$1.08B	-3.90%	9.85%	-38.4 bps	1
GOOG	7,547,582	$177.35	—	$155.50	$1.34B	$1.17B	-12.32%	9.77%	-120.4 bps	1
GOOGL	3,986,488	$175.58	—	$153.33	$699.95M	$611.25M	-12.67%	5.12%	-64.9 bps	1
SEG	2,094,673	$27.88	—	$17.92	$58.4M	$37.54M	-35.72%	0.44%	-15.9 bps	1
SEGRT	—	—	—	—	—	—	—	0.05%	—	0
Top 5 (by entry value)(5)					$8.56B	$7.19B	-15.97%
Total(10)					$13.02B	$10.97B	-15.71%

2024-08-14 → 2024-11-14

9 of 9 priced100.00% coverage

+9.92%

Holdings from Q2 2024 disclosure · accession 0001172661-24-003511 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
HLTTOP 5	8,952,290	$207.79	—	$250.04	$1.86B	$2.24B	+20.33%	18.76%	+381.5 bps	1
CMGTOP 5	28,815,165	$51.65	—	$59.91	$1.49B	$1.73B	+15.99%	17.34%	+277.3 bps	1
QSRTOP 5	23,142,542	$70.60	—	$68.47	$1.63B	$1.58B	-3.02%	15.64%	-47.2 bps	1
GOOGTOP 5	7,547,582	$162.03	—	$177.35	$1.22B	$1.34B	+9.46%	13.30%	+125.7 bps	1
HHHTOP 5	18,852,064	$73.82	—	$84.82	$1.39B	$1.6B	+14.91%	11.74%	+175.0 bps	1
CP	14,965,641	$78.03	—	$75.87	$1.17B	$1.14B	-2.77%	11.32%	-31.3 bps	1
GOOGL	3,986,488	$160.37	—	$175.58	$639.31M	$699.95M	+9.48%	6.97%	+66.1 bps	1
BN	6,854,510	$46.32	—	$57.80	$317.5M	$396.19M	+24.78%	2.73%	+67.8 bps	1
NKE	3,040,132	$78.52	—	$75.68	$238.71M	$230.08M	-3.62%	2.20%	-8.0 bps	1
Top 5 (by entry value)(5)					$7.6B	$8.49B	+11.72%
Total(9)					$9.96B	$10.95B	+9.92%

2024-05-15 → 2024-08-14

7 of 7 priced100.00% coverage

-4.85%

Holdings from Q1 2024 disclosure · accession 0001172661-24-002519 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
CMGTOP 5	743,984	$3168.30	×50	$51.65	$2.36B	$1.92B	-18.49%	20.10%	-371.6 bps	1
HLTTOP 5	9,181,180	$204.57	—	$207.79	$1.88B	$1.91B	+1.57%	18.20%	+28.6 bps	1
QSRTOP 5	23,348,135	$71.43	—	$70.60	$1.67B	$1.65B	-1.16%	17.24%	-20.0 bps	1
GOOGTOP 5	9,377,195	$173.88	—	$162.03	$1.63B	$1.52B	-6.82%	13.27%	-90.4 bps	1
HHHTOP 5	18,852,064	$68.13	×1.049	$70.37	$1.28B	$1.39B	+8.35%	12.72%	+106.2 bps	1
CP	15,095,528	$80.77	—	$78.03	$1.22B	$1.18B	-3.39%	12.37%	-42.0 bps	1
GOOGL	4,354,824	$172.51	—	$160.37	$751.25M	$698.38M	-7.04%	6.11%	-43.0 bps	1
Top 5 (by entry value)(5)					$8.82B	$8.39B	-4.87%
Total(7)					$10.79B	$10.26B	-4.85%

2024-02-14 → 2024-05-15

8 of 8 priced100.00% coverage

+5.64%

Holdings from Q4 2023 disclosure · accession 0001172661-24-001556 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
CMGTOP 5	824,998	$2620.19	—	$3168.30	$2.16B	$2.61B	+20.92%	18.15%	+379.6 bps	1
QSRTOP 5	23,348,135	$76.52	—	$71.43	$1.79B	$1.67B	-6.65%	17.55%	-116.7 bps	1
HLTTOP 5	9,181,180	$192.70	—	$204.57	$1.77B	$1.88B	+6.16%	16.08%	+99.1 bps	1
HHHTOP 5	18,852,064	$76.33	—	$68.13	$1.44B	$1.28B	-10.74%	15.51%	-166.7 bps	1
GOOGTOP 5	9,377,195	$147.14	—	$173.88	$1.38B	$1.63B	+18.17%	12.71%	+231.0 bps	1
CP	15,095,528	$84.73	—	$80.77	$1.28B	$1.22B	-4.67%	11.48%	-53.7 bps	1
GOOGL	4,354,824	$145.94	—	$172.51	$635.54M	$751.25M	+18.21%	5.85%	+106.5 bps	1
LOW	1,245,515	$226.93	—	$236.08	$282.64M	$294.04M	+4.03%	2.67%	+10.8 bps	1
Top 5 (by entry value)(5)					$8.54B	$9.07B	+6.31%
Total(8)					$10.73B	$11.34B	+5.64%

2023-11-14 → 2024-02-14

8 of 8 priced100.00% coverage

+12.91%

Holdings from Q3 2023 disclosure · accession 0001172661-23-004016 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
CMGTOP 5	953,608	$2166.02	—	$2620.19	$2.07B	$2.5B	+20.97%	16.65%	+349.0 bps	1
QSRTOP 5	23,348,135	$70.19	—	$76.52	$1.64B	$1.79B	+9.02%	14.82%	+133.7 bps	1
HLTTOP 5	10,305,500	$167.03	—	$192.70	$1.72B	$1.99B	+15.37%	14.75%	+226.7 bps	1
LOWTOP 5	7,066,623	$202.24	—	$226.93	$1.43B	$1.6B	+12.21%	14.00%	+170.9 bps	1
HHH	16,806,908	$74.48	—	$76.33	$1.25B	$1.28B	+2.48%	11.87%	+29.5 bps	1
GOOGTOP 5	9,377,195	$135.43	—	$147.14	$1.27B	$1.38B	+8.65%	11.78%	+101.9 bps	1
CP	15,095,528	$70.88	—	$84.73	$1.07B	$1.28B	+19.54%	10.70%	+209.2 bps	1
GOOGL	4,354,824	$133.62	—	$145.94	$581.89M	$635.54M	+9.22%	5.43%	+50.1 bps	1
Top 5 (by entry value)(5)					$8.12B	$9.25B	+13.90%
Total(8)					$11.03B	$12.45B	+12.91%

2023-08-14 → 2023-11-14

8 of 8 priced100.00% coverage

+0.14%

Holdings from Q2 2023 disclosure · accession 0001172661-23-003137 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
CMGTOP 5	953,608	$1850.08	—	$2166.02	$1.76B	$2.07B	+17.08%	18.86%	+322.0 bps	1
QSRTOP 5	23,348,135	$72.48	—	$70.19	$1.69B	$1.64B	-3.16%	16.73%	-52.9 bps	1
LOWTOP 5	7,468,850	$225.89	—	$202.24	$1.69B	$1.51B	-10.47%	15.58%	-163.2 bps	1
HLTTOP 5	9,332,853	$155.32	—	$167.03	$1.45B	$1.56B	+7.54%	12.56%	+94.7 bps	1
HHCTOP 5	16,570,228	$78.17	—	$74.48	$1.3B	$1.23B	-4.72%	12.09%	-57.1 bps	1
CP	15,095,528	$80.39	—	$70.88	$1.21B	$1.07B	-11.83%	11.27%	-133.3 bps	1
GOOG	9,377,195	$131.83	—	$135.43	$1.24B	$1.27B	+2.73%	10.49%	+28.6 bps	1
GOOGL	2,185,000	$131.33	—	$133.62	$286.96M	$291.96M	+1.74%	2.42%	+4.2 bps	1
Top 5 (by entry value)(5)					$7.89B	$8.01B	+1.51%
Total(8)					$10.63B	$10.64B	+0.14%

2023-05-15 → 2023-08-14

8 of 8 priced100.00% coverage

+2.75%

Holdings from Q1 2023 disclosure · accession 0001172661-23-002303 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
LOWTOP 5	10,036,114	$201.55	—	$225.89	$2.02B	$2.27B	+12.08%	19.64%	+237.2 bps	1
CMGTOP 5	1,029,186	$2047.12	—	$1850.08	$2.11B	$1.9B	-9.63%	17.21%	-165.6 bps	1
QSRTOP 5	24,194,166	$73.06	—	$72.48	$1.77B	$1.75B	-0.79%	15.90%	-12.6 bps	1
HLTTOP 5	9,299,041	$143.26	—	$155.32	$1.33B	$1.44B	+8.42%	12.82%	+107.9 bps	1
HHC	15,984,532	$75.30	—	$78.17	$1.2B	$1.25B	+3.81%	12.52%	+47.7 bps	1
CPTOP 5	15,238,044	$82.93	—	$80.39	$1.26B	$1.22B	-3.06%	11.48%	-35.1 bps	1
GOOG	8,069,770	$116.96	—	$131.83	$943.84M	$1.06B	+12.71%	8.21%	+104.4 bps	1
GOOGL	2,185,000	$116.51	—	$131.33	$254.57M	$286.96M	+12.72%	2.22%	+28.2 bps	1
Top 5 (by entry value)(5)					$8.49B	$8.59B	+1.19%
Total(8)					$10.9B	$11.19B	+2.75%

2023-02-13 → 2023-05-15

6 of 6 priced100.00% coverage

+2.72%

Holdings from Q4 2022 disclosure · accession 0001172661-23-000673 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
LOWTOP 5	10,374,801	$214.14	—	$201.55	$2.22B	$2.09B	-5.88%	23.53%	-138.4 bps	1
QSRTOP 5	24,194,166	$68.48	—	$73.06	$1.66B	$1.77B	+6.69%	17.81%	+119.1 bps	1
CMGTOP 5	1,105,208	$1614.31	—	$2047.12	$1.78B	$2.26B	+26.81%	17.46%	+468.1 bps	1
HLTTOP 5	10,031,580	$149.00	—	$143.26	$1.49B	$1.44B	-3.85%	14.43%	-55.6 bps	1
HHCTOP 5	15,895,135	$86.81	—	$75.30	$1.38B	$1.2B	-13.26%	13.83%	-183.3 bps	1
CP	15,237,044	$79.83	—	$82.93	$1.22B	$1.26B	+3.88%	12.94%	+50.2 bps	1
Top 5 (by entry value)(5)					$8.54B	$8.76B	+2.55%
Total(6)					$9.75B	$10.02B	+2.72%

2022-11-14 → 2023-02-13

6 of 6 priced100.00% coverage

+9.49%

Holdings from Q3 2022 disclosure · accession 0001172661-22-002568 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
LOWTOP 5	10,374,801	$204.66	—	$214.14	$2.12B	$2.22B	+4.63%	24.74%	+114.6 bps	1
CMGTOP 5	1,105,208	$1513.12	—	$1614.31	$1.67B	$1.78B	+6.69%	21.08%	+141.0 bps	1
QSRTOP 5	24,194,166	$59.85	—	$68.48	$1.45B	$1.66B	+14.42%	16.33%	+235.5 bps	1
HLTTOP 5	10,031,580	$138.76	—	$149.00	$1.39B	$1.49B	+7.38%	15.36%	+113.4 bps	1
CPTOP 5	15,237,044	$76.10	—	$79.83	$1.16B	$1.22B	+4.90%	12.91%	+63.3 bps	1
HHC	13,620,164	$68.45	—	$86.81	$932.3M	$1.18B	+26.82%	9.58%	+256.9 bps	1
Top 5 (by entry value)(5)					$7.8B	$8.37B	+7.42%
Total(6)					$8.73B	$9.56B	+9.49%

2022-08-15 → 2022-11-14

7 of 7 priced100.00% coverage

-4.42%

Holdings from Q2 2022 disclosure · accession 0001172661-22-002007 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
LOWTOP 5	10,207,306	$208.04	—	$204.66	$2.12B	$2.09B	-1.62%	23.89%	-38.8 bps	1
CMGTOP 5	1,105,208	$1692.03	—	$1513.12	$1.87B	$1.67B	-10.57%	19.36%	-204.7 bps	1
QSRTOP 5	23,822,641	$60.53	—	$59.85	$1.44B	$1.43B	-1.12%	16.01%	-18.0 bps	1
HLTTOP 5	9,908,602	$137.02	—	$138.76	$1.36B	$1.37B	+1.27%	14.80%	+18.8 bps	1
HHCTOP 5	13,620,164	$73.12	—	$68.45	$995.91M	$932.3M	-6.39%	12.42%	-79.3 bps	1
DPZ	2,061,312	$410.86	—	$370.23	$846.91M	$763.16M	-9.89%	10.76%	-106.5 bps	1
CP	2,944,259	$80.66	—	$76.10	$237.48M	$224.06M	-5.65%	2.76%	-15.6 bps	1
Top 5 (by entry value)(5)					$7.79B	$7.49B	-3.78%
Total(7)					$8.87B	$8.48B	-4.42%

2022-05-16 → 2022-08-15

8 of 8 priced100.00% coverage

+12.04%

Holdings from Q1 2022 disclosure · accession 0001172661-22-001442 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
LOWTOP 5	10,207,306	$194.73	—	$208.04	$1.99B	$2.12B	+6.84%	19.86%	+135.7 bps	1
CMGTOP 5	1,114,725	$1299.07	—	$1692.03	$1.45B	$1.89B	+30.25%	16.97%	+513.3 bps	1
HLTTOP 5	9,952,287	$132.85	—	$137.02	$1.32B	$1.36B	+3.14%	14.53%	+45.6 bps	1
HHCTOP 5	13,620,164	$85.34	—	$73.12	$1.16B	$995.91M	-14.32%	13.58%	-194.5 bps	1
QSRTOP 5	23,864,631	$51.73	—	$60.53	$1.23B	$1.44B	+17.01%	13.41%	+228.1 bps	1
NFLX	3,109,965	$186.51	—	$249.11	$580.04M	$774.72M	+33.56%	11.21%	+376.3 bps	1
DPZ	2,068,031	$336.45	—	$410.86	$695.79M	$849.67M	+22.12%	8.10%	+179.1 bps	1
CP	2,944,259	$69.79	—	$80.66	$205.48M	$237.48M	+15.58%	2.34%	+36.4 bps	1
Top 5 (by entry value)(5)					$7.15B	$7.81B	+9.21%
Total(8)					$8.64B	$9.68B	+12.04%

2022-03-07 → 2022-05-16

7 of 7 priced100.00% coverage

-5.82%

Holdings from Q4 2021 disclosure · accession 0001172661-22-001013 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
LOWTOP 5	10,236,471	$222.26	—	$194.73	$2.28B	$1.99B	-12.39%	24.54%	-304.0 bps	1
HLTTOP 5	12,594,336	$129.09	—	$132.85	$1.63B	$1.67B	+2.91%	18.22%	+53.1 bps	1
CMGTOP 5	1,114,725	$1323.96	—	$1299.07	$1.48B	$1.45B	-1.88%	18.08%	-34.0 bps	1
QSRTOP 5	23,937,248	$54.31	—	$51.73	$1.3B	$1.24B	-4.75%	13.47%	-64.0 bps	1
HHCTOP 5	13,620,164	$88.27	—	$85.34	$1.2B	$1.16B	-3.32%	12.86%	-42.7 bps	1
DPZ	2,092,202	$400.07	—	$336.45	$837.03M	$703.92M	-15.90%	10.95%	-174.2 bps	1
CP	2,813,747	$77.90	—	$69.79	$219.19M	$196.37M	-10.41%	1.88%	-19.5 bps	1
Top 5 (by entry value)(5)					$7.88B	$7.52B	-4.62%
Total(7)					$8.94B	$8.42B	-5.82%

2021-11-15 → 2022-03-07

6 of 6 priced100.00% coverage

-12.87%

Holdings from Q3 2021 disclosure · accession 0001172661-21-002355 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
LOWTOP 5	10,236,471	$234.92	—	$222.26	$2.4B	$2.28B	-5.39%	21.94%	-118.3 bps	1
CMGTOP 5	1,114,725	$1839.38	—	$1323.96	$2.05B	$1.48B	-28.02%	21.41%	-599.9 bps	1
HLTTOP 5	12,885,354	$142.91	—	$129.09	$1.84B	$1.66B	-9.67%	17.99%	-174.0 bps	1
QSRTOP 5	23,937,248	$58.40	—	$54.31	$1.4B	$1.3B	-7.00%	15.48%	-108.4 bps	1
HHCTOP 5	13,620,164	$93.20	—	$88.27	$1.27B	$1.2B	-5.29%	12.64%	-66.9 bps	1
DPZ	2,092,202	$517.32	—	$400.07	$1.08B	$837.03M	-22.66%	10.54%	-239.0 bps	1
Top 5 (by entry value)(5)					$8.96B	$7.92B	-11.68%
Total(6)					$10.05B	$8.75B	-12.87%

2021-08-16 → 2021-11-15

7 of 7 priced100.00% coverage

+4.37%

Holdings from Q2 2021 disclosure · accession 0001172661-21-001865 — these holdings should be identical to the manager's portfolio view for that quarter.

Ticker	Entry shares	Entry $	Split	Exit $	Entry value	Exit value	Return	Weight	Contribution	Valid
LOWTOP 5	10,140,520	$193.48	—	$234.92	$1.96B	$2.38B	+21.42%	18.37%	+393.4 bps	1
ATOP 5	11,695,838	$162.07	—	$157.78	$1.9B	$1.85B	-2.65%	16.14%	-42.7 bps	1
CMGTOP 5	1,086,136	$1877.37	—	$1839.38	$2.04B	$2B	-2.02%	15.72%	-31.8 bps	1
HLTTOP 5	12,760,047	$121.49	—	$142.91	$1.55B	$1.82B	+17.63%	14.37%	+253.4 bps	1
QSRTOP 5	23,696,917	$65.19	—	$58.40	$1.54B	$1.38B	-10.42%	14.26%	-148.5 bps	1
HHC	13,470,008	$90.09	—	$93.20	$1.21B	$1.26B	+3.45%	12.26%	+42.3 bps	1
DPZ	2,039,170	$513.19	—	$517.32	$1.05B	$1.05B	+0.80%	8.88%	+7.1 bps	1
Top 5 (by entry value)(5)					$8.99B	$9.43B	+4.91%
Total(7)					$11.25B	$11.74B	+4.37%