Pershing Square Capital Management Activity Q4 2005-Q3 2023

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Q3 2023

			Value		Shares		↓ Weighting
HLT	Buy	HILTON WORLDWIDE HLDGS INC	$1,547,679,990	+13.9%	10,305,500	+10.4%	14.75%	+17.4%
LOW	Sell	LOWES COS INC	$1,468,726,924	-12.9%	7,066,623	-5.4%	14.00%	-10.2%
	New	HOWARD HUGHES HOLDINGS INC	$1,245,896,090	–	16,806,908	–	11.87%	–
GOOGL	Buy	ALPHABET INCcap stk cl a	$569,872,269	+117.9%	4,354,824	+99.3%	5.43%	+124.6%
HHC	Exit	HOWARD HUGHES CORP	$0	–	-16,570,228	–	-12.09%	–

Q2 2023

			Value		Shares		↓ Weighting
CMG	New	CHIPOTLE MEXICAN GRILL INC	$2,039,767,512	–	953,608	–	18.86%	–
QSR	New	RESTAURANT BRANDS INTL INC	$1,809,947,425	–	23,348,135	–	16.73%	–
LOW	New	LOWES COS INC	$1,685,719,445	–	7,468,850	–	15.58%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$1,358,396,754	–	9,332,853	–	12.56%	–
HHC	New	HOWARD HUGHES CORP	$1,307,722,394	–	16,570,228	–	12.09%	–
	New	CANADIAN PACIFIC KANSAS CITY	$1,219,265,797	–	15,095,528	–	11.27%	–
GOOG	New	ALPHABET INCcap stk cl c	$1,134,359,279	–	9,377,195	–	10.49%	–
GOOGL	New	ALPHABET INCcap stk cl a	$261,544,500	–	2,185,000	–	2.42%	–

Q4 2022

			Value		Shares		↓ Weighting
HHC	Exit	HOWARD HUGHES CORP	$0	–	-13,620,164	–	-9.58%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-15,237,044	–	-12.91%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-10,031,580	–	-15.36%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-24,194,166	–	-16.33%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-1,105,208	–	-21.08%	–
LOW	Exit	LOWES COS INC	$0	–	-10,374,801	–	-24.74%	–

Q3 2022

			Value		Shares		↓ Weighting
LOW	Buy	LOWES COS INC	$1,948,491,000	+9.3%	10,374,801	+1.6%	24.74%	+3.5%
QSR	Buy	RESTAURANT BRANDS INTL INC	$1,286,646,000	+7.7%	24,194,166	+1.6%	16.33%	+2.0%
HLT	Buy	HILTON WORLDWIDE HLDGS INC	$1,210,009,000	+9.6%	10,031,580	+1.2%	15.36%	+3.8%
CP	Buy	CANADIAN PAC RY LTD	$1,016,616,000	+394.4%	15,237,044	+417.5%	12.91%	+368.3%
DPZ	Exit	DOMINOS PIZZA INC	$0	–	-2,061,312	–	-10.76%	–

Q2 2022

			Value		Shares		↓ Weighting
LOW	New	LOWES COS INC	$1,782,910,000	–	10,207,306	–	23.89%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$1,444,794,000	–	1,105,208	–	19.36%	–
QSR	New	RESTAURANT BRANDS INTL INC	$1,194,705,000	–	23,822,641	–	16.01%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$1,104,215,000	–	9,908,602	–	14.80%	–
HHC	New	HOWARD HUGHES CORP	$926,852,000	–	13,620,164	–	12.42%	–
DPZ	New	DOMINOS PIZZA INC	$803,314,000	–	2,061,312	–	10.76%	–
CP	New	CANADIAN PAC RY LTD	$205,627,000	–	2,944,259	–	2.76%	–

Q4 2021

			Value		Shares		↓ Weighting
DPZ	Exit	DOMINOS PIZZA INC	$0	–	-2,092,202	–	-10.54%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-13,620,164	–	-12.64%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-23,937,248	–	-15.48%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-12,885,354	–	-17.99%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-1,114,725	–	-21.41%	–
LOW	Exit	LOWES COS INC	$0	–	-10,236,471	–	-21.94%	–

Q3 2021

			Value		Shares		↓ Weighting
LOW	Buy	LOWES COS INC	$2,076,571,000	+5.6%	10,236,471	+0.9%	21.94%	+19.5%
CMG	Buy	CHIPOTLE MEXICAN GRILL INC	$2,026,035,000	+20.3%	1,114,725	+2.6%	21.41%	+36.2%
HLT	Buy	HILTON WORLDWIDE HLDGS INC	$1,702,284,000	+10.6%	12,885,354	+1.0%	17.99%	+25.2%
QSR	Buy	RESTAURANT BRANDS INTL INC	$1,464,720,000	-4.1%	23,937,248	+1.0%	15.48%	+8.6%
HHC	Buy	HOWARD HUGHES CORP	$1,195,987,000	-8.9%	13,620,164	+1.1%	12.64%	+3.1%
DPZ	Buy	DOMINOS PIZZA INC	$997,897,000	+4.9%	2,092,202	+2.6%	10.54%	+18.7%
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-11,695,838	–	-16.14%	–

Q2 2021

			Value		Shares		↓ Weighting
LOW	New	LOWES COS INC	$1,966,957,000	–	10,140,520	–	18.37%	–
A	New	AGILENT TECHNOLOGIES INC	$1,728,762,000	–	11,695,838	–	16.14%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$1,683,880,000	–	1,086,136	–	15.72%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$1,539,117,000	–	12,760,047	–	14.37%	–
QSR	New	RESTAURANT BRANDS INTL INC	$1,527,029,000	–	23,696,917	–	14.26%	–
HHC	New	HOWARD HUGHES CORP	$1,312,787,000	–	13,470,008	–	12.26%	–
DPZ	New	DOMINOS PIZZA INC	$951,252,000	–	2,039,170	–	8.88%	–

Q4 2020

			Value		Shares		↓ Weighting
HHC	Exit	HOWARD HUGHES CORP	$0	–	-10,918,008	–	-7.13%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-10,131,008	–	-9.87%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-13,363,011	–	-12.92%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-12,248,514	–	-14.01%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-1,161,232	–	-16.37%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-25,119,016	–	-16.37%	–
LOW	Exit	LOWES COS INC	$0	–	-12,408,077	–	-23.33%	–

Q3 2020

			Value		Shares		↓ Weighting
LOW	Sell	LOWES COS INC	$2,058,004,000	+19.8%	12,408,077	-2.4%	23.33%	+5.3%
A	Sell	AGILENT TECHNOLOGIES INC	$1,236,365,000	+10.8%	12,248,514	-3.0%	14.01%	-2.6%
HLT	Sell	HILTON WORLDWIDE HLDGS INC	$1,140,132,000	+12.6%	13,363,011	-3.1%	12.92%	-1.1%

Q2 2020

			Value		Shares		↓ Weighting
LOW	New	LOWES COS INC	$1,717,220,000	–	12,708,853	–	22.15%	–
QSR	New	RESTAURANT BRANDS INTL INC	$1,372,252,000	–	25,119,016	–	17.70%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$1,222,034,000	–	1,161,232	–	15.76%	–
A	New	AGILENT TECHNOLOGIES INC	$1,115,812,000	–	12,626,593	–	14.39%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$1,012,845,000	–	13,789,589	–	13.06%	–
SBUX	New	STARBUCKS CORP	$745,541,000	–	10,131,008	–	9.62%	–
HHC	New	HOWARD HUGHES CORP	$567,191,000	–	10,918,008	–	7.32%	–

Q4 2019

			Value		Shares		↓ Weighting
HHC	Exit	HOWARD HUGHES CORP	$0	–	-1,194,793	–	-2.39%	–
A	Exit	AGILENT TECHNOLOGIES INC	$0	–	-2,916,103	–	-3.44%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-9,313,890	–	-12.69%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-4,015,594	–	-12.87%	–
LOW	Exit	LOWES COS INC	$0	–	-8,613,212	–	-14.59%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-10,556,805	–	-15.15%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-15,084,304	–	-16.54%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-1,724,310	–	-22.33%	–

Q3 2019

			Value		Shares		↓ Weighting
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$1,449,231,000	+10.9%	1,724,310	-3.3%	22.33%	+14.7%
QSR	Sell	RESTAURANT BRANDS INTL INC	$1,073,097,000	-1.3%	15,084,304	-3.6%	16.54%	+2.0%
HLT	Sell	HILTON WORLDWIDE HLDGS INC	$982,944,000	-8.3%	10,556,805	-3.7%	15.15%	-5.2%
LOW	Sell	LOWES COS INC	$947,109,000	+5.5%	8,613,212	-3.2%	14.59%	+9.0%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$835,324,000	+11.5%	4,015,594	+14.3%	12.87%	+15.3%
A	New	AGILENT TECHNOLOGIES INC	$223,461,000	–	2,916,103	–	3.44%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-4,029,526	–	-9.93%	–

Q2 2019

			Value		Shares		↓ Weighting
CMG	New	CHIPOTLE MEXICAN GRILL INC	$1,306,513,000	–	1,782,710	–	19.48%	–
QSR	New	RESTAURANT BRANDS INTL INC	$1,087,680,000	–	15,641,065	–	16.22%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$1,071,841,000	–	10,966,251	–	15.98%	–
LOW	New	LOWES COS INC	$898,153,000	–	8,900,535	–	13.39%	–
SBUX	New	STARBUCKS CORP	$780,783,000	–	9,313,890	–	11.64%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$748,866,000	–	3,512,997	–	11.16%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$666,202,000	–	4,029,526	–	9.93%	–
HHC	New	HOWARD HUGHES CORP	$147,963,000	–	1,194,793	–	2.21%	–

Q4 2018

			Value		Shares		↓ Weighting
HHC	Exit	HOWARD HUGHES CORP	$0	–	-2,133,236	–	-5.09%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-40,451,506	–	-9.68%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-4,029,427	–	-11.66%	–
UTX	Exit	UNITED TECHNOLOGIES CORP	$0	–	-4,947,788	–	-13.28%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-2,059,106	–	-17.97%	–
LOW	Exit	LOWES COS INC	$0	–	-8,438,801	–	-18.60%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-20,843,919	–	-23.72%	–

Q3 2018

			Value		Shares		↓ Weighting
LOW	Buy	LOWES COS INC	$968,943,000	+31.4%	8,438,801	+9.4%	18.60%	+46.4%
CMG	Sell	CHIPOTLE MEXICAN GRILL INC	$935,905,000	-24.7%	2,059,106	-28.6%	17.97%	-16.1%
UTX	Buy	UNITED TECHNOLOGIES CORP	$691,750,000	+21.8%	4,947,788	+9.0%	13.28%	+35.8%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$607,073,000	+7.1%	4,029,427	-4.6%	11.66%	+19.4%
HHC	Sell	HOWARD HUGHES CORP	$264,991,000	-9.3%	2,133,236	-3.2%	5.09%	+1.1%
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-16,371,713	–	-11.56%	–

Q2 2018

			Value		Shares		↓ Weighting
QSR	New	RESTAURANT BRANDS INTL INC	$1,256,888,000	–	20,843,919	–	21.65%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$1,243,408,000	–	2,882,463	–	21.42%	–
LOW	New	LOWES COS INC	$737,370,000	–	7,715,501	–	12.70%	–
MDLZ	New	MONDELEZ INTL INCcl a	$671,240,000	–	16,371,713	–	11.56%	–
UTX	New	UNITED TECHNOLOGIES CORP	$567,713,000	–	4,540,615	–	9.78%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$566,790,000	–	4,225,365	–	9.76%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$469,237,000	–	40,451,506	–	8.08%	–
HHC	New	HOWARD HUGHES CORP	$292,101,000	–	2,204,534	–	5.03%	–

Q4 2017

			Value		Shares		↓ Weighting
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-40,451,506	–	-8.82%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-4,704,534	–	-10.85%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-13,927,445	–	-11.07%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-2,882,463	–	-17.35%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-8,798,442	–	-18.81%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-26,500,729	–	-33.10%	–

Q3 2017

			Value		Shares		↓ Weighting
QSR	Sell	RESTAURANT BRANDS INTL INC	$1,692,867,000	-30.9%	26,500,729	-32.3%	33.10%	-18.7%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$961,846,000	+436.2%	8,798,442	+402.5%	18.81%	+530.5%
MDLZ	Sell	MONDELEZ INTL INCcl a	$566,290,000	-9.6%	13,927,445	-3.9%	11.07%	+6.4%
NOMD	Exit	NOMAD FOODS LTD	$0	–	-33,333,334	–	-7.82%	–

Q2 2017

			Value		Shares		↓ Weighting
QSR	New	RESTAURANT BRANDS INTL INC	$2,448,475,000	–	39,150,551	–	40.71%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$1,199,393,000	–	2,882,463	–	19.94%	–
MDLZ	New	MONDELEZ INTL INCcl a	$626,092,000	–	14,496,225	–	10.41%	–
HHC	New	HOWARD HUGHES CORP	$577,905,000	–	4,704,534	–	9.61%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$512,925,000	–	40,451,506	–	8.53%	–
NOMD	New	NOMAD FOODS LTD	$470,333,000	–	33,333,334	–	7.82%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$179,394,000	–	1,750,867	–	2.98%	–

Q4 2016

			Value		Shares		↓ Weighting
ZTS	Exit	ZOETIS INCcl a	$0	–	-2,717,719	–	-2.61%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-554,213	–	-4.34%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-42,737,394	–	-6.40%	–
NOMD	Exit	NOMAD HLDGS LTD	$0	–	-33,333,334	–	-7.28%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-3,568,017	–	-7.55%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-21,591,122	–	-9.79%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-4,025,140	–	-11.18%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-22,942,225	–	-18.61%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-39,150,551	–	-32.24%	–

Q3 2016

			Value		Shares		↓ Weighting
APD	Sell	AIR PRODS & CHEMS INC	$605,140,000	-44.0%	4,025,140	-47.0%	11.18%	-22.2%
CMG	New	CHIPOTLE MEXICAN GRILL INC	$234,709,000	–	554,213	–	4.34%	–
ZTS	Sell	ZOETIS INCcl a	$141,349,000	-85.9%	2,717,719	-87.2%	2.61%	-80.5%
CP	Exit	CANADIAN PAC RY LTD	$0	–	-9,840,890	–	-16.87%	–

Q2 2016

			Value		Shares		↓ Weighting
QSR	New	RESTAURANT BRANDS INTL INC	$1,628,663,000	–	39,150,551	–	21.68%	–
CP	New	CANADIAN PAC RY LTD	$1,267,408,000	–	9,840,890	–	16.87%	–
APD	New	AIR PRODS & CHEMS INC	$1,079,666,000	–	7,601,140	–	14.37%	–
MDLZ	New	MONDELEZ INTL INCcl a	$1,044,101,000	–	22,942,225	–	13.90%	–
ZTS	New	ZOETIS INCcl a	$1,004,880,000	–	21,173,188	–	13.38%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$434,845,000	–	21,591,122	–	5.79%	–
HHC	New	HOWARD HUGHES CORP	$407,896,000	–	3,568,017	–	5.43%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$379,508,000	–	42,737,394	–	5.05%	–
NOMD	New	NOMAD HLDGS LTD	$266,000,000	–	33,333,334	–	3.54%	–

Q4 2015

			Value		Shares		↓ Weighting
HHC	Exit	HOWARD HUGHES CORP	$0	–	-3,568,017	–	-2.94%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-42,737,394	–	-3.88%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-38,003,984	–	-9.79%	–
ZTS	Exit	ZOETIS INCcl a	$0	–	-41,823,145	–	-12.35%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-43,366,342	–	-13.02%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-13,940,890	–	-14.35%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-20,549,076	–	-18.79%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-19,473,933	–	-24.90%	–

Q3 2015

			Value		Shares		↓ Weighting
MDLZ	New	MONDELEZ INTL INCcl a	$1,815,749,000	–	43,366,342	–	13.02%	–

Q2 2015

			Value		Shares		↓ Weighting
VRX	New	VALEANT PHARMACEUTICALS INTL	$4,326,134,000	–	19,473,933	–	29.95%	–
APD	New	AIR PRODS & CHEMS INC	$2,811,730,000	–	20,549,076	–	19.46%	–
CP	New	CANADIAN PAC RY LTD	$2,233,749,000	–	13,940,890	–	15.46%	–
ZTS	New	ZOETIS INCcl a	$2,016,712,000	–	41,823,145	–	13.96%	–
QSR	New	RESTAURANT BRANDS INTL INC	$1,452,132,000	–	38,003,984	–	10.05%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$1,093,223,000	–	42,737,394	–	7.57%	–
HHC	New	HOWARD HUGHES CORP	$512,153,000	–	3,568,017	–	3.54%	–

Q4 2014

			Value		Shares		↓ Weighting
ZTS	Exit	ZOETIS INCcl a	$0	–	-5,536,862	–	-1.52%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-3,568,017	–	-3.99%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-33,333,330	–	-6.21%	–
BKW	Exit	BURGER KING WORLDWIDE INC	$0	–	-38,387,865	–	-8.48%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-20,549,076	–	-19.92%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-13,940,890	–	-21.54%	–
AGN	Exit	ALLERGAN INC	$0	–	-28,878,538	–	-38.33%	–

Q3 2014

			Value		Shares		↓ Weighting
CP	Buy	CANADIAN PAC RY LTD	$2,892,316,000	+14.6%	13,940,890	+0.0%	21.54%	+7.5%
ZTS	New	ZOETIS INCcl a	$204,587,000	–	5,536,862	–	1.52%	–

Q2 2014

			Value		Shares		↓ Weighting
AGN	New	ALLERGAN INC	$4,886,826,000	–	28,878,538	–	38.79%	–
APD	New	AIR PRODS & CHEMS INC	$2,643,022,000	–	20,549,076	–	20.98%	–
CP	New	CANADIAN PAC RY LTD	$2,524,784,000	–	13,938,302	–	20.04%	–
BKW	New	BURGER KING WORLDWIDE INC	$1,044,918,000	–	38,387,865	–	8.30%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$934,333,000	–	33,333,330	–	7.42%	–
HHC	New	HOWARD HUGHES CORP	$563,140,000	–	3,568,017	–	4.47%	–

Q4 2013

			Value		Shares		↓ Weighting
PG	Exit	PROCTER & GAMBLE CO	$0	–	-2,123,893	–	-1.56%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-3,568,017	–	-3.90%	–
GGP	Exit	GENERAL GROWTH PPTYS INC NEW	$0	–	-35,681,182	–	-6.70%	–
BKW	Exit	BURGER KING WORLDWIDE INC	$0	–	-38,372,120	–	-7.29%	–
BEAM	Exit	BEAM INC	$0	–	-20,818,545	–	-13.10%	–
PG	Exit	PROCTER & GAMBLE COcall	$0	–	-25,000,000	–	-18.39%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-20,545,284	–	-21.31%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-23,125,192	–	-27.75%	–

Q3 2013

			Value		Shares		↓ Weighting
CP	Sell	CANADIAN PAC RY LTD	$2,851,336,000	-2.8%	23,125,192	-4.3%	27.75%	+3.6%
APD	Buy	AIR PRODS & CHEMS INC	$2,189,510,000	+136.8%	20,545,284	+103.5%	21.31%	+152.4%
GGP	Sell	GENERAL GROWTH PPTYS INC NEW	$688,290,000	-48.9%	35,681,182	-47.4%	6.70%	-45.5%
PG	Sell	PROCTER & GAMBLE CO	$160,545,000	-76.7%	2,123,893	-76.2%	1.56%	-75.1%
MATX	Exit	MATSON INC	$0	–	-202,913	–	-0.05%	–
JCPNQ	Exit	PENNEY J C INC	$0	–	-39,075,771	–	-6.09%	–

Q2 2013

			Value		Shares		↓ Weighting
CP	New	CANADIAN PAC RY LTD	$2,932,527,000	–	24,159,888	–	26.78%	–
PG	New	PROCTER & GAMBLE COcall	$1,924,750,000	–	25,000,000	–	17.58%	–
GGP	New	GENERAL GROWTH PPTYS INC NEW	$1,346,970,000	–	67,789,157	–	12.30%	–
BEAM	New	BEAM INC	$1,313,859,000	–	20,818,545	–	12.00%	–
APD	New	AIR PRODS & CHEMS INC	$924,464,000	–	10,095,708	–	8.44%	–
BKW	New	BURGER KING WORLDWIDE INC	$748,640,000	–	38,372,120	–	6.84%	–
PG	New	PROCTER & GAMBLE CO	$688,301,000	–	8,940,133	–	6.28%	–
JCPNQ	New	PENNEY J C INC	$667,414,000	–	39,075,771	–	6.09%	–
HHC	New	HOWARD HUGHES CORP	$399,939,000	–	3,568,017	–	3.65%	–
MATX	New	MATSON INC	$5,073,000	–	202,913	–	0.05%	–

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