Bill Ackman’s Pershing Square Capital has delivered a return of 26.7% in 2023, outperforming the S&P 500’s (SPX) gain of over 24%. The fund disclosed that it has primarily invested in large-cap stocks. With Pershing Square beating broader markets, let’s look at the firm’s top three holdings.
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It’s worth noting that these holdings are based on the firm’s latest 13F filing filed on November 13.
- Chipotle (NYSE:CMG) – Chipotle operates a chain of fast-casual restaurants. CMG stock is Pershing Square’s top holding, accounting for about 17% of its portfolio. Further, the stock gained about 65% in 2023. Currently, Chipotle stock has a Moderate Buy consensus rating. Moreover, analysts’ average price target of $2,236 is roughly in line with its closing price on January 2.
- Restaurant Brands International (NYSE:QSR) – Restaurant Brands International is the world’s leading quick-service restaurant company, owning top brands like Burger King, Tim Hortons, POPEYES, and Firehouse Subs. QSR stock is Pershing Square’s second-largest holding, accounting for about 15% of its portfolio. Restaurant Brands International stock has gained nearly 25% in 2023. It has a Moderate Buy consensus rating. Further, analysts; stock price forecast of $78.13 implies a limited upside potential of 1.7%.
- Hilton Worldwide Holdings (NYSE:HLT) – This is a leading hospitality company with a portfolio of 22 brands encompassing 7,400 properties and over 1.1 million rooms across 124 countries and territories. HLT stock has appreciated about 45% in 2023 and accounts for about 15% of Ackman’s holdings. The stock has a Moderate Buy consensus rating. Moreover, analysts’ average price target of $174.21 implies 3.25% downside potential.
