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.
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.
