Pershing Square Capital’s Top Q3 Stock Positions

Following is information regarding Pershing Square’s 13F filing for the third quarter of 2011.  The fund’s portfolio is a very concentrated one, with only 10 stocks and one option position, for calls on J.C. Penney‘s (NYSE:JCP) shares.  Note that the fund liquidated its holdings in Greenlight Capital Re Ltd. (NASDAQ:GLRE), so there are 11 positions listed below.

  • Fortune Brands, Inc. (NYSE:FO): On 6/30/11 Pershing Square reported holding 17,170,033 shares with a market value of $1,094,933,012. This comprised 17.77% of the total portfolio. On 9/30/11, Pershing Square held 20,818,545 shares with a market value of $1,125,866,952. This comprised 19.19% of the total portfolio. The net change in shares for this position over the two quarters is 3,648,512. About the company: Fortune Brands, Inc. is a holding company with operating companies that offers home and hardware products, produces wines and spirits, and offers golf products.
  • J C Penney Company, Inc. (NYSE:JCP): On 6/30/11 Pershing Square reported holding 38,715,571 shares with a market value of $1,337,235,858. This comprised 21.70% of the total portfolio. On 9/30/11, Pershing Square held 38,715,571 shares with a market value of $1,036,803,018. This comprised 17.67% of the total portfolio. The net change in shares for this position over the two quarters is 0,000. About the company: J.C. Penney Company, Inc., through a subsidiary, operates department stores in the United States and Puerto Rico. The Company provides merchandise and services to consumers through department stores, catalog departments, and the Internet. JCPenney markets primarily family apparel, jewelry, shoes, accessories, and home furnishings.
  • General Growth Properties, Inc. (NYSE:GGP): On 6/30/11 Pershing Square reported holding 72,233,712 shares with a market value of $1,205,580,692. This comprised 19.57% of the total portfolio. On 9/30/11, Pershing Square held 72,233,712 shares with a market value of $874,027,943. This comprised 14.90% of the total portfolio. The net change in shares for this position over the two quarters is 0,000. About the company: General Growth Properties, Inc. is a real estate investment trust. The Company owns, operates, leases, acquires and expands enclosed regional shopping mall centers throughout the United States. The REIT, with its operating partnership also has unconsolidated equity interests in other regional mall companies.
  • Kraft Foods, Inc. (NYSE:KFT): On 6/30/11 Pershing Square reported holding 22,230,989 shares with a market value of $783,197,732. This comprised 12.71% of the total portfolio. On 9/30/11, Pershing Square held 25,183,333 shares with a market value of $845,656,368. This comprised 14.42% of the total portfolio. The net change in shares for this position over the two quarters is 2,952,344. About the company: Kraft Foods Inc. is a food and beverage company. The Company manufactures and markets packaged food products, including snacks, beverages, cheese, convenient meals and various packaged grocery products. Kraft sells its products throughout the world.
  • Citigroup, Inc. (NYSE:C): On 6/30/11 Pershing Square reported holding 23,520,741 shares with a market value of $979,403,641. This comprised 15.90% of the total portfolio. On 9/30/11, Pershing Square held 26,124,241 shares with a market value of $669,303,076. This comprised 11.41% of the total portfolio. The net change in shares for this position over the two quarters is 2,603,500. About the company: Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. The Company’s services include investment banking, retail brokerage, corporate banking, and cash management products and services.
  • Family Dollar Stores, Inc. (NYSE:FDO): On 6/30/11 Pershing Square reported holding 11,094,493 shares with a market value of $583,126,567. This comprised 9.46% of the total portfolio. On 9/30/11, Pershing Square held 11,388,329 shares with a market value of $579,210,420. This comprised 9.87% of the total portfolio. The net change in shares for this position over the two quarters is 293,836. About the company: Family Dollar Stores, Inc. is a national discount store chain. The Company operates stores located throughout the United States that offer merchandise that includes consumables, home products, apparel and accessories, seasonal and electronics.
  • Lowe’s Companies, Inc. (NYSE:LOW): On 6/30/11 Pershing Square reported holding 0,000 shares with a market value of $0. This comprised 0.00% of the total portfolio. On 9/30/11, Pershing Square held 21,240,301 shares with a market value of $410,787,425. This comprised 7.00% of the total portfolio. The net change in shares for this position over the two quarters is 21,240,301. About the company: Lowe’s Companies, Inc. is a home improvement retailer that distributes building materials and supplies through stores in the United States. The Company offers a complete line of products and services for home decorating, maintenance, repair, remodeling, and property maintenance.
  • Canadian Pacific Railway Limited (NYSE:CP): On 6/30/11 Pershing Square reported holding 0,000 shares with a market value of $0. This comprised 0.00% of the total portfolio. On 9/30/11, Pershing Square held 4,040,235 shares with a market value of $194,294,902. This comprised 3.31% of the total portfolio. The net change in shares for this position over the two quarters is 4,040,235. About the company: Canadian Pacific Railway Limited is a Class 1 transcontinental railway, providing freight and intermodal services over a network in Canada and the United States. The Company’s mainline network serves major Canadian ports and cities from Montreal to Vancouver, and key centers in the United States Midwest and Northeast.
  • Howard Hughes Corporation (NYSE:HHC): On 6/30/11 Pershing Square reported holding 3,568,017 shares with a market value of $0. This comprised 0.00% of the total portfolio. On 9/30/11, Pershing Square held 3,568,017 shares with a market value of $150,213,516. This comprised 0.00% of the total portfolio. The net change in shares for this position over the two quarters is 0,000. About the company: Howard Hughes Corporation develops real estate. The Company develops master planned communities, shopping malls, and mixed-use developments throughout the United States.
  • Alexander & Baldwin, Inc. (NYSE:ALEX): On 6/30/11 Pershing Square reported holding 3,561,943 shares with a market value of $171,543,174. This comprised 2.78% of the total portfolio. On 9/30/11, Pershing Square held 3,561,943 shares with a market value of $130,117,773. This comprised 2.22% of the total portfolio. The net change in shares for this position over the two quarters is 0,000. About the company: Alexander & Baldwin, Inc., through its subsidiaries, is involved in ocean transportation, property development and management, and food products businesses. The Company carries freight, primarily between various United States Pacific Coast ports, Hawaii ports, and Guam. Alexander also develops real property in Hawaii and on the mainland, as well as grows sugar cane and coffee.
  • Greenlight Capital Re Ltd (NASDAQ:GLRE): On 6/30/11 Pershing Square reported holding 250,000 shares with a market value of $6,572,500. This comprised 0.11% of the total portfolio. On 9/30/11, Pershing Square held 0,000 shares with a market value of $0. This comprised 0.00% of the total portfolio. The net change in shares for this position over the two quarters is -250,000. About the company: Greenlight Capital Re, Ltd. offers property and casualty reinsurance with a differentiated reinsurance and investment strategy.

(Note: Data regarding Pershing Square’s stock holdings are sourced from whalewisdom.com.  All data are assumed to be accurate.)

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