The largest three 13F positions are Restaurant Brands International, Chipotle Mexican Grill, and Lowes Companies and together they account for ~56% of the portfolio. This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory 13F Form filed on 08/14/2018. Please visit our Tracking Bill Ackman's Pershing Square Holdings article for an idea on how his holdings have progressed over the years and our previous update for the fund’s moves during Q1 2018.