Bill Ackman's Pershing Square Capital Management disclosed in an SEC filing its holdings as of December 31, 2018. Pershing Square's two new buys during the fourth quarter included Starbucks (SBUX). Pershing Square increased its stake in three holdings, by size of previous position, ADP (ADP), Lowe's (LOW), and United Technologies (UTX). Pershing Square reduced its stake in three holdings, by size of previous position, Restaurant Brands International (QSR), Howard Hughes (HHC), and Chipotle Mexican Grill (CMG). Pershing Square's top holdings as of December 31, 2018, in order of size, were Restaurant Brands, Lowe's, Chipotle, Starbucks, and United Technologies.