QSR

QSR

QSR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 20, 2025	Pershing Square Holdings	-	15.5%	AMZN, BN.TO, CMG, FMCC, FNMA, GOOGL, HHH, HLT, HTZ, NKE, QSR, UBER, UMG.AS	AI, E-Commerce, large cap, Music, technology, Travel, value	Amazon's AWS cloud business is well-positioned to capitalize on AI-driven growth with customer demand for AI compute far exceeding supply. Alphabet's AI leadership is evident through AI Overviews serving over two billion users and strong performance across its consumer app portfolio with AI-powered features.		View
2025 Q2	Jun 30, 2025	Mapfre US Forgotten Value Fund	-2.3%	-6.6%	BATRA, GOOGL, HHH, KVUE, LH, MKL, MODG, MSGS, NWSA, QSR, SSNC, TRIP, UBER, WRB	Communication Services, small caps, technology, undervalued, US, value	The fund focuses on companies undervalued by the market, particularly forgotten stocks that may be outside the focus of the investment community. These include companies with complex capital structures, those in temporarily out-of-favor sectors, or smaller capitalization companies followed by fewer analysts.		View
2023 Q1	Apr 17, 2023	EdgePoint Global	4.1%	4.1%	BERY, CSX, DE, MC.PA, QSR, TSLA	consumer, Cyclical, growth, Industrial, Long Term, technology, value	Berry Global demonstrated resilient cash flow through economic cycles, with counter-cyclical margin expansion during downturns. The company successfully integrated RPC Group acquisition and grew EPS by 60% over three years while deleveraging.		View
2026 Q1	Apr 13, 2026	The London Company Income Equity	4.2%	4.2%	AAPL, APD, BRK/B, CVX, D, GLW, MSFT, NTDOY, QSR	dividends, energy, geopolitics, income, Iran, Quality, technology, value		QSR AAPL NTDOY MSFT APD CVX GLW	View
2025 Q4	Feb 11, 2026	Pershing Square Holdings	-5.4%	20.9%	AMZN, BN, CMG, FMCC, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG.AS	AI, Concentration, growth, megacaps, Performance, Quality, technology, valuation	AI is having a transformative impact across portfolio companies, particularly in search, cloud computing, and digital advertising. Google's AI Overviews reach over 2 billion users globally, while AWS benefits from AI-driven compute demand requiring datacenter capacity doubling through 2027. Meta leverages AI for content recommendation and ad targeting improvements. AWS operates as the leading cloud hyperscaler in a highly concentrated market, growing 20% annually at $140 billion run-rate despite capacity constraints. The planned doubling of datacenter capacity through 2027 is expected to be rapidly absorbed by scaling AI inference workloads. Amazon operates the largest global e-commerce platform enabled by a unique logistics network fulfilling over $700 billion in gross merchandise value annually. The retail business has significant margin expansion opportunity through increasing advertising revenue mix, network density, and automation initiatives. Digital advertising represents a secularly fast-growing space with Meta as the dominant leader serving over 3.5 billion daily active users. AI-driven content recommendation systems and granular consumer behavior visibility enable highly precise ad targeting, making these platforms essential for businesses. Universal Music Group operates as a high-quality, capital-light business benefiting from greater music consumption. Streaming 2.0 deals incorporating wholesale price increases should drive higher subscription revenue growth, while AI partnerships with new platforms create additional monetization opportunities. Uber demonstrates strong momentum with 19% bookings growth and accelerating user engagement reaching new all-time highs. The company is positioned for continued teens-plus bookings growth and 30%+ earnings growth while expanding autonomous vehicle operations across 10+ cities by end of 2026.	CMG HHH QSR HTZ FNMA META GOOG AMZN UBER BN	View
2024 Q4	Feb 11, 2025	Pershing Square Holdings	-	10.2%	BN, CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG.AS	activism, Alternative Assets, Concentration, consumer, Hospitality, Music, technology, Transportation	Alphabet's underappreciated leadership in AI drove impressive business results in 2024. Early results from integration of AI Overviews in Search have been highly encouraging with users searching more frequently. Step-function improvements in cost per AI query down 90% over 18 months enabled rollout to over 1 billion users in more than 100 countries.		View
2025 Q3	Oct 19, 2025	EdgePoint Global	-	-	6702.T, AAPL, ALFA.ST, AME, AMG, AMS.PA, AMZN, APO, ATD.TO, AVGO, BAC, BAES.L, BERY, BKNG, BN.TO, CFR.SW, CSX, ELV, FFH.TO, FLS, FNV.TO, GIB.A.TO, GOOGL, ICE, JLL, LECO, MAT, META, MIDD, MMC, MSFT, MSI, NFLX, NSC, NVDA, PEY.TO, PM, PSMT, QCOM, QSR, RBA.TO, ROST, SAF.PA, SAP, TEL, TSM, UNVR, VRTX	active management, AI, Concentration, global, Quality, technology, value	Artificial intelligence represents a transformative technology creating a bubble in large U.S. tech companies. The enthusiasm has fueled concentration in the Mag 6 companies, but history shows early winners are difficult to identify and competition eventually erodes returns.	Franco-Nevada Corporation Mattel Inc. SAP SE TE Connectivity plc AMA SM	View
2022 Q4	Mar 28, 2023	Pershing Square Holdings	0.0%	6.3%	CMG, CP, FMCC, FNMA, HHC, HLT, LOW, NFLX, QSR, SVB, TWTR, UMG AV	-			View
2023 Q4	Mar 22, 2024	Pershing Square Holdings	0.0%	6.3%	CMG, CP.TO, FMCC, FNMA, GOOG, HHH, HLT, LOW, QSR, UMG.AS	Concentration, Engagement, Long Term, Quality, value	Alphabet faced concerns about AI capabilities and competitive positioning, particularly around its Gemini chatbot rollout which displayed biased responses. However, Google has industry-leading AI infrastructure, training data access, and technical expertise that position it well for AI commercialization despite early missteps.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 29, 2026	Fund Letters	The London Company Income Equity	Restaurant Brands International Inc	Restaurants	Restaurants	Bull	New York Stock Exchange	Burger King, franchise model, Popeyes, Restaurant Franchisor, Royalty Income, Self Help, Tim Hortons, Value	View Pitch
Feb 21, 2026	Fund Letters	Bill Ackman	Restaurant Brands International Inc.	Consumer Discretionary	Restaurants	Bull	New York Stock Exchange	Comps, Franchising, growth, Margins, valuation	View Pitch
Aug 8, 2025	Seeking Alpha	Daniel Javier	Restaurant Brands International Inc.	Consumer Discretionary	Restaurants	Bull	NYSE	—	View Pitch
Aug 7, 2025	Seeking Alpha	Far Horizon	Restaurant Brands International	Consumer Discretionary	Restaurants	Bull	NYSE	—	View Pitch

BSD Shareholders of QSR

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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