# Restaurant Brands International (QSR): who owns it

3 value investors held Restaurant Brands International in their Q3 2026 13F, led by Pershing Square, Baupost Group, Davis Selected Advisers.

## 13F holders

| Manager | Portfolio | Value | Change | Quarters held |
| --- | --- | --- | --- | --- |
| Pershing Square | 9.6% | $1.9bn | Added +14% | 47 |
| Baupost Group | 9.0% | $490m | Trimmed -16% | 8 |
| Davis Selected Advisers | 0.9% | $203m | Trimmed -22% | 6 |

## Directors buying and selling (Form 4, last 12 months)

| Date | Who | Role | Bought or sold | Shares | Value |
| --- | --- | --- | --- | --- | --- |
| 2026-09-04 | Schwan Axel | Pres., Tim Hortons US & Canada | Sold | 57574 | $4.7m |
| 2026-08-21 | CURTIS THOMAS BENJAMIN | Pres., BK US & CA | Sold | 64000 | $5.2m |

## Fund holders

| Fund | Manager | Weight | Value | As at |
| --- | --- | --- | --- | --- |
| Davis International Fund | Davis Selected Advisers | 1.8% | $4.9m | 2026-07-31 |

Source: SEC filings, via moatshark (https://www.moatshark.com/s/qsr). Values traded and returns are estimates. Not investment advice. Built 2026-10-21.