Pershing Square Capital Management
Pershing Square Capital Management, led by notable investor Bill Ackman, manages approximately $13.71 billion in assets. Ackman, known for his activist investing approach, focuses on obtaining significant stakes in a limited number of large-cap companies and actively engaging with their management teams to enhance shareholder value. The fund's strategy emphasizes long-term, concentrated investments primarily in North American companies.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 11 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| BN | $2.42B | 17.62% | $40.41 | $43.94 | +8.7% | 17.6% | |
| AMZN | $2.39B | 17.39% | $208.27 | $245.58 | +17.9% | 17.4% | |
| UBER | $2.15B | 15.71% | $71.93 | $74.83 | +4.0% | 15.7% | |
| MSFT | $2.09B | 15.26% | $369.37 | $391.90 | +6.1% | 15.3% | |
| QSR | $1.67B | 12.20% | $73.23 | $74.26 | +1.4% | 12.2% | |
| META | $1.52B | 11.10% | $571.60 | $619.69 | +8.4% | 11.1% | |
| HHH | $1.19B | 8.70% | $63.26 | $73.77 | +16.6% | 8.7% | |
| SEG | $107.9M | 0.79% | $21.48 | $26.44 | +23.1% | 0.8% | |
| GOOG | $89.4M | 0.65% | $286.69 | $365.66 | +27.6% | 0.7% | |
| HTZ | $70.3M | 0.51% | $4.61 | $2.13 | -53.8% | 0.5% | |
| GOOGL | $9.3M | 0.07% | $287.39 | $369.04 | +28.4% | 0.1% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (1)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| MSFT | $2.09B | +6.1% |
Exited Positions (1)
| Ticker | Issuer | Notional |
|---|---|---|
| HLT | $870.0M |
Increased (1)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| AMZN | $167.4M | +19.2% | +17.9% |
Trimmed (6)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| GOOGL | $-203.0M | -95.2% | +28.4% | |
| GOOG | $-1844.8M | -94.9% | +27.6% | |
| BN | $-401.8M | -2.8% | +8.7% | |
| QSR | $113.3M | -1.0% | +1.4% | |
| UBER | $-313.3M | -0.8% | +4.0% | |
| META | $-242.4M | -0.5% | +8.4% |
Quarter Activity
During the quarter, Pershing Square Capital Management initiated a significant new position in Microsoft, valued at approximately $2.093 billion, and exited its holdings in Hilton, valued at $870 million. The fund increased its stake in Amazon by $19 million, while reducing positions in Alphabet (both GOOGL and GOOG classes), Restaurant Brands International, Uber Technologies, and Berkshire Hathaway, with the largest reductions seen in the Alphabet positions, each decreased by $95 million.
AI Commentary
<p>Pershing Square Capital Management's portfolio, with an AUM of $13.71 billion, is heavily concentrated in technology and services sectors. The fund's top holdings include Brookfield Corp (BN) at 17.6%, Amazon.com Inc (AMZN) at 17.4%, and Uber Technologies Inc (UBER) at 15.7%. Other significant investments include Microsoft Corp (MSFT) at 15.3% and Restaurant Brands International Inc (QSR) at 12.2%. This selection underscores a strong conviction in large-cap, growth-oriented companies, particularly in the tech and consumer services sectors.</p> <p>The recent portfolio adjustments signal a strategic shift in Pershing Square's investment thesis. The initiation of a substantial new position in Microsoft Corp (MSFT) worth $2,093 million and the closure of a position in Hilton Worldwide Holdings Inc (HLT) worth $870 million suggest a pivot towards technology and away from hospitality, likely due to differing growth prospects post-pandemic. Additionally, significant increases in Amazon (AMZN) by 19% and major reductions in Alphabet Inc's Class A (GOOGL) and Class C (GOOG) shares by 95% each indicate a refined focus on specific tech sub-sectors and a reassessment of value within the tech giants.</p>