Pershing Square Capital Management, L.P.
Bill Ackman · New York, NY · Founded 2004
Pershing Square Capital Management is a concentrated activist investment firm founded in 2004 by Bill Ackman. It runs a small number of large, long-term stakes in what it views as high-quality businesses, and has waged high-profile activist campaigns at names such as Canadian Pacific, Chipotle, Air Products, Howard Hughes and Universal Music.
Ackman is also known for outsized macro hedges — including a widely-cited credit hedge early in the 2020 pandemic — and for the Herbalife short. Most of the firm's permanent capital sits in the Amsterdam- and NYSE-listed Pershing Square Holdings.
History
Bill Ackman launches the concentrated activist fund.
A permanent-capital closed-end vehicle removes the pressure of investor redemptions.
A CDS hedge placed as COVID spread reportedly returns billions, funding new equity stakes at the lows.
2026 Q1 holdings
For 2026 Q2 the fund filed only a 13F notice on : another manager reports its holdings, so the newest holdings shown here are 2026 Q1.
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Brookfield Corp | CL A LTD VT SH | $2.42B | 59.7M | 17.6% | TRIM |
| 2 | AMZNAmazon.com, Inc.★ | COM | $2.39B | 11.5M | 17.4% | ADD |
| 3 | UBERUber Technologies, Inc.★ | COM | $2.15B | 30.0M | 15.7% | TRIM |
| 4 | MSFTMicrosoft Corporation★ | COM | $2.09B | 5.7M | 15.3% | NEW |
| 5 | Restaurant Brands Intl Inc | COM | $1.67B | 22.6M | 12.2% | TRIM |
| 6 | METAMeta Platforms, Inc.★ | CL A | $1.52B | 2.7M | 11.1% | TRIM |
| 7 | Howard Hughes Holdings Inc | COM | $1.19B | 18.9M | 8.7% | HOLD |
| 8 | Seaport Entmt Group Inc | COMMON STOCK | $107.9M | 5.0M | 0.8% | HOLD |
| 9 | GOOGLAlphabet Inc.★ | CAP STK CL C | $89.4M | 312K | 0.7% | TRIM |
| 10 | Hertz Global Hldgs Inc | COM NEW | $70.3M | 15.2M | 0.5% | HOLD |
| 11 | GOOGLAlphabet Inc.★ | CAP STK CL A | $9.3M | 32K | 0.1% | TRIM |
Notable 2026 Q1 moves
New positions
- MSFT Microsoft Corporation $2.09B
Exited
- Hilton Worldwide Hldgs Inc was $870.0M
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | 2026 Q1 | 2025 Q4 | 2025 Q3 | 2025 Q2 |
|---|---|---|---|---|
| AMZNAmazon Com Inc | $2.39B | $2.22B | $1.28B | $1.28B |
| UBERUber Technologies Inc | $2.15B | $2.47B | $2.97B | $2.83B |
| MSFTMicrosoft Corp | $2.09B | — | — | — |
| METAMeta Platforms Inc | $1.52B | $1.76B | — | — |
| GOOGLAlphabet Inc | $98.7M | $2.15B | $2.72B | $2.07B |