Fund · 13F holdings
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.
How to read these tables. A Form 13F reports each holding's market value as of the quarter-end date and the share count — not the price the fund paid, when it bought, or any short positions. Buys and sells are inferred by comparing share counts across quarters. Put/call lines are options (often hedges), and their value is notional rather than a straight equity stake. Figures are the fund's US-listed 13(f) holdings only; private positions appear when the manager reports them.
History
2004
Pershing Square founded
Bill Ackman launches the concentrated activist fund.
2014
Pershing Square Holdings lists
A permanent-capital closed-end vehicle removes the pressure of investor redemptions.
2020
Pandemic credit hedge
A CDS hedge placed as COVID spread reportedly returns billions, funding new equity stakes at the lows.
Q1 2026 holdings
Period end
2026-03-31
Filed
2026-05-15
Portfolio value
$13.71B
Positions
11
We track
6
| # | 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 Q1 2026 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 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 |
|---|---|---|---|---|
| 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 | $89.4M | $1.93B | $1.54B | $1.12B |
| GOOGLAlphabet Inc | $9.3M | $212.3M | $1.18B | $945.1M |
Earlier filings
Q4 2025 · 11 positions · $15.53B · filed 2026-02-17
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Brookfield Corp | CL A LTD VT SH | $2.82B | 61.4M | 18.1% | ADD |
| 2 | UBERUber Technologies, Inc.★ | COM | $2.47B | 30.2M | 15.9% | TRIM |
| 3 | AMZNAmazon.com, Inc.★ | COM | $2.22B | 9.6M | 14.3% | ADD |
| 4 | GOOGLAlphabet Inc.★ | CAP STK CL C | $1.93B | 6.2M | 12.5% | TRIM |
| 5 | METAMeta Platforms, Inc.★ | CL A | $1.76B | 2.7M | 11.4% | NEW |
| 6 | Restaurant Brands Intl Inc | COM | $1.56B | 22.9M | 10.0% | TRIM |
| 7 | Howard Hughes Holdings Inc | COM | $1.50B | 18.9M | 9.7% | HOLD |
| 8 | Hilton Worldwide Hldgs Inc | COM | $870.0M | 3.0M | 5.6% | TRIM |
| 9 | GOOGLAlphabet Inc.★ | CAP STK CL A | $212.3M | 678K | 1.4% | TRIM |
| 10 | Seaport Entmt Group Inc | COMMON STOCK | $99.3M | 5.0M | 0.6% | HOLD |
| 11 | Hertz Global Hldgs Inc | COM NEW | $78.3M | 15.2M | 0.5% | HOLD |
Q3 2025 · 11 positions · $14.64B · filed 2025-11-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | UBERUber Technologies, Inc.★ | COM | $2.97B | 30.3M | 20.3% | TRIM |
| 2 | Brookfield Corp | CL A LTD VT SH | $2.81B | 41.0M | 19.2% | TRIM |
| 3 | Howard Hughes Holdings Inc | COM | $1.55B | 18.9M | 10.6% | HOLD |
| 4 | GOOGLAlphabet Inc.★ | CAP STK CL C | $1.54B | 6.3M | 10.5% | HOLD |
| 5 | Restaurant Brands Intl Inc | COM | $1.47B | 22.9M | 10.0% | TRIM |
| 6 | AMZNAmazon.com, Inc.★ | COM | $1.28B | 5.8M | 8.7% | HOLD |
| 7 | GOOGLAlphabet Inc.★ | CAP STK CL A | $1.18B | 4.8M | 8.0% | TRIM |
| 8 | Chipotle Mexican Grill Inc | COM | $844.2M | 21.5M | 5.8% | HOLD |
| 9 | Hilton Worldwide Hldgs Inc | COM | $786.3M | 3.0M | 5.4% | HOLD |
| 10 | Seaport Entmt Group Inc | COMMON STOCK | $115.1M | 5.0M | 0.8% | HOLD |
| 11 | Hertz Global Hldgs Inc | COM NEW | $103.6M | 15.2M | 0.7% | HOLD |
Q2 2025 · 11 positions · $13.73B · filed 2025-08-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | UBERUber Technologies, Inc.★ | COM | $2.83B | 30.3M | 20.6% | |
| 2 | Brookfield Corp | CL A LTD VT SH | $2.55B | 41.2M | 18.5% | |
| 3 | Restaurant Brands Intl Inc | COM | $1.52B | 23.0M | 11.1% | |
| 4 | AMZNAmazon.com, Inc.★ | COM | $1.28B | 5.8M | 9.3% | |
| 5 | Howard Hughes Holdings Inc | COM | $1.27B | 18.9M | 9.3% | |
| 6 | Chipotle Mexican Grill Inc | COM | $1.21B | 21.5M | 8.8% | |
| 7 | GOOGLAlphabet Inc.★ | CAP STK CL C | $1.12B | 6.3M | 8.2% | |
| 8 | GOOGLAlphabet Inc.★ | CAP STK CL A | $945.1M | 5.4M | 6.9% | |
| 9 | Hilton Worldwide Hldgs Inc | COM | $807.2M | 3.0M | 5.9% | |
| 10 | Hertz Global Hldgs Inc | COM NEW | $104.1M | 15.2M | 0.8% | |
| 11 | Seaport Entmt Group Inc | COMMON STOCK | $93.7M | 5.0M | 0.7% |