How We Invest

13F FILER • BILL ACKMAN

Pershing Square Capital

Bill Ackman — Pershing Square Capital Management, L.P.

No writing by this manager has been read and indexed yet, so this page carries the filings only. Holdings come straight from the Form 13F-HR on EDGAR.

11

Positions

$13.7B

Reported Value

99.9%

In Top 10

—

Claims Indexed

Largest reported positions

PERSHING SQUARE CAPITAL MANAGEMENT, L.P. • CIK 0001336528 • 2026-03-31 • FILED 2026-05-15

WHAT CHANGED THIS QUARTER

In its Q1 2026 13F, filed May 15, 2026, Pershing Square Capital reported 11 positions worth $13.7B in US-listed stock. The largest stock position is Brookfield Corp at 17.6% of the reported book, and the ten largest lines of any type make up 99.9% of it.

It opened 1 new position, the largest stock position being Microsoft Corp ($2.1B), and exited 1, the largest stock exit being Hilton Worldwide Hldgs Inc ($870.0M last quarter).

Among positions it already held, the biggest increase by share count was Amazon Com Inc (+19%), and the biggest cuts were Alphabet Inc (−95%), Alphabet Inc (−95%) and Brookfield Corp (−3%).

Largest reported positions, quarter ended 2026-03-31
IssuerValueWeightShares QoQ
BROOKFIELD CORP$2.4B17.6%-3%
AMAZON COM INC$2.4B17.4%+19%
UBER TECHNOLOGIES INC$2.2B15.7%-1%
MICROSOFT CORP$2.1B15.3%New
RESTAURANT BRANDS INTL INC$1.7B12.2%-1%
META PLATFORMS INC$1.5B11.1%-1%
HOWARD HUGHES HOLDINGS INC$1.2B8.7%—
SEAPORT ENTMT GROUP INC$107.9M0.8%—
ALPHABET INC$89.4M0.7%-95%
HERTZ GLOBAL HLDGS INC$70.3M0.5%—
ALPHABET INC$9.3M0.1%-95%

11 of 11 positions. A 13F covers long US-listed positions at a quarter end only — no shorts, leverage, cash, ordinary bonds or private holdings — and is 45 days old on publication.

NEW POSITIONS

  • Microsoft Corp$2.1B · 15.3%

EXITS

  • Hilton Worldwide Hldgs Inc$870.0M last quarter

QUESTIONS PEOPLE ASK

What are Pershing Square Capital's largest holdings?

OPEN
As of Mar 31, 2026, the three largest stock positions are Brookfield Corp (17.6%), Amazon Com Inc (17.4%) and Uber Technologies Inc (15.7%), together 50.7% of the reported book.

How big is Pershing Square Capital's 13F portfolio?

OPEN
The Q1 2026 13F, filed May 15, 2026, reports 11 positions worth $13.7B. The ten largest make up 99.9% of it.

What did Pershing Square Capital buy and sell in Q1 2026?

OPEN
It opened 1 new position, the largest stock position being Microsoft Corp ($2.1B), and exited 1, the largest stock exit being Hilton Worldwide Hldgs Inc ($870.0M last quarter). Among positions it already held, the biggest increase by share count was Amazon Com Inc (+19%), and the biggest cuts were Alphabet Inc (−95%), Alphabet Inc (−95%) and Brookfield Corp (−3%).

When is Pershing Square Capital's next 13F due?

OPEN
The Q3 2026 13F is due Nov 16, 2026. Forty-five days after the quarter ends is November 14, 2026 (Saturday), so the deadline moves to the next business day. Bill Ackman's filing usually lands close to the deadline.

Filers with overlapping books