Bill Ackman Portfolio: All Stocks & Buys/Sells
As of Q1 2026 · reported on SEC Form 13F
Nothing new since this filing
Last filing for Q1 2026; Pershing Square Capital Management has not filed a 13F since — other managers are already reporting Q2 2026. The figures on this page stay where they are until the next filing lands.
Portfolio at a glance
- Portfolio value ?Total market value of every reported position on the quarter's reporting date, in US dollars.
- $13.71B
- Positions ?Number of distinct securities in the filing. Names reported on several lines are merged into one position.
- 11
- Top 10 share ?Share of the reported portfolio held in the ten largest positions. The higher it is, the more concentrated the bets.
- 99.9%
- Reporting period ?The quarter the filing covers. Managers have up to 45 days after the reporting date to file.
- Q1 2026
- Portfolio vs. S&P 500 (5 yr) ?Cumulative return of the replicated portfolio and of the S&P 500 over the calculated window. The sentence below states the gap between the two in percentage points — the plain difference between the two percentages. Replicated means: the reported stock weights at each quarterly reporting date, carried forward to the next one.
- +59.6% vs. +75.7%
That puts the replication 16.1 percentage points behind the S&P 500.
How this figure is built — and what it is not
This is NOT the fund's return. It is the return of a portfolio you would hold if you rebuilt the reported US stock basket at every quarterly reporting date, using the reported weights, and held it until the next one. Prices include dividends and the quarters are chained; the S&P 500 runs on the same basis. Whatever a 13F leaves out is missing here too: cash, short positions, bonds and everything outside the US. Options are deliberately excluded — a filing carries them at the value of the underlying shares, which would distort every weight. Between two filings a manager trades, and a quarterly replication cannot see those moves.
Calculated window: Q1 2021 to Q1 2026, in 19 quarterly steps.
This window differs from the usual five years: Pershing Square Capital Management last filed for Q1 2026. Without a newer filing there is no weighting to carry forward, so the calculation ends there. The S&P 500 comparison covers exactly the same period.
What these numbers show — and what they don't
The source is SEC Form 13F, the disclosure institutional investment managers must file with the U.S. Securities and Exchange Commission (SEC). It covers long positions in US-listed securities — stocks, plus exchange-traded options and convertible notes, an option being carried at the value of the underlying shares. Cash, short positions, ordinary bonds and holdings outside the US never appear. Filings are quarterly and land up to 45 days after the reporting date, so these figures are an official but delayed and partial view — not a live portfolio.
Buys and sells this quarter
Comparing the Q1 2026 filing against Q4 2025.
New positions
- MSFT
- 5,654,078 new
Added to
- AMZN
- 9,607,824 → 11,451,981
Trimmed
- BN
- 61,403,089 → 59,697,208
- UBER
- 30,207,734 → 29,958,771
- QSR
- 22,866,773 → 22,645,483
- META
- 2,673,569 → 2,660,861
- GOOG
- 6,163,871 → 311,726
- GOOGL
- 678,297 → 32,376
Sold out
- HLT
- was 3,028,664
Every position in the portfolio
Scrolls sideways. Linked tickers lead to our own stock page for that company.
| # | Ticker | Company | Value | Weight | Shares | Shares vs. prior quarter |
|---|---|---|---|---|---|---|
| 1 | BN | BROOKFIELD CORP | $2.42B | 17.62% | 59,697,208 | -2.8% |
| 2 | AMZN | AMAZON COM INC | $2.39B | 17.39% | 11,451,981 | +19.2% |
| 3 | UBER | UBER TECHNOLOGIES INC | $2.15B | 15.71% | 29,958,771 | -0.8% |
| 4 | MSFT | MICROSOFT CORP | $2.09B | 15.26% | 5,654,078 | new |
| 5 | QSR | RESTAURANT BRANDS INTL INC | $1.67B | 12.20% | 22,645,483 | -1.0% |
| 6 | META | META PLATFORMS INC | $1.52B | 11.10% | 2,660,861 | -0.5% |
| 7 | HHH | HOWARD HUGHES HOLDINGS INC | $1.19B | 8.70% | 18,852,064 | unchanged |
| 8 | SEG | SEAPORT ENTMT GROUP INC | $107.9M | 0.79% | 5,023,780 | unchanged |
| 9 | GOOG | ALPHABET INC | $89.4M | 0.65% | 311,726 | -94.9% |
| 10 | HTZ | HERTZ GLOBAL HLDGS INC | $70.3M | 0.51% | 15,241,127 | unchanged |
| 11 | GOOGL | ALPHABET INC | $9.3M | 0.07% | 32,376 | -95.2% |
The “Shares vs. prior quarter” column shows how the number of shares held changed compared with the previous quarterly filing — not the stock’s price performance.
About Bill Ackman
Bill Ackman is one of Wall Street's most outspoken activist investors. He founded Pershing Square Capital Management in 2004 after running the investment firm Gotham Partners, and built a reputation for making a small number of large, high-conviction bets rather than spreading capital across a broad portfolio.
Where many institutional investors stay quiet, Ackman goes public: campaigns are typically accompanied by detailed investor letters, presentations, and direct pressure on company boards to change strategy, leadership, or capital allocation. His highest-profile moves include the multi-year short against Herbalife (2012-2018), fought publicly against fellow investor Carl Icahn, along with activist stakes in Canadian Pacific Railway, J.C. Penney, and Netflix. Pershing Square also drew attention for a 2020 hedge against the early pandemic sell-off that turned into one of the fund's most talked-about trades.
This page tracks the holdings Pershing Square Capital Management discloses to the SEC through its Form 13F filing, a quarterly requirement for large institutional managers - showing position weightings alongside the buys and sells Minnow Street tracks quarter over quarter.
Worth keeping in mind: a 13F only captures US-listed long equity positions. Short positions, ordinary bonds, cash, and non-US holdings never appear in the filing, and the data can lag up to 45 days after quarter-end. It's a snapshot of disclosed holdings, not a full picture of the fund's actual portfolio or its returns.
Frequently Asked Questions
Pershing Square typically holds a small handful of large-cap names spanning consumer, restaurant, real estate, and financial businesses - past core positions have included Chipotle Mexican Grill, Restaurant Brands International, and Alphabet. The table above shows Pershing Square's most recently disclosed Form 13F holdings, including each position's weight in the portfolio.
Ackman rarely builds positions quietly; larger purchases are often accompanied by a public investment thesis or a letter to management. The exact buys, sells, and any new or closed positions from the latest quarter are shown in the table above, updated from Pershing Square's newest Form 13F filing.
Ackman runs a concentrated, activist strategy: rather than diversifying broadly, he builds large stakes in a handful of carefully researched companies, often pushing management on strategy, capital allocation, or leadership as a vocal shareholder. He's also known for public, pointed campaigns and occasional macro hedges against market-wide risk.
A Form 13F is a quarterly disclosure that institutional investment managers overseeing more than $100 million must file with the US Securities and Exchange Commission (SEC). It lists all US-listed long positions as of the quarter-end date, but can be filed up to 45 days later and never includes short positions, cash, ordinary bonds, or realized returns.
Between 2012 and 2018, Ackman positioned Pershing Square against nutrition company Herbalife, publicly calling its business model a pyramid scheme. The bet turned into one of the most public investor feuds on Wall Street, pitting Ackman against fellow investor Carl Icahn, before Pershing Square exited the position in 2018. It remains a defining example of how openly Ackman is willing to fight for a thesis.
Source
SEC Form 13F — the mandatory quarterly disclosure institutional investment managers file with the U.S. Securities and Exchange Commission (SEC). One filing per quarter, submitted up to 45 days after the reporting date; values are market values on that date, in US dollars.
These pages show reported holdings. They are not investment advice and not a recommendation to buy.