Reported portfolio
Bill Ackman
Pershing Square Capital Management, L.P.
- Reported portfolio value
- $13,714,300,000
- Current positions
- 11
- Top five concentration
- 78.2%
- Largest position
- 17.6%
- New positions
- 1
- Closed positions
- 1
Reported holdings
| Company | Portfolio | Quarterly activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
BN BROOKFIELD CORP | 17.62% | Reduced 2.8% | 59,697,208−1,705,881 | $40 | $2,415,946,000−$401,842,000 | 13F2026-03-31 ↗ |
AMZN AMAZON COM INC | 17.39% | Added 19.2% | 11,451,981+1,844,157 | $208 | $2,385,104,000+$167,426,000 | 13F2026-03-31 ↗ |
UBER UBER TECHNOLOGIES INC | 15.71% | Reduced 0.8% | 29,958,771−248,963 | $72 | $2,154,934,000−$313,340,000 | 13F2026-03-31 ↗ |
MSFT MICROSOFT CORP | 15.26% | New | 5,654,078+5,654,078 | $370 | $2,092,970,000+$2,092,970,000 | 13F2026-03-31 ↗ |
QSR RESTAURANT BRANDS INTL INC | 12.20% | Reduced 1.0% | 22,645,483−221,290 | $74 | $1,673,501,000+$113,301,000 | 13F2026-03-31 ↗ |
META META PLATFORMS INC | 11.10% | Reduced 0.5% | 2,660,861−12,708 | $572 | $1,522,358,000−$242,438,000 | 13F2026-03-31 ↗ |
HHH HOWARD HUGHES HOLDINGS INC | 8.70% | Unchanged | 18,852,064 | $63 | $1,192,582,000−$311,248,000 | 13F2026-03-31 ↗ |
SEG SEAPORT ENTMT GROUP INC | 0.79% | Unchanged | 5,023,780 | $21 | $107,911,000+$8,591,000 | 13F2026-03-31 ↗ |
GOOG ALPHABET INC | 0.65% | Reduced 94.9% | 311,726−5,852,145 | $287 | $89,422,000−$1,844,801,000 | 13F2026-03-31 ↗ |
HTZ HERTZ GLOBAL HLDGS INC | 0.51% | Unchanged | 15,241,127 | $5 | $70,262,000−$8,078,000 | 13F2026-03-31 ↗ |
GOOGL ALPHABET INC | 0.07% | Reduced 95.2% | 32,376−645,921 | $288 | $9,310,000−$202,997,000 | 13F2026-03-31 ↗ |
HLT HILTON WORLDWIDE HLDGS INC | 0.00% | Exited | 0−3,028,664 | $287 | $0−$869,984,000 | 13F2026-03-31 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BN | BROOKFIELD CORP | 17.62% | 59,697,208 | $2,415,946,000 |
| AMZN | AMAZON COM INC | 17.39% | 11,451,981 | $2,385,104,000 |
| UBER | UBER TECHNOLOGIES INC | 15.71% | 29,958,771 | $2,154,934,000 |
| MSFT | MICROSOFT CORP | 15.26% | 5,654,078 | $2,092,970,000 |
| QSR | RESTAURANT BRANDS INTL INC | 12.20% | 22,645,483 | $1,673,501,000 |
| META | META PLATFORMS INC | 11.10% | 2,660,861 | $1,522,358,000 |
| HHH | HOWARD HUGHES HOLDINGS INC | 8.70% | 18,852,064 | $1,192,582,000 |
| SEG | SEAPORT ENTMT GROUP INC | 0.79% | 5,023,780 | $107,911,000 |
| GOOG | ALPHABET INC | 0.65% | 311,726 | $89,422,000 |
| HTZ | HERTZ GLOBAL HLDGS INC | 0.51% | 15,241,127 | $70,262,000 |
| GOOGL | ALPHABET INC | 0.07% | 32,376 | $9,310,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BN | BROOKFIELD CORP | 18.15% | 61,403,089 | $2,817,788,000 |
| UBER | UBER TECHNOLOGIES INC | 15.90% | 30,207,734 | $2,468,274,000 |
| AMZN | AMAZON COM INC | 14.28% | 9,607,824 | $2,217,678,000 |
| GOOG | ALPHABET INC | 12.46% | 6,163,871 | $1,934,223,000 |
| META | META PLATFORMS INC | 11.37% | 2,673,569 | $1,764,796,000 |
| QSR | RESTAURANT BRANDS INTL INC | 10.05% | 22,866,773 | $1,560,200,000 |
| HHH | HOWARD HUGHES HOLDINGS INC | 9.69% | 18,852,064 | $1,503,829,000 |
| HLT | HILTON WORLDWIDE HLDGS INC | 5.60% | 3,028,664 | $869,984,000 |
| GOOGL | ALPHABET INC | 1.37% | 678,297 | $212,307,000 |
| SEG | SEAPORT ENTMT GROUP INC | 0.64% | 5,023,780 | $99,320,000 |
| HTZ | HERTZ GLOBAL HLDGS INC | 0.50% | 15,241,127 | $78,339,000 |
Investor background
Bill Ackman
“Simple, predictable, and free-cash-flow-generative.”
Bill Ackman is the founder and chief executive officer of Pershing Square, a concentrated investment firm formed in 2003 and active as an investment manager since 2004. His approach combines fundamental business analysis, valuation discipline and, where useful, active engagement with corporate boards and management teams.
Pershing Square generally invests in a limited number of large companies with understandable economics, recurring cash generation, strong competitive positions and conservative financing. Ackman seeks situations in which market expectations underestimate a company’s long-term potential or overstate the effect of temporary problems. The firm may also identify opportunities to improve growth, efficiency, governance or capital allocation.
Ackman is worth following because his portfolio is concentrated enough for each major position to matter, while Pershing Square publishes unusually detailed letters, presentations and regulatory disclosures. These materials allow investors to compare the original investment thesis with subsequent corporate performance and the manager’s later decisions. His process is therefore more observable and testable than that of many private hedge-fund managers.
His principal strength is the combination of an investor’s valuation perspective with an owner’s willingness to influence how a company is managed. He is also willing to hold positions for multiple years and to use limited-risk asymmetric hedges when he believes a specific macroeconomic threat could damage the broader portfolio.
Ackman is not merely Pershing Square’s public spokesperson. A 2026 SEC filing identifies him as the firm’s sole portfolio manager and states that he retains ultimate decision-making authority over every portfolio position. The investment team, including Chief Investment Officer Ryan Israel, conducts research and participates in formal investment discussions, but final responsibility currently remains with Ackman.