Bill Ackman Portfolio: Pershing Square 13F Holdings
Pershing Square 13F holdings, quarter ended June 30, 2026
| Security | Shares | Reported value | Weight | Change vs prior quarter |
|---|---|---|---|---|
| UBER UBER TECHNOLOGIES INC | 34,326,200 | $2.48 billion | 12.7% | Added 15% |
| BN BROOKFIELD CORP | 57,481,047 | $2.45 billion | 12.6% | Trimmed 4% |
| MSFT MICROSOFT CORP | 6,206,730 | $2.32 billion | 11.9% | Added 10% |
| AMZN AMAZON COM INC | 8,563,857 | $2.04 billion | 10.5% | Trimmed 25% |
| HHH HOWARD HUGHES HOLDINGS INC | 27,852,064 | $1.99 billion | 10.2% | Added 48% |
| QSR RESTAURANT BRANDS INTL INC | 25,821,284 | $1.87 billion | 9.6% | Added 14% |
| META META PLATFORMS INC | 3,196,062 | $1.80 billion | 9.2% | Added 20% |
| V VISA INC | 3,270,470 | $1.12 billion | 5.8% | New |
| MA MASTERCARD INCORPORATED | 2,124,646 | $1.09 billion | 5.6% | New |
| SPGI S&P GLOBAL INC | 2,593,155 | $1.06 billion | 5.4% | New |
| NFLX NETFLIX INC. | 13,081,465 | $934.0 million | 4.8% | New |
| PSUS PERSHING SQUARE USA LTD | 4,000,000 | $149.5 million | 0.8% | New |
| SEG SEAPORT ENTMT GROUP INC | 5,023,780 | $133.6 million | 0.7% | Unchanged |
| HTZ HERTZ GLOBAL HLDGS INC | 14,991,599 | $34.0 million | 0.2% | Trimmed 2% |
0001172661-26-003790). 13F reports are due 45 days after each quarter ends, so the next update follows the next quarterly deadline.
What is Bill Ackman buying?
In the quarter ended June 30, 2026, Pershing Square added Visa (V), Mastercard (MA), S&P Global (SPGI), Netflix (NFLX), Pershing Square USA (PSUS) and exited Alphabet (GOOG/GOOGL). The fund holds 14 US-listed positions worth $19.47 billion in reported value.
What are Pershing Square's largest holdings?
The five largest lines are UBER (12.7%), BN (12.6%), MSFT (11.9%), AMZN (10.5%), HHH (10.2%), together 57.9% of reported value. Ackman runs a concentrated book, so a handful of names drive results.
Who files Pershing Square's 13F now?
From the quarter ended June 30, 2026 the holdings appear in the 13F of Pershing Square Inc., described in the adviser's 13F notice as its public parent company. Earlier quarters were filed by Pershing Square Capital Management, L.P.
Source: SEC EDGAR Form 13F-HR. Values are as of quarter end; weights use total reported value. Changes compare share counts with the quarter ended March 31, 2026.
A concentrated portfolio by design
Ackman's approach is the opposite of index-style diversification. The largest single line is 12.7% of the book, the top three 37.2% and the top five 57.9%. Every company Ackman owns is meant to be a simple, predictable, cash-generating business with a durable moat, bought when he believes the market misprices it. That concentration is why each pershing square 13f filings release gets so much attention: moving in or out of one name can change a tenth of the fund.
Concentration also means risk. A mistake in one position can cost years of gains, which Pershing learned in the 2010s with its short of Herbalife and its long in Valeant Pharmaceuticals, both of which ended in large losses. The recovery that followed came from the same concentrated style applied to higher-quality businesses.
How the book changed from 2025 to 2026
Reading the bill ackman form 13f reports quarter by quarter shows a steady rotation. In mid-2025 the fund was led by Uber, Brookfield and Alphabet, with Chipotle and Hilton as long-time holdings. Chipotle was sold by the end of 2025 and Meta Platforms was added. In early 2026 Microsoft entered as a large position, Hilton was sold and Alphabet was cut to a small stake. In the quarter ended June 30, 2026 Alphabet was gone and the fund added payment networks and data franchises: Visa, Mastercard and S&P Global, together with Netflix.
| Quarter end | Filed | Positions | Reported value | Largest line |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | 14 | $19.47 billion | UBER (12.7%) |
| 2026-03-31 | 2026-05-15 | 11 | $13.71 billion | BN (17.6%) |
| 2025-12-31 | 2026-02-17 | 11 | $15.53 billion | BN (18.1%) |
| 2025-09-30 | 2025-11-14 | 11 | $14.64 billion | UBER (20.3%) |
| 2025-06-30 | 2025-08-14 | 11 | $13.73 billion | UBER (20.6%) |
| 2025-03-31 | 2025-05-15 | 11 | $11.93 billion | UBER (18.5%) |
Each row is one 13F-HR filing; this table doubles as a simple pershing square portfolio tracker across the last 6 quarters.
Activist investing, then quality compounders
Pershing Square was founded by Ackman in 2004 and became known for activist campaigns, where the fund buys a large stake and pushes management for change. Its turnaround of Canadian Pacific Railway in the early 2010s is the best-known success. Howard Hughes Holdings remains the clearest activist-style holding today: Pershing is its largest shareholder and Ackman chairs its board, so Howard Hughes behaves more like a controlled company than a passive stock pick.
Most other bill ackman stock picks now are large, liquid businesses such as Brookfield, Microsoft, Amazon, Uber and Restaurant Brands International, where the thesis is long-term compounding rather than a campaign. Ackman explains many of these positions publicly, in shareholder letters and on X, which is why the 13F is best read together with those letters.
The pandemic hedge that made the headlines
In March 2020 Pershing bought credit protection on investment-grade and high-yield bond indexes as markets began to price the pandemic. Ackman has said the hedges cost about $27 million and were sold for about $2.6 billion within weeks, money the fund then used to buy stocks at depressed prices. Credit default swap hedges do not appear in a 13F, a reminder that the filing shows only part of a fund's positions.
Should you copy the portfolio?
Copying a 13F is possible but has limits. The data is up to 45 days old when published, it shows only US-listed stocks and options, and it does not reveal the price Pershing paid or whether it has already traded since quarter end. A retail investor also cannot replicate board influence at Howard Hughes. If you use the filing as a watch list, size positions for your own risk tolerance rather than mirroring weights built for a professional fund.
What a 13F leaves out
- Short positions in stock, credit hedges such as the 2020 swaps, cash and bonds are not reported.
- Holdings outside US-listed securities are excluded.
- The filing is a quarter-end snapshot; trades inside the quarter are invisible.
- Values use quarter-end prices, not cost.
Compare Ackman's book with other managers in the superinvestor directory, the Berkshire Hathaway 13F playbook and the Michael Burry 13F tracker. Gemral Edge Pro members get cross-manager 13F screens and new-filing alerts; Crypto Pattern Scanner VIP adds technical pattern scans for the same tickers.