Investors / Pershing Square AI Portfolio

Bill Ackman / Pershing Square

Activist Concentrated BookActivistCIK 0001336528·Q1 2026

AI value

$6.1B

44.5% of total AUM

AI positions

Q1 2026 13F-HR

Total AUM

$13.7B

11 tickers

13F

11 positions · Q1 2026

AI holdings · 5 tickers

$6.10B

#	Ticker	Company	Layer	Value	Shares	% of AUM	Entry quarter
	AMZN
	MSFT
	META
	GOOG
	GOOGL

Other holdings · 6 tickers

$7.62B · non-AI

#	Ticker	Company	Value	Shares	% of AUM	Entry quarter
6	BN	BROOKFIELD CORP	$2.4B	59.7M shares	17.6%	Q2 2024
7	UBER	UBER TECHNOLOGIES INC	$2.2B	30M shares	15.7%	Q1 2025
8	QSR	RESTAURANT BRANDS INTERN	$1.7B	22.6M shares	12.2%	before Q1 2018
9	HHH	HOWARD HUGHES HOLDINGS INC	$1.2B	18.9M shares	8.7%	Q3 2023
10	SEG	SEAPORT ENTERTAINMENT GROUP	$107.9M	5M shares	0.8%	Q3 2024
11	HTZ	HERTZ GLOBAL HLDGS INC	$70.3M	15.2M shares	0.5%	Q1 2025

13G/13D

0 active stakes · SEC ≥5% filings

No active major stakes since latest 13F.

Per SEC rules, investors must disclose ≥5% positions within 5-10 days of crossing the threshold; this section reflects filings since the latest 13F.

Holdings Timeline

Include non-AI changes (168)

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

AMZN

—

NEW+6M

HOLD

ADD+4M

ADD+2M

MSFT

—

NEW+6M

META

—

NEW+3M

TRIM−13K

GOOG

ADD+1M

HOLD

TRIM−2M

HOLD

TRIM−1M

HOLD

TRIM−160K

TRIM−6M

GOOGL

HOLD

ADD+2M

HOLD

TRIM−368K

HOLD

ADD+451K

ADD+925K

TRIM−519K

TRIM−4M

TRIM−646K

Not held

low → high position value

Hover any cell for share + value delta

Period	Action	Ticker	Δ Shares	Δ Value
Q1 2026	NEW	MSFT	+5,654,078	+$2.1B
Q1 2026	TRIM	GOOG	-5,852,145	$-1.8B
Q1 2026	TRIM	META	-12,708	$-242.4M
Q1 2026	TRIM	GOOGL	-645,921	$-203M
Q1 2026	ADD	AMZN	+1,844,157	+$167.4M
Q4 2025	NEW	META	+2,673,569	+$1.8B
Q4 2025	TRIM	GOOGL	-4,165,676	$-965.3M
Q4 2025	ADD	AMZN	+3,784,508	+$939.1M
Q4 2025	TRIM	GOOG	-160,160	+$394M
Q3 2025	TRIM	GOOGL	-519,007	+$232.5M
Q2 2025	NEW	AMZN	+5,823,316	+$1.3B
Q2 2025	ADD	GOOGL	+925,000	+$258.8M
Q1 2025	TRIM	GOOG	-1,223,551	$-449.4M
Q1 2025	ADD	GOOGL	+451,492	$-68.4M
Q2 2024	TRIM	GOOGL	-368,336	+$68.9M
Q2 2024	TRIM	GOOG	-1,829,613	$-43.4M
Q3 2023	ADD	GOOGL	+2,169,824	+$308.3M
Q2 2023	ADD	GOOG	+1,307,425	+$295.1M
Q1 2023	NEW	GOOG	+8,069,770	+$839.3M
Q1 2023	NEW	GOOGL	+2,185,000	+$226.7M

About

Pershing Square Capital Management, L.P. is a New York-based activist investment firm founded in 2004 by Bill Ackman. The firm is publicly accessible through Pershing Square Holdings, Ltd., a closed-end fund listed on the London Stock Exchange (LSE: PSH / PSHD, following delisting from Euronext Amsterdam in January 2025) — providing a level of ongoing portfolio transparency that is uncommon for a U.S.-domiciled hedge fund. Its 2026-Q1 13F reported approximately $13.7 billion across 11 U.S.-listed positions. Ackman has publicly stated a post-2018 strategic shift toward holding 8 to 12 high-quality businesses for extended holding periods.

The 13F typically shows about a dozen positions concentrated in large-cap consumer and technology platforms, meaning each line item reflects a high-conviction, long-horizon commitment rather than diversification for its own sake. Its historical selection criteria have centered on businesses with durable pricing power and predictable free cash flow, a framework it has extended in recent years to large-cap technology and consumer platform names.

Links

Loading…

Ticker

Value

% of AUM

$2.4B

17.6%

UBER

$2.2B

15.7%

QSR

$1.7B

12.2%

HHH

$1.2B

8.7%

SEG

$107.9M

0.8%

HTZ

$70.3M

0.5%