Pershing Square Capital Management Portfolio holdings
Pershing Square Capital Management, L.P., founded in 2004 by Bill Ackman and headquartered in New York City, is a prominent American hedge fund known for its concentrated, activist investment approach, managing over $18 billion in assets as of recent years. Starting with $54 million from Ackman’s personal funds and a seed investment from Leucadia National, the firm focuses on acquiring significant stakes in a small portfolio of large-cap North American companies, often pushing for operational and governance changes to unlock shareholder value, as seen in high-profile campaigns targeting Wendy’s, McDonald’s, and Herbalife. In 2014, Ackman launched Pershing Square Holdings, a closed-end fund listed on Euronext Amsterdam and the London Stock Exchange, raising $3 billion in its IPO, providing a permanent capital base to support its long-term strategies. Renowned for bold moves—like a $2.6 billion profit betting on a market crash in 2020—and a research-intensive, value-driven philosophy, Pershing Square has solidified its reputation as a formidable player in the investment world under Ackman’s leadership.
Top Buys
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$109M |
| 2 |
Brookfield
BN
|
+$9.32M |
| 3 |
Restaurant Brands International
QSR
|
+$5.62M |
| 4 |
Uber
UBER
|
+$2.87M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 29.9% |
| 2 | Technology | 20.25% |
| 3 | Financials | 19.21% |
| 4 | Communication Services | 18.56% |
| 5 | Real Estate | 11.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Uber
UBER
$134B
| $2.97B | 20.25% |
30,270,518
-30,643
| -0.1% | -$2.87M |
|
|
2
Brookfield
BN
$102B
| $2.81B | 19.21% |
61,530,347
-210,249
| -0.3% | -$9.32M |
|
3
Howard Hughes
HHH
$3.93B
| $1.55B | 10.58% |
18,852,064
| – | – |
|
|
4
Alphabet (Google) Class C
GOOG
$3.9T
| $1.54B | 10.52% |
6,324,031
| – | – |
|
|
5
Restaurant Brands International
QSR
$25.1B
| $1.47B | 10.04% |
22,915,496
-85,418
| -0.4% | -$5.62M |
|
6
Amazon
AMZN
$2.5T
| $1.28B | 8.73% |
5,823,316
| – | – |
|
|
7
Alphabet (Google) Class A
GOOGL
$3.91T
| $1.18B | 8.04% |
4,843,973
-519,007
| -10% | -$109M |
|
8
Chipotle Mexican Grill
CMG
$40.8B
| $844M | 5.77% |
21,541,177
| – | – |
|
9
Hilton Worldwide
HLT
$74B
| $786M | 5.37% |
3,030,578
| – | – |
|
|
SEG
10
Seaport Entertainment Group
SEG
$333M
| $115M | 0.79% |
5,023,780
| – | – |
|
11
Hertz
HTZ
$572M
| $104M | 0.71% |
15,241,127
| – | – |
|
Similar funds
Pershing Square Capital Management's Q3 2025 Portfolio in Review
As of Q3 2025, Pershing Square Capital Management held 11 positions worth $14.6B, up 6.7% from $13.7B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Trading was light in Q3 2025: portfolio turnover was 0%. Pershing Square Capital Management opened no new positions and made no exits, leaving the 11-position portfolio largely intact.
By sector, the portfolio is most concentrated in Consumer Discretionary at 30% of assets, down from 35% a quarter earlier, followed by Technology and Financials.
- Pershing Square Capital Management's biggest Q3 2025 reduction was Alphabet (Google) Class A, cutting an estimated $109M.
- Pershing Square Capital Management's ten largest holdings make up 99% of its $14.6B portfolio in Q3 2025.
- Pershing Square Capital Management opened 0 new positions and closed 0 in Q3 2025.
- Pershing Square Capital Management's portfolio value rose 6.7% quarter-over-quarter to $14.6B.
Based on Pershing Square Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.