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
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$1.79B |
| 2 |
Amazon
AMZN
|
+$866M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$1.19B |
| 2 |
Chipotle Mexican Grill
CMG
|
+$844M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$45.9M |
| 4 |
Brookfield
BN
|
+$5.8M |
| 5 |
Uber
UBER
|
+$5.65M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 29.93% |
| 2 | Communication Services | 25.19% |
| 3 | Financials | 18.15% |
| 4 | Technology | 15.9% |
| 5 | Real Estate | 10.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Brookfield
BN
$94B
| $2.82B | 18.15% |
61,403,089
-127,258
| -0.2% | -$5.8M |
|
|
2
Uber
UBER
$164B
| $2.47B | 15.9% |
30,207,734
-62,784
| -0.2% | -$5.65M |
|
|
3
Amazon
AMZN
$2.8T
| $2.22B | 14.28% |
9,607,824
+3,784,508
| +65% | +$866M |
|
|
4
Alphabet (Google) Class C
GOOG
$4.14T
| $1.93B | 12.46% |
6,163,871
-160,160
| -3% | -$45.9M |
|
|
5
Meta Platforms (Facebook)
META
$1.45T
| $1.76B | 11.37% |
+2,673,569
| New | +$1.79B |
|
6
Restaurant Brands International
QSR
$28.3B
| $1.56B | 10.05% |
22,866,773
-48,723
| -0.2% | -$3.36M |
|
7
Howard Hughes
HHH
$4B
| $1.5B | 9.69% |
18,852,064
| – | – |
|
8
Hilton Worldwide
HLT
$74.7B
| $870M | 5.6% |
3,028,664
-1,914
| -0.1% | -$521K |
|
|
9
Alphabet (Google) Class A
GOOGL
$4.18T
| $212M | 1.37% |
678,297
-4,165,676
| -86% | -$1.19B |
|
|
SEG
10
Seaport Entertainment Group
SEG
$351M
| $99.3M | 0.64% |
5,023,780
| – | – |
|
11
Hertz
HTZ
$770M
| $78.3M | 0.5% |
15,241,127
| – | – |
|
|
12
Chipotle Mexican Grill
CMG
$47.4B
| – | – |
-21,541,177
| Closed | -$844M |
|
Similar funds
Pershing Square Capital Management's Q4 2025 Portfolio in Review
As of Q4 2025, Pershing Square Capital Management held 12 positions worth $15.5B, up 6% from $14.6B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Pershing Square Capital Management deployed $555M of net new capital in Q4 2025, opening 1 new position and adding to 1 existing holding. Its largest new stake was Meta Platforms (Facebook): 2,673,569 shares worth $1.76B.
By sector, the portfolio is most concentrated in Consumer Discretionary at 30% of assets, up from 30% a quarter earlier, followed by Communication Services and Financials.
On the sell side, the largest reduction was Alphabet (Google) Class A, an estimated $1.19B trimmed.
- Pershing Square Capital Management's largest Q4 2025 buy was Meta Platforms (Facebook): 2,673,569 shares worth $1.76B.
- Pershing Square Capital Management added most to Amazon in Q4 2025, an estimated $866M increase.
- Pershing Square Capital Management's biggest Q4 2025 reduction was Alphabet (Google) Class A, cutting an estimated $1.19B.
- Pershing Square Capital Management fully exited Chipotle Mexican Grill in Q4 2025, selling an estimated $844M.
- Pershing Square Capital Management's ten largest holdings make up 99% of its $15.5B portfolio in Q4 2025.
- Pershing Square Capital Management opened 1 new position and closed 1 in Q4 2025.
- Pershing Square Capital Management's portfolio value rose 6% quarter-over-quarter to $15.5B.
Based on Pershing Square Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.