# Pershing Square (Bill Ackman): 13F portfolio, Q1 2026

Bill Ackman's investment firm, New York.

Source: SEC Form 13F filed 2026-05-15 for the quarter ended 2026-03-31: https://www.sec.gov/Archives/edgar/data/1336528/000117266126002336/0001172661-26-002336-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/pershing-square
Updated: 2026-05-15 · Next filing due by 2026-08-14

## Summary
- Reported value: $13.7B (Q4 2025: $15.5B)
- Positions: 11 (Q4 2025: 11)
- Top 10 holdings: 99.9% of the portfolio
- This quarter: 1 new, 1 added to, 6 trimmed, 1 sold out

## What Ackman did in Q1 2026
Pershing Square opened a new position in Microsoft. It sold out of Hilton Worldwide Holdings. It cut Alphabet by 95% and Alphabet by 95%. Brookfield is still the largest holding, at 17.6% of the portfolio.

## Biggest buys
- Microsoft (MSFT): New
- Amazon (AMZN): +19%

## Biggest sells
- Hilton Worldwide Holdings (HLT): Sold out
- Alphabet (GOOGL): −95%
- Alphabet (GOOG): −95%
- Brookfield (BN): −3%
- Restaurant Brands International (QSR): −1.0%

## Top 11 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q4 2025 | Held since |
|---|---|---|---|---|---|---|
| 1 | Brookfield | BN | 17.6% | $2.4B | −3% | Q3 2024 or earlier |
| 2 | Amazon | AMZN | 17.4% | $2.4B | +19% | Q2 2025 |
| 3 | Uber Technologies | UBER | 15.7% | $2.2B | −0.8% | Q1 2025 |
| 4 | Microsoft | MSFT | 15.3% | $2.1B | New | Q1 2026 |
| 5 | Restaurant Brands International | QSR | 12.2% | $1.7B | −1.0% | Q3 2024 or earlier |
| 6 | Meta Platforms | META | 11.1% | $1.5B | −0.5% | Q4 2025 |
| 7 | Howard Hughes Holdings | HHH | 8.7% | $1.2B | No change | Q3 2024 or earlier |
| 8 | Seaport Entertainment Group | SEG | 0.8% | $107.9M | No change | Q3 2024 or earlier |
| 9 | Alphabet | GOOG | 0.7% | $89.4M | −95% | Q3 2024 or earlier |
| 10 | Hertz Global Holdings | HTZ | 0.5% | $70.3M | No change | Q1 2025 |
| 11 | Alphabet | GOOGL | 0.1% | $9.3M | −95% | Q3 2024 or earlier |

## Other value investors
- Polen Capital: https://valuepeg.com/managers/polen-capital
- Scion Asset Management (Michael Burry): https://valuepeg.com/managers/scion-asset-management
- Semper Augustus: https://valuepeg.com/managers/semper-augustus
- Sound Shore Management: https://valuepeg.com/managers/sound-shore-management
- Southeastern Asset Management (Longleaf): https://valuepeg.com/managers/southeastern-asset-management

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.