Bill Ackman · 13F portfolio
Pershing Square’s portfolio
Bill Ackman’s investment firm holds a few large positions, often for years. From the 13F reports it has filed with the SEC since Q2 2013.
Portfolio value · June 30, 2026
$19.5B+36.3% vs Q1 2026
14 holdings, reported August 14, 2026: 45 days after the quarter end.
Five largest holdings
Changes in Q2 202657.9%
of the portfolio: Uber, Brookfield, Microsoft, Amazon, Howard Hughes Holdings
5 New4 Added3 Reduced2 Sold out
Biggest move: Visa, new, ≈ +$1.12B
Value on June 30, 2013
$9.03B
53 quarterly reports in all
Report for Q2 2026, filed August 14, 2026: the filing on EDGAR.
NewAddedUnchangedReduced
What changed in Q2 2026
Against the report for Q1 2026. Share counts are compared on the same basis after stock splits. Amounts are approximate: the change in shares times the price at the quarter end (for a position sold out, its value at the end of Q1 2026).
| Company | Move | Shares bought or sold | Change | ≈ Amount | Shares now |
|---|---|---|---|---|---|
 Visa V Class A | New | +3,270,470 | new | +$1.12B | 3,270,470 |
 Mastercard MA Class A | New | +2,124,646 | new | +$1.09B | 2,124,646 |
 S&P Global SPGI | New | +2,593,155 | new | +$1.06B | 2,593,155 |
 Netflix NFLX | New | +13,081,465 | new | +$934M | 13,081,465 |
 Amazon AMZN | Reduced | −2,888,124 | −25.2% | −$688M | 8,563,857 |
 Uber UBER | Added | +4,367,429 | +14.6% | +$315M | 34,326,200 |
 Meta Platforms META Class A | Added | +535,201 | +20.1% | +$301M | 3,196,062 |
| Restaurant Brands International QSR | Added | +3,175,801 | +14.0% | +$230M | 25,821,284 |
 Microsoft MSFT | Added | +552,652 | +9.8% | +$206M | 6,206,730 |
| Pershing Square USA PSUS | New | +4,000,000 | new | +$150M | 4,000,000 |
| Brookfield BN Class A | Reduced | −2,216,161 | −3.7% | −$94.4M | 57,481,047 |
 Alphabet GOOG Class C | Sold out | −311,726 | −100.0% | −$89.4M | — |
| Alphabet GOOGL Class A | Sold out | −32,376 | −100.0% | −$9.31M | — |
| Hertz Global Holdings HTZ | Reduced | −249,528 | −1.6% | −$565K | 14,991,599 |
All holdings on June 30, 2026
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Uber UBER | 34,326,200 | $2.48B | 12.7% | +14.6% |
| 2 | Brookfield BN Class A | 57,481,047 | $2.45B | 12.6% | −3.7% |
| 3 | Microsoft MSFT | 6,206,730 | $2.32B | 11.9% | +9.8% |
| 4 | Amazon AMZN | 8,563,857 | $2.04B | 10.5% | −25.2% |
| 5 | Howard Hughes Holdings HHH | 27,852,064 | $1.99B | 10.2% | — |
| 6 | Restaurant Brands International QSR | 25,821,284 | $1.87B | 9.6% | +14.0% |
| 7 | Meta Platforms META Class A | 3,196,062 | $1.8B | 9.2% | +20.1% |
| 8 | Visa V Class A | 3,270,470 | $1.12B | 5.8% | new |
| 9 | Mastercard MA Class A | 2,124,646 | $1.09B | 5.6% | new |
| 10 | S&P Global SPGI | 2,593,155 | $1.06B | 5.4% | new |
| 11 | Netflix NFLX | 13,081,465 | $934M | 4.8% | new |
| 12 | Pershing Square USA PSUS | 4,000,000 | $150M | 0.8% | new |
| 13 | Seaport Entertainment Group SEG | 5,023,780 | $134M | 0.7% | — |
| 14 | Hertz Global Holdings HTZ | 14,991,599 | $34M | 0.2% | −1.6% |
Names link to a company page where this site has one (S&P 500 companies, with their financials from SEC filings). ◆ a position kept confidential at first and reported later. Principal amounts (notes and bonds) are marked “principal”.
Portfolio value by quarter
The market value of the holdings in every report since Q2 2013: $9.03B then, $19.5B on June 30, 2026. It rises and falls with prices as much as with buying and selling.
Every quarter in numbers
| Quarter end | Value | Holdings | Largest holding | Filed |
|---|---|---|---|---|
| Jun 30, 2026 | $19.5B | 14 | Uber 12.7% | Aug 14, 2026 |
| Mar 31, 2026 | $14.3B | 11 | Brookfield 16.9% | May 15, 2026 |
| Dec 31, 2025 | $16.2B | 11 | Brookfield 17.3% | Feb 17, 2026 |
| Sep 30, 2025 | $15.4B | 11 | Uber 19.3% | Nov 14, 2025 |
| Jun 30, 2025 | $14.3B | 11 | Uber 19.7% | Aug 14, 2025 |
| Mar 31, 2025 | $11.9B | 11 | Uber 18.5% | May 15, 2025 |
| Dec 31, 2024 | $12.7B | 11 | Brookfield 15.8% | Feb 14, 2025 |
| Sep 30, 2024 | $12.9B | 11 | Brookfield 13.5% | Nov 14, 2024 |
| Jun 30, 2024 | $10.4B | 9 | Hilton Worldwide 18.8% | Aug 14, 2024 |
| Mar 31, 2024 | $10.8B | 7 | Chipotle Mexican Grill 20.1% | May 15, 2024 |
| Dec 31, 2023 | $10.4B | 8 | Chipotle Mexican Grill 18.1% | Feb 14, 2024 |
| Sep 30, 2023 | $10.5B | 8 | Chipotle Mexican Grill 16.6% | Nov 14, 2023 |
| Jun 30, 2023 | $10.8B | 8 | Chipotle Mexican Grill 18.9% | Aug 14, 2023 |
| Mar 31, 2023 | $10.2B | 8 | Lowe's 19.6% | May 15, 2023 |
| Dec 31, 2022 | $8.78B | 6 | Lowe's 23.5% | Feb 13, 2023 |
| Sep 30, 2022 | $7.88B | 6 | Lowe's 24.7% | Nov 14, 2022 |
| Jun 30, 2022 | $7.46B | 7 | Lowe's 23.9% | Aug 15, 2022 |
| Mar 31, 2022 | $10.4B | 8 | Lowe's 19.9% | May 16, 2022 |
| Dec 31, 2021 | $10.8B | 7 | Lowe's 24.5% | Feb 14, 2022 |
| Sep 30, 2021 | $9.46B | 6 | Lowe's 21.9% | Nov 15, 2021 |
| Jun 30, 2021 | $10.7B | 7 | Lowe's 18.4% | Aug 16, 2021 |
| Mar 31, 2021 | $10.5B | 7 | Lowe's 21.7% | May 17, 2021 |
| Dec 31, 2020 | $10B | 7 | Lowe's 19.9% | Feb 16, 2021 |
| Sep 30, 2020 | $8.82B | 7 | Lowe's 23.3% | Oct 23, 2020 |
| Jun 30, 2020 | $7.75B | 7 | Lowe's 22.1% | Aug 14, 2020 |
| Mar 31, 2020 | $6.57B | 10 | Lowe's 16.0% | May 15, 2020 |
| Dec 31, 2019 | $6.55B | 8 | Chipotle Mexican Grill 22.0% | Feb 14, 2020 |
| Sep 30, 2019 | $6.49B | 8 | Chipotle Mexican Grill 22.3% | Nov 14, 2019 |
| Jun 30, 2019 | $6.71B | 8 | Chipotle Mexican Grill 19.5% | Aug 14, 2019 |
| Mar 31, 2019 | $6.72B | 8 | Chipotle Mexican Grill 19.7% | May 15, 2019 |
| Dec 31, 2018 | $5.96B | 9 | Restaurant Brands International 17.3% | Feb 14, 2019 |
| Sep 30, 2018 | $5.21B | 7 | Restaurant Brands International 23.7% | Nov 14, 2018 |
| Jun 30, 2018 | $5.8B | 8 | Restaurant Brands International 21.7% | Aug 14, 2018 |
| Mar 31, 2018 | $4.83B | 7 | Restaurant Brands International 28.6% | May 15, 2018 |
| Dec 31, 2017 | $5.87B | 7 | Restaurant Brands International 27.7% | Feb 14, 2018 |
| Sep 30, 2017 | $5.11B | 6 | Restaurant Brands International 33.1% | Nov 14, 2017 |
| Jun 30, 2017 | $6.01B | 7 | Restaurant Brands International 40.7% | Aug 14, 2017 |
| Mar 31, 2017 | $5.96B | 7 | Restaurant Brands International 36.6% | May 15, 2017 |
| Dec 31, 2016 | $5.91B | 8 | Restaurant Brands International 31.6% | Feb 14, 2017 |
| Sep 30, 2016 | $5.41B | 9 | Restaurant Brands International 32.2% | Nov 14, 2016 |
| Jun 30, 2016 | $7.51B | 9 | Restaurant Brands International 21.7% | Aug 15, 2016 |
| Mar 31, 2016 | $8.85B | 9 | Zoetis 20.9% | May 16, 2016 |
| Dec 31, 2015 | $12.5B | 8 | Air Products 21.5% | Feb 16, 2016 |
| Sep 30, 2015 | $14B | 8 | Valeant Pharmaceuticals International 24.9% | Nov 16, 2015 |
| Jun 30, 2015 | $14.4B | 7 | Valeant Pharmaceuticals International 29.9% | Aug 14, 2015 |
| Mar 31, 2015 | $15B | 8 | Valeant Pharmaceuticals International 25.8% | May 15, 2015 |
| Dec 31, 2014 | $16B | 7 | Allergan 35.3% | Feb 17, 2015 |
| Sep 30, 2014 | $13.4B | 7 | Allergan 38.3% | Nov 14, 2014 |
| Jun 30, 2014 | $12.6B | 6 | Allergan 38.8% | Aug 14, 2014 |
| Mar 31, 2014 | $8.38B | 9 | Canadian Pacific Railway 30.8% | May 15, 2014 |
| Dec 31, 2013 | $8.23B | 7 | Canadian Pacific Railway 31.5% | Feb 14, 2014 |
| Sep 30, 2013 | $8.39B | 7 | Canadian Pacific Railway 34.0% | Nov 14, 2013 |
| Jun 30, 2013 | $9.03B | 9 | Canadian Pacific Railway 32.5% | Aug 14, 2013 |
Today’s largest holdings over time
The weight of each of the five largest holdings on June 30, 2026, quarter by quarter. A gap means it was not held then.
Uber UBERBrookfield BNMicrosoft MSFTAmazon AMZNHoward Hughes Holdings HHH
Other investors
Berkshire HathawayWarren Buffett$299BQ2 2026
Baupost GroupSeth Klarman$5.42BQ2 2026
Himalaya CapitalLi Lu$3.7BQ2 2026
Duquesne Family OfficeStanley Druckenmiller$4.35BQ2 2026
AppaloosaDavid Tepper$7.47BQ2 2026
Gates Foundation TrustGates Foundation$34.4BQ2 2026
Scion Asset ManagementMichael Burry$68.1MQ3 2025 No reports since Q3 2025
How these numbers are made
- Source: Form 13F-HR reports and their amendments (13F-HR/A) on SEC EDGAR. Holdings are read from the XML information tables of the reports. Those exist from the quarter to June 30, 2013; older reports are plain text and are not used here.
- Values were reported in thousands of dollars until the SEC’s change of January 3, 2023, and in dollars since; all are shown in dollars. Each report is checked by its value per share.
- A stock often takes several lines of a report, one per subsidiary or adviser that holds it. The lines are added up by CUSIP, the security’s identifier; options are kept apart.
- Amendments are applied in the order they were filed: a restatement replaces the quarter’s report, “new holdings” adds positions that had been kept confidential.
- Moves compare every holding with the previous report. After a stock split the earlier share count is converted to the new basis (splits of S&P 500 companies from their SEC filings, others from the value per share). The dollar amount of a move is the change in shares times the quarter-end price, so it only approximates what was paid or received.
- A stock whose CUSIP changes (after a merger or a reorganization) shows as sold under the old CUSIP and bought under the new one.
- Tickers come from the SEC’s fail-to-deliver data. A holding links to a company page here only when its CUSIP belongs to that S&P 500 company.
- Reports filed by Pershing Square Capital Management, L.P. (CIK 0001336528) for Q2 2013 – Q1 2026; PERSHING SQUARE INC. (CIK 0002026053) for Q2 2025 – Q2 2026.
- For Q2 2025 – Q1 2026 the reports of the two filers are added together: each listed different holdings (the parent company only its own stake until it took over the whole report).
- Positions first reported in an amendment: Agilent Technologies (Q3 2019, reported Dec 9, 2019); Canadian Pacific Railway (Q4 2021, reported Mar 7, 2022); Hertz Global Holdings (Q4 2024, reported Apr 16, 2025).
- Checked every night. Reports are due 45 days after each quarter ends: in mid-February, May, August and November.
- Not investment advice: by the time a 13F is public the position may be gone, and it is only part of what the investor owns.
Source: SEC EDGAR, Form 13F reports of Pershing Square Capital Management, L.P. and PERSHING SQUARE INC.; tickers from the SEC’s fail-to-deliver data.