Pershing Square Capital Management, L.P.
Activist investor known for high-conviction, concentrated positions in quality businesses.
Filed a 13F-NT notice for 2026-06-30: this manager's Section 13(f) holdings are reported by another manager, so it no longer files its own holdings. Figures shown are from its last 13F-HR.
Sector Allocation
- Technology42.8%$5.9B
- Consumer Discretionary30.1%$4.1B
- Real Estate26.3%$3.6B
- Communication Services0.8%$107.9M
AUM History
13fpro.ai/research/fund/pershing-square-capital-management-l-p-1336528
Conviction and streaks
Stable · top 10 = 99.9%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q1 2026
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/pershing-square-capital-management-l-p-1336528
Pershing Square Capital Management, L.P. 13F holdings — Q1 2026
$13.7B portfolio (-11.7% QoQ) · 11 holdings · Q1 2026 13F · top 10 are 100% of the stock portfolio
$2.4B
17.6% of stocks
-3%This quarter-16.7%Since filed8 qtrsHeld$2.4B
17.4% of stocks
+19%This quarter-5.7%Since filed4 qtrsHeld$2.2B
15.7% of stocks
-0.8%This quarter-11.9%Since filed5 qtrsHeld$2.1B
15.3% of stocks
NewThis quarter+26.2%Since filedNew this quarterHeld$1.7B
12.2% of stocks
-1.0%This quarter-1.8%Since filed9+ qtrsHeld$1.5B
11.1% of stocks
-0.5%This quarter+2.7%Since filed2 qtrsHeld$1.2B
8.7% of stocks
No changeThis quarter+14.9%Since filed9+ qtrsHeld$107.9M
0.8% of stocks
No changeThis quarter-0.8%Since filed7 qtrsHeld$89.4M
0.7% of stocks
-95%This quarter-20.1%Since filed9+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$70.3M
0.5% of stocks
No changeThis quarter-64.9%Since filed5 qtrsHeld
All holdings — Pershing Square Capital Management, L.P. (Q1 2026)
11 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | Alphabet Inc. | Technology | $9.3M | 0.1% | 32K | -95% | 9+ qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F |
What changed in Q1 2026
Against the previous quarter's 13F: 1 new, 1 added to, 6 trimmed, 1 sold out. Share-count changes; largest moves by dollar size first.
New positions (1)
$MSFTMICROSOFT CORP$2.1B
first bought this quarter
Added to (1)
$AMZNAMAZON COM INC+19%
now $2.4B · held 4 qtrs, 2 adds in a row
Trimmed (6)
$GOOGAlphabet Inc.-95%
now $89.4M · held 9+ qtrs, 2 trims in a row
$GOOGLAlphabet Inc.-95%
now $9.3M · held 9+ qtrs, 3 trims in a row
$BNBROOKFIELD Corp /ON/-3%
now $2.4B · held 8 qtrs
$UBERUber Technologies, Inc-0.8%
now $2.2B · held 5 qtrs
$QSRRestaurant Brands International Inc.-1.0%
now $1.7B · held 9+ qtrs
$METAMeta Platforms, Inc.-0.5%
now $1.5B · held 2 qtrs
Sold out (1)
$HLTHilton Worldwide Holdings Inc.was $870.0M
held 8+ qtrs
Holdings by quarter
Every 13F Pershing Square Capital Management, L.P. has filed, 37 earlier quarters. Pick one to see what it held then.
Is it too late to follow Pershing Square Capital Management, L.P.?
Q1 2026 13F filed with the SEC on May 15, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of Pershing Square Capital Management, L.P.'s top 20 holdings: 72/100 (our AI quality score, weighted by position size; 10 of the 20 are scored)
Top 10 since filing
-0.9%
Value-weighted move of the 10 largest stock positions
Turnover
17%
Last quarter; 40% over the last 4
Top 10 weight
100%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
74%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Pershing Square Capital Management, L.P. disclosed 11 positions worth $13.7B in its Form 13F-HR for Q1 2026, led by $BN (BROOKFIELD Corp /ON/) at 17.6% of the equity portfolio, followed by $AMZN and $UBER. During the quarter the fund opened 1 new position and exited 1 — including a new stake in $MSFT and a full exit from $HLT. The portfolio is most concentrated in Technology (42.8% of disclosed assets). All figures are sourced directly from Pershing Square Capital Management, L.P.’s Form 13F-HR filing with the SEC under CIK 1336528.
Funds like this
managers whose biggest positions overlap Pershing Square Capital Management, L.P.'sBrowse Top Institutional Investors
13F Pro tracks 8,700+ institutional investors filing 13F reports with the SEC.
to search all 8,700+ institutional filers.
AI-Powered Hedge Fund Analysis: Pershing Square Capital Management, L.P.
13F Pro is an AI hedge fund tracker and stock research platform. For Pershing Square Capital Management, L.P. (SEC CIK: 1336528), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.
Every holding in Pershing Square Capital Management, L.P.'s portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.