Bill Ackman's fund, Pershing Square Capital Management, reported $13.7B of US-listed holdings across 10 positions in its Q1 2026 13F, filed May 15, 2026. The largest positions are BN (17.6%), AMZN (17.4%), UBER (15.7%). Compared with the previous quarter it opened 1 new position (MSFT), added to 1, trimmed 4 and sold out of 1 (HLT).
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Copying the top 10 holdings of each new Pershing Square Capital Management 13F the day after it was published, from Aug 15, 2016 to Oct 27, 2026, returned +13.1% a year vs +14.8% for the S&P 500 (after trading costs, before tax). Worst drop: -46% vs -33%.
Our verdict: Not proven (the difference could be luck)
Hypothetical backtest. Past performance does not predict future results.
| # | Stock | Value | % of portfolio | Change | |
|---|---|---|---|---|---|
| 1 | BN Brookfield | $2.4B | 17.62% | trimmed | -2.8% shares |
| 2 | AMZN Amazon Com | $2.4B | 17.39% | added | +19.2% shares |
| 3 | UBER Uber Technologies | $2.2B | 15.71% | trimmed | -0.8% shares |
| 4 | MSFT Microsoft | $2.1B | 15.26% | new | |
| 5 | QSR Restaurant Brands International | $1.7B | 12.20% | trimmed | -1.0% shares |
| 6 | META Meta Platforms | $1.5B | 11.10% | unchanged | |
| 7 | HHH Howard Hughes Holdings | $1.2B | 8.70% | unchanged | |
| 8 | SEG Seaport Entertainment Group | $107.9M | 0.79% | unchanged | |
| 9 | GOOG Alphabet | $98.7M | 0.72% | trimmed | -95.0% shares |
| 10 | HTZ Hertz Global Holdings | $70.3M | 0.51% | unchanged |
| Stock | Value last quarter |
|---|---|
| HLT Hilton Worldwide Holdings | $870.0M |
| Quarter | Value | Positions | Top holdings |
|---|---|---|---|
| Q1 2026 | $13.7B | 10 | BN 18%, AMZN 17%, UBER 16%, MSFT 15%, QSR 12% |
| Q4 2025 | $15.5B | 10 | BN 18%, UBER 16%, AMZN 14%, GOOG 14%, META 11% |
| Q3 2025 | $14.6B | 10 | UBER 20%, BN 19%, GOOG 19%, HHH 11%, QSR 10% |
| Q2 2025 | $13.7B | 10 | UBER 21%, BN 19%, GOOG 15%, QSR 11%, AMZN 9% |
| Q1 2025 | $11.9B | 10 | UBER 18%, BN 18%, GOOG 14%, QSR 13%, HHH 12% |
| Q4 2024 | $12.6B | 9 | GOOG 17%, BN 16%, QSR 12%, CMG 12%, HHH 12% |
| Q3 2024 | $12.9B | 9 | GOOG 15%, BN 13%, HLT 13%, CMG 13%, QSR 13% |
| Q2 2024 | $10.4B | 8 | GOOG 20%, HLT 19%, CMG 17%, QSR 16%, HHH 12% |
As of the Q1 2026 13F (filed May 15, 2026), the largest holdings are BN at 17.6%, AMZN at 17.4%, UBER at 15.7%, MSFT at 15.3%, QSR at 12.2%.
Funds managing over $100 million must file a 13F within 45 days after each quarter ends (mid-February, mid-May, mid-August and mid-November).
In our backtest, copying the top 10 holdings returned +13.1% a year vs +14.8% for the S&P 500. Verdict: Not proven.
Short positions, cash, bonds, most foreign stocks and anything bought and sold within the quarter. It's a snapshot that's up to 45 days old when published.
See how a copy portfolio performs from today, with no money at risk.