Pershing Square Capital Management: 13F holdings, Q1 2026
Activist · SEC EDGAR filings (CIK 0001336528) · Explore on the interactive board
Pershing Square Capital Management disclosed 11 US equity positions worth $13.7bn in its Q1 2026 13F filing (holdings as of March 31, 2026, filed May 15, 2026). Its largest position is BN at 17.6% of the reported book, followed by AMZN, UBER. The top ten holdings are 99.9% of the book, and the portfolio behaves like about 7 equal-weight positions. Versus the prior filing it opened 1 new position, added to 1, reduced 5 and exited 1. Note: this manager's most recent filing is 1 quarter behind the newest quarter on file, so these figures are history rather than current positioning.
What does Pershing Square Capital Management own? Top holdings as of March 31, 2026
Change is measured in shares against the previous filing (Q4 2025), so price moves do not read as decisions. This quarter: 1 new, 1 added, 5 reduced, 1 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | BN BROOKFIELD CORP | Financial Services | 17.6% | $2.4bn | 59,697,208 | -3% | reduced |
| 2 | AMZN AMAZON COM INC | Consumer Cyclical | 17.4% | $2.4bn | 11,451,981 | 19% | added |
| 3 | UBER UBER TECHNOLOGIES INC | Technology | 15.7% | $2.2bn | 29,958,771 | -1% | reduced |
| 4 | MSFT MICROSOFT CORP | Technology | 15.3% | $2.1bn | 5,654,078 | – | new |
| 5 | QSR RESTAURANT BRANDS INTL INC | Consumer Cyclical | 12.2% | $1.7bn | 22,645,483 | -1% | reduced |
| 6 | META META PLATFORMS INC | Communication Services | 11.1% | $1.5bn | 2,660,861 | -0% | held |
| 7 | HHH HOWARD HUGHES HOLDINGS INC | Real Estate | 8.7% | $1.2bn | 18,852,064 | 0% | held |
| 8 | SEAPORT ENTMT GROUP INC | 0.8% | $107.9m | 5,023,780 | 0% | held | |
| 9 | GOOG ALPHABET INC | Communication Services | 0.7% | $89.4m | 311,726 | -95% | reduced |
| 10 | HTZ HERTZ GLOBAL HLDGS INC | Industrials | 0.5% | $70.3m | 15,241,127 | 0% | held |
| 11 | GOOGL ALPHABET INC | Communication Services | 0.1% | $9.3m | 32,376 | -95% | reduced |
What did Pershing Square Capital Management sell? Positions exited since the previous filing
| Stock | Prior weight | Prior value |
|---|---|---|
| HLT HILTON WORLDWIDE HLDGS INC | 100.0% | $870.0m |
Sector mix
| Sector | Weight |
|---|---|
| Technology | 31.0% |
| Consumer Cyclical | 29.6% |
| Financial Services | 17.6% |
| Communication Services | 11.8% |
| Real Estate | 8.7% |
| Industrials | 0.5% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
| Quarter | Positions | Equity value |
|---|---|---|
| Q1 2026 | 11 | $13.7bn |
| Q4 2025 | 11 | $15.5bn |
| Q3 2025 | 11 | $14.6bn |
| Q2 2025 | 11 | $13.7bn |
| Q1 2025 | 11 | $11.9bn |
| Q4 2024 | 11 | $12.7bn |
| Q3 2024 | 11 | $12.9bn |
| Q2 2024 | 9 | $10.4bn |
| Q1 2024 | 7 | $10.8bn |
| Q4 2023 | 8 | $10.4bn |
| Q3 2023 | 8 | $10.5bn |
| Q2 2023 | 8 | $10.8bn |
| Q1 2023 | 8 | $10.2bn |
| Q4 2022 | 6 | $8.8bn |
| Q3 2022 | 6 | $7.9bn |
| Q2 2022 | 7 | $7.5bn |
Earliest filing: Q4 2005 · 82 quarters on file
How concentrated is Pershing Square Capital Management's portfolio?
Across every quarter Pershing Square Capital Management has filed, its median largest position is 27.5% of the book and its median top-ten weight is 100.0%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 73 completed holding spells, the median lasted 3.0 quarters; 11 positions are still open and their final length is unknown.