Pershing Square Capital Management, L.P.
Long book
$13.71B
Q1 2026
Positions
11
Top-10 weight
100%
concentration
Last quarter
+7.7%
SPY +14.8%
Turnover
17%
of book per quarter
Strategy in plain words
auto-generated from filingsPershing Square Capital Management, L.P. is an activist investor that takes positions to influence management, running a $13.71B US long book across 11 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: BROOKFIELD CORP, AMAZON.COM INC, UBER TECHNOLOGIES INC, MICROSOFT CORP, RESTAURANT BRANDS INTERN.
Over the last 9 quarters its long book ran on average 2.4pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+1.5%
Q2 2024
+3.6%
Q3 2024
+0.5%
Q4 2024
-9.6%
Q1 2025
+12.9%
Q2 2025
+7.9%
Q3 2025
+2.9%
Q4 2025
-8.8%
Q1 2026
+7.7%
Sector allocation
Consumer discretionary 30%
Technology 27%
Real estate 26%
Services media 17%
Long book by quarter
What does Pershing Square own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BN BROOKFIELD CORP | Real estate | 59.7M | $2.42B | 17.6% | -2.8% |
| AMZN AMAZON.COM INC | Consumer discretionary | 11.5M | $2.39B | 17.4% | +19.2% |
| UBER UBER TECHNOLOGIES INC | Services media | 30.0M | $2.15B | 15.7% | -0.8% |
| MSFT MICROSOFT CORP | Technology | 5.7M | $2.09B | 15.3% | New |
| QSR RESTAURANT BRANDS INTERN | Consumer discretionary | 22.6M | $1.67B | 12.2% | -1.0% |
| META META PLATFORMS INC-CLASS A | Technology | 2.7M | $1.52B | 11.1% | -0.5% |
| HHH HOWARD HUGHES HOLDINGS INC | Real estate | 18.9M | $1.19B | 8.7% | Held |
| SEG SEAPORT ENTERTAINMENT GROUP | Services media | 5.0M | $107.9M | 0.8% | Held |
| GOOG ALPHABET INC-CL C | Technology | 311.7K | $89.4M | 0.7% | -94.9% |
| HTZ HERTZ GLOBAL HLDGS INC | Services media | 15.2M | $70.3M | 0.5% | Held |
| GOOGL ALPHABET INC-CL A | Technology | 32.4K | $9.3M | 0.1% | -95.2% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 11 | $13.71B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 11 | $15.53B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 11 | $14.64B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 11 | $13.73B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 11 | $11.93B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR/ANEW HOLDINGS | Apr 16, 2025 | 1 | $46.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 10 | $12.61B | confidential canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 11 | $12.92B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 9 | $10.41B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 7 | $10.76B | canonical | SEC ↗ |