Activist fundNew York13F filer since 2006

Pershing Square Capital

Managed by Bill Ackman, founder and CEO

13F portfolio value$13.7BQ1 2026 · down 12% vs Q4

Positions111 new · 1 sold out

Top 10 weight100%of portfolio value

Turnover18%vs Q4

Largest holdingBN17.6% of portfolio

Last filingMay 15for Q1 2026

What changed in Q1 2026

Automated summary of the 13F · filed May 15, 2026

Added to AMZN (+19% shares); new positions in MSFT.

Biggest cut: GOOG (−95% of shares). Sold out of HLT.

Since the quarter ended, the top 10 holdings on Markets are up about 19.2% on average, led by MSFT and AMZN.

Holdings · Q1 2026

1BNBrookfield17.6%$2.42B59.7MTrimmed −3%——

2AMZNAmazon.com, Inc.17.4%$2.39B11.5MAdded +19%+27.8%1.0%

3UBERUber Technologies15.7%$2.15B30.0MTrimmed −1%−1.7%—

4MSFTMicrosoft Corporation15.3%$2.09B5.7MNew+40.7%1.1%

5QSRRestaurant Brands Intl12.2%$1.67B22.6MTrimmed −1%——

6METAMeta Platforms11.1%$1.52B2.7MNo change+10.0%1.2%

7HHHHoward Hughes8.7%$1.19B18.9MNo change——

8SEGSeaport Entmt0.8%$108M5.0MNo change——

9GOOGAlphabet0.7%$89M312KTrimmed −95%——

10HTZHertz Global0.5%$70M15.2MNo change——

Sector allocation

Consumer discretionary17%+3.1 ptIndustrials16%−0.2 ptTechnology15%+15.3 ptCommunication11%−1.6 ptOther40%−16.6 pt

Change shown in percentage points vs Q4. Holdings outside Markets’ coverage count as Other.

Reported portfolio value

$10.4B

$12.9B

$12.6B

$11.9B

$13.7B

$14.6B

$15.5B

$13.7B

Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26

13F market value at each quarter end, US long positions only.

Not investment advice. From SEC Form 13F filings (SEC EDGAR 13F). Following an investor alerts you when their next filing lands; it does not copy trades.