Pershing Square
Bill Ackman
- Latest Filed Book
- Q2 2026 (2026-06-30)
- Filed
- 14 Aug 2026
- Reported value
- $19.47B
- Positions
- 14
- Next filing deadline
- 16 Nov 2026
Q2 2026 · Filed Book as of 2026-06-30
What changed
Pershing Square opened 5 new positions (largest: Visa Inc., 5.8%), exited 2 (largest: Alphabet Inc. (Class C), 0.7% before), cut Brookfield Corp by 4% and added 15% to Uber. Top 10 = 94% of reported value; turnover 23.9%.
New Buys 5
- Visa Inc. V 5.76% new
- Mastercard MA 5.61% new
- S&P Global SPGI 5.43% new
- Netflix NFLX 4.80% new
- Pershing Square USA, Ltd. PSUS 0.77% new
Adds 5 · weight before → after
- Uber UBER 15.71% → 12.72% +14.6% shares
- Microsoft MSFT 15.26% → 11.89% +9.8% shares
- Howard Hughes Holdings Inc. HHH 8.70% → 10.23% +47.7% shares
- Restaurant Brands International Inc. QSR 12.20% → 9.62% +14.0% shares
- Meta Platforms META 11.10% → 9.25% +20.1% shares
Trims 2 · weight before → after
- Brookfield Corp BN 17.62% → 12.58% -3.7% shares
- Amazon AMZN 17.39% → 10.49% -25.2% shares
Exits 2
- Alphabet Inc. (Class C) GOOG was 0.65% sold out
- Alphabet Inc. (Class A) GOOGL was 0.07% sold out
Holdings · Q2 2026
| # | Name | Ticker | Sector | Weight | Value (USD B) | Filing Change | Shares chg |
|---|---|---|---|---|---|---|---|
| 1 | Uber | UBER | Industrials | 12.72% | 2.48 | Add | +14.6% |
| 2 | Brookfield Corp | BN | Real Estate | 12.58% | 2.45 | Trim | -3.7% |
| 3 | Microsoft | MSFT | Information Technology | 11.89% | 2.32 | Add | +9.8% |
| 4 | Amazon | AMZN | Consumer Discretionary | 10.49% | 2.04 | Trim | -25.2% |
| 5 | Howard Hughes Holdings Inc. | HHH | Real Estate | 10.23% | 1.99 | Add | +47.7% |
| 6 | Restaurant Brands International Inc. | QSR | Consumer Discretionary | 9.62% | 1.87 | Add | +14.0% |
| 7 | Meta Platforms | META | Communication Services | 9.25% | 1.80 | Add | +20.1% |
| 8 | Visa Inc. | V | Financials | 5.76% | 1.12 | New Buy | — |
| 9 | Mastercard | MA | Financials | 5.61% | 1.09 | New Buy | — |
| 10 | S&P Global | SPGI | Financials | 5.43% | 1.06 | New Buy | — |
| 11 | Netflix | NFLX | Communication Services | 4.80% | 0.93 | New Buy | — |
| 12 | Pershing Square USA, Ltd. | PSUS | — | 0.77% | 0.15 | New Buy | — |
| 13 | Seaport Entertainment Group Inc. | SEG | Consumer Discretionary | 0.69% | 0.13 | Hold | 0.0% |
| 14 | Hertz Global Holdings, Inc | HTZ | Consumer Discretionary | 0.17% | 0.03 | Hold | -1.6% |
Source: 13F filing on EDGAR ↗
Q1 2026 · Filed Book as of 2026-03-31
What changed
Pershing Square opened 1 new position (largest: Microsoft, 15.3%), exited 1 (largest: Hilton Worldwide, 5.6% before), cut Brookfield Corp by 3% and added 19% to Amazon. Top 10 = 100% of reported value; turnover 20.7%.
New Buys 1
- Microsoft MSFT 15.26% new
Adds 1 · weight before → after
- Amazon AMZN 14.28% → 17.39% +19.2% shares
Trims 3 · weight before → after
- Brookfield Corp BN 18.15% → 17.62% -2.8% shares
- Alphabet Inc. (Class C) GOOG 12.46% → 0.65% -94.9% shares
- Alphabet Inc. (Class A) GOOGL 1.37% → 0.07% -95.2% shares
Exits 1
- Hilton Worldwide HLT was 5.60% sold out
Q4 2025 · Filed Book as of 2025-12-31
What changed
Pershing Square opened 1 new position (largest: Meta Platforms, 11.4%), exited 1 (largest: Chipotle Mexican Grill, 5.8% before), cut Alphabet Inc. (Class C) by 2% and added 65% to Amazon. Top 10 = 100% of reported value; turnover 19.1%.
New Buys 1
- Meta Platforms META 11.37% new
Adds 1 · weight before → after
- Amazon AMZN 8.73% → 14.28% +65.0% shares
Trims 2 · weight before → after
- Alphabet Inc. (Class C) GOOG 10.52% → 12.46% -2.5% shares
- Alphabet Inc. (Class A) GOOGL 8.04% → 1.37% -86.0% shares
Exits 1
- Chipotle Mexican Grill CMG was 5.77% sold out
Q3 2025 · Filed Book as of 2025-09-30
What changed
Pershing Square cut Alphabet Inc. (Class A) by 10%. Top 10 = 99% of reported value; turnover 5.6%.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 1 · weight before → after
- Alphabet Inc. (Class A) GOOGL 6.88% → 8.04% -9.7% shares
Exits 0
none
Q2 2025 · Filed Book as of 2025-06-30
What changed
Pershing Square opened 1 new position (largest: Amazon, 9.3%), exited 1 (largest: Canadian Pacific Kansas City Ltd/cn, 8.7% before) and added 21% to Alphabet Inc. (Class A). Top 10 = 99% of reported value; turnover 13.5%.
New Buys 1
- Amazon AMZN 9.31% new
Adds 1 · weight before → after
- Alphabet Inc. (Class A) GOOGL 5.75% → 6.88% +20.8% shares
Trims 0 · weight before → after
none
Exits 1
- Canadian Pacific Kansas City Ltd/cn CP was 8.71% sold out
Q1 2025 · Filed Book as of 2025-03-31
What changed
Pershing Square opened 1 new position (largest: Uber, 18.5%), exited 1 (largest: Nike, Inc., 11.2% before), cut Chipotle Mexican Grill by 13% and added 18% to Brookfield Corp. Top 10 = 100% of reported value; turnover 22.3%.
New Buys 1
- Uber UBER 18.50% new
Adds 3 · weight before → after
- Brookfield Corp BN 15.83% → 18.01% +17.5% shares
- Alphabet Inc. (Class A) GOOGL 5.96% → 5.75% +11.3% shares
- Hertz Global Holdings, Inc HTZ 0.37% → 0.50% +18.0% shares
Trims 3 · weight before → after
- Chipotle Mexican Grill CMG 11.74% → 9.07% -12.6% shares
- Alphabet Inc. (Class C) GOOG 11.35% → 8.28% -16.2% shares
- Hilton Worldwide HLT 10.62% → 5.72% -44.8% shares
Exits 1
- Nike, Inc. NKE was 11.22% sold out
Q4 2024 · Filed Book as of 2024-12-31
What changed
Pershing Square opened 1 new position (largest: Hertz Global Holdings, Inc, 0.4%), exited 1 (largest: Seaport Entmt Group Inc, 0.05% before), cut Chipotle Mexican Grill by 14% and added 7% to Brookfield Corp. Top 10 = 100% of reported value; turnover 6.0%.
Coverage caveat. This Filed Book covers 100.0% of the fund's reported value; some positions were omitted under confidential treatment and may appear in a later amendment.
New Buys 1
- Hertz Global Holdings, Inc HTZ 0.37% new
Adds 3 · weight before → after
- Brookfield Corp BN 13.47% → 15.83% +6.6% shares
- Nike, Inc. NKE 11.14% → 11.22% +15.3% shares
- Seaport Entertainment Group Inc. SEG 0.44% → 1.11% +139.8% shares
Trims 2 · weight before → after
- Chipotle Mexican Grill CMG 12.85% → 11.74% -14.4% shares
- Hilton Worldwide HLT 13.15% → 10.62% -26.2% shares
Exits 1
- Seaport Entmt Group Inc was 0.05% sold out
Q3 2024 · Filed Book as of 2024-09-30
What changed
Pershing Square opened 2 new positions (largest: Seaport Entertainment Group Inc., 0.4%), cut Hilton Worldwide by 18% and added 378% to Brookfield Corp. Top 10 = 100% of reported value; turnover 20.2%.
New Buys 2
- Seaport Entertainment Group Inc. SEG 0.44% new
- Seaport Entmt Group Inc 0.05% new
Adds 2 · weight before → after
- Brookfield Corp BN 2.73% → 13.47% +377.6% shares
- Nike, Inc. NKE 2.20% → 11.14% +435.5% shares
Trims 2 · weight before → after
- Hilton Worldwide HLT 18.76% → 13.15% -17.7% shares
- Howard Hughes Holdings Inc. HHH 11.74% → 11.30% -4.7% shares
Exits 0
none
Q2 2024 · Filed Book as of 2024-06-30
What changed
Pershing Square opened 2 new positions (largest: Brookfield Corp, 2.7%) and cut Hilton Worldwide by 2%. Top 10 = 100% of reported value; turnover 6.4%.
New Buys 2
- Brookfield Corp BN 2.73% new
- Nike, Inc. NKE 2.20% new
Adds 0 · weight before → after
none
Trims 4 · weight before → after
- Hilton Worldwide HLT 18.20% → 18.76% -2.5% shares
- Chipotle Mexican Grill CMG 20.10% → 17.34% -22.5% shares
- Alphabet Inc. (Class C) GOOG 13.27% → 13.30% -19.5% shares
- Alphabet Inc. (Class A) GOOGL 6.11% → 6.97% -8.5% shares
Exits 0
none
Q1 2024 · Filed Book as of 2024-03-31
What changed
Pershing Square exited 1 (largest: Lowe's, 2.7% before) and cut Chipotle Mexican Grill by 10%. Top 10 = 100% of reported value; turnover 5.8%.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 1 · weight before → after
- Chipotle Mexican Grill CMG 18.15% → 20.10% -9.8% shares
Exits 1
- Lowe's LOW was 2.67% sold out
Q4 2023 · Filed Book as of 2023-12-31
What changed
Pershing Square cut Chipotle Mexican Grill by 14% and added 12% to Howard Hughes Holdings Inc.. Top 10 = 100% of reported value; turnover 11.3%.
New Buys 0
none
Adds 1 · weight before → after
- Howard Hughes Holdings Inc. HHH 11.87% → 15.51% +12.2% shares
Trims 3 · weight before → after
- Chipotle Mexican Grill CMG 16.65% → 18.15% -13.5% shares
- Hilton Worldwide HLT 14.75% → 16.08% -10.9% shares
- Lowe's LOW 14.00% → 2.67% -82.4% shares
Exits 0
none
Q3 2023 · Filed Book as of 2023-09-30
What changed
Pershing Square cut Lowe's by 5% and added 10% to Hilton Worldwide. Top 10 = 100% of reported value; turnover 6.5%.
New Buys 0
none
Adds 2 · weight before → after
- Hilton Worldwide HLT 12.56% → 14.75% +10.4% shares
- Alphabet Inc. (Class A) GOOGL 2.42% → 5.43% +99.3% shares
Trims 1 · weight before → after
- Lowe's LOW 15.58% → 14.00% -5.4% shares
Exits 0
none
Q2 2023 · Filed Book as of 2023-06-30
What changed
Pershing Square opened 1 new position (largest: Canadian Pacific Kansas City Ltd/cn, 11.3%), exited 1 (largest: Canadian Pac Ry Ltd, 11.5% before), cut Chipotle Mexican Grill by 7% and added 4% to Howard Hughes Holdings Inc.. Top 10 = 100% of reported value; turnover 16.2%.
New Buys 1
- Canadian Pacific Kansas City Ltd/cn CP 11.27% new
Adds 2 · weight before → after
- Howard Hughes Holdings Inc. HHH 12.52% → 12.09% +3.7% shares
- Alphabet Inc. (Class C) GOOG 8.21% → 10.49% +16.2% shares
Trims 3 · weight before → after
- Chipotle Mexican Grill CMG 17.21% → 18.86% -7.3% shares
- Restaurant Brands International Inc. QSR 15.90% → 16.73% -3.5% shares
- Lowe's LOW 19.64% → 15.58% -25.6% shares
Exits 1
- Canadian Pac Ry Ltd was 11.48% sold out
Q1 2023 · Filed Book as of 2023-03-31
What changed
Pershing Square opened 2 new positions (largest: Alphabet Inc. (Class C), 8.2%) and cut Lowe's by 3%. Top 10 = 100% of reported value; turnover 10.4%.
New Buys 2
- Alphabet Inc. (Class C) GOOG 8.21% new
- Alphabet Inc. (Class A) GOOGL 2.22% new
Adds 0 · weight before → after
none
Trims 3 · weight before → after
- Lowe's LOW 23.53% → 19.64% -3.3% shares
- Chipotle Mexican Grill CMG 17.46% → 17.21% -6.9% shares
- Hilton Worldwide HLT 14.43% → 12.82% -7.3% shares
Exits 0
none
Q4 2022 · Filed Book as of 2022-12-31
What changed
Pershing Square added 17% to Howard Hughes Holdings Inc.. Top 10 = 100% of reported value; turnover 5.8%.
New Buys 0
none
Adds 1 · weight before → after
- Howard Hughes Holdings Inc. HHH 9.58% → 13.83% +16.7% shares
Trims 0 · weight before → after
none
Exits 0
none
Q3 2022 · Filed Book as of 2022-09-30
What changed
Pershing Square exited 1 (largest: Domino's, 10.8% before) and added 418% to Canadian Pac Ry Ltd. Top 10 = 100% of reported value; turnover 13.6%.
New Buys 0
none
Adds 1 · weight before → after
- Canadian Pac Ry Ltd 2.76% → 12.91% +417.5% shares
Trims 0 · weight before → after
none
Exits 1
- Domino's DPZ was 10.76% sold out
Q2 2022 · Filed Book as of 2022-06-30
What changed
Pershing Square exited 1 (largest: Netflix, 11.2% before). Top 10 = 100% of reported value; turnover 12.4%.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 0 · weight before → after
none
Exits 1
- Netflix NFLX was 11.21% sold out
Q1 2022 · Filed Book as of 2022-03-31
What changed
Pershing Square opened 1 new position (largest: Netflix, 11.2%), cut Hilton Worldwide by 21% and added 5% to Canadian Pac Ry Ltd. Top 10 = 100% of reported value; turnover 12.4%.
New Buys 1
- Netflix NFLX 11.21% new
Adds 1 · weight before → after
- Canadian Pac Ry Ltd 1.88% → 2.34% +4.6% shares
Trims 1 · weight before → after
- Hilton Worldwide HLT 18.22% → 14.53% -21.0% shares
Exits 0
none
Q4 2021 · Filed Book as of 2021-12-31
What changed
Pershing Square opened 1 new position (largest: Canadian Pac Ry Ltd, 1.9%) and cut Hilton Worldwide by 2%. Top 10 = 100% of reported value; turnover 5.3%.
Coverage caveat. This Filed Book covers 100.0% of the fund's reported value; some positions were omitted under confidential treatment and may appear in a later amendment.
New Buys 1
- Canadian Pac Ry Ltd 1.88% new
Adds 0 · weight before → after
none
Trims 1 · weight before → after
- Hilton Worldwide HLT 17.99% → 18.22% -2.3% shares
Exits 0
none
Q3 2021 · Filed Book as of 2021-09-30
What changed
Pershing Square exited 1 (largest: Agilent Technologies, 16.1% before) and added 3% to Chipotle Mexican Grill. Top 10 = 100% of reported value; turnover 16.1%.
New Buys 0
none
Adds 2 · weight before → after
- Chipotle Mexican Grill CMG 15.72% → 21.41% +2.6% shares
- Domino's DPZ 8.88% → 10.54% +2.6% shares
Trims 0 · weight before → after
none
Exits 1
- Agilent Technologies A was 16.14% sold out
Q2 2021 · Filed Book as of 2021-06-30
What changed
Pershing Square cut Lowe's by 15%. Top 10 = 100% of reported value; turnover 4.5%.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 1 · weight before → after
- Lowe's LOW 21.74% → 18.37% -15.2% shares
Exits 0
none
Q1 2021 · Filed Book as of 2021-03-31
What changed
Pershing Square opened 1 new position (largest: Domino's, 7.2%), exited 1 (largest: Starbucks, 10.8% before), cut Lowe's by 4% and added 23% to Howard Hughes Holdings Inc.. Top 10 = 100% of reported value; turnover 12.7%.
New Buys 1
- Domino's DPZ 7.16% new
Adds 1 · weight before → after
- Howard Hughes Holdings Inc. HHH 8.62% → 12.25% +23.4% shares
Trims 5 · weight before → after
- Lowe's LOW 19.88% → 21.74% -3.5% shares
- Hilton Worldwide HLT 14.85% → 14.89% -3.5% shares
- Restaurant Brands International Inc. QSR 15.30% → 14.87% -4.4% shares
- Chipotle Mexican Grill CMG 16.10% → 14.75% -6.5% shares
- Agilent Technologies A 14.49% → 14.35% -3.5% shares
Exits 1
- Starbucks SBUX was 10.77% sold out
Q4 2020 · Filed Book as of 2020-12-31
What changed
Pershing Square made no material changes. Top 10 = 100% of reported value; turnover 4.8%.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 0 · weight before → after
none
Exits 0
none
Q3 2020 · Filed Book as of 2020-09-30
What changed
Pershing Square cut Lowe's by 2%. Top 10 = 100% of reported value; turnover 2.0%.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 3 · weight before → after
- Lowe's LOW 22.15% → 23.33% -2.4% shares
- Agilent Technologies A 14.39% → 14.01% -3.0% shares
- Hilton Worldwide HLT 13.06% → 12.92% -3.1% shares
Exits 0
none
Q2 2020 · Filed Book as of 2020-06-30
What changed
Pershing Square exited 3 (largest: Berkshire Hathaway, 15.2% before), cut Howard Hughes Holdings Inc. by 10% and added 4% to Lowe's. Top 10 = 100% of reported value; turnover 19.5%.
New Buys 0
none
Adds 2 · weight before → after
- Lowe's LOW 16.04% → 22.15% +3.7% shares
- Restaurant Brands International Inc. QSR 9.19% → 17.70% +66.5% shares
Trims 1 · weight before → after
- Howard Hughes Holdings Inc. HHH 9.37% → 7.32% -10.5% shares
Exits 3
- Berkshire Hathaway BRK-B was 15.17% sold out
- Blackstone Inc. BX was 0.38% sold out
- Park Hotels & Resorts Inc. PK was 0.08% sold out
Q1 2020 · Filed Book as of 2020-03-31
What changed
Pershing Square opened 2 new positions (largest: Blackstone Inc., 0.4%), cut Chipotle Mexican Grill by 33% and added 42% to Lowe's. Top 10 = 100% of reported value; turnover 19.5%.
New Buys 2
- Blackstone Inc. BX 0.38% new
- Park Hotels & Resorts Inc. PK 0.08% new
Adds 6 · weight before → after
- Lowe's LOW 15.74% → 16.04% +42.3% shares
- Berkshire Hathaway BRK-B 13.88% → 15.17% +35.8% shares
- Hilton Worldwide HLT 17.87% → 14.32% +30.6% shares
- Agilent Technologies A 4.23% → 13.76% +288.7% shares
- Starbucks SBUX 7.32% → 10.13% +85.6% shares
- Howard Hughes Holdings Inc. HHH 4.25% → 9.37% +455.1% shares
Trims 1 · weight before → after
- Chipotle Mexican Grill CMG 22.03% → 11.56% -32.7% shares
Exits 0
none
Q4 2019 · Filed Book as of 2019-12-31
What changed
Pershing Square cut Starbucks by 41% and added 84% to Howard Hughes Holdings Inc.. Top 10 = 100% of reported value; turnover 7.5%.
New Buys 0
none
Adds 2 · weight before → after
- Howard Hughes Holdings Inc. HHH 2.39% → 4.25% +83.9% shares
- Agilent Technologies A 3.44% → 4.23% +11.4% shares
Trims 1 · weight before → after
- Starbucks SBUX 12.69% → 7.32% -41.4% shares
Exits 0
none
Q3 2019 · Filed Book as of 2019-09-30
What changed
Pershing Square opened 1 new position (largest: Agilent Technologies, 3.4%), exited 1 (largest: Automatic Data Processing, 9.9% before), cut Chipotle Mexican Grill by 3% and added 14% to Berkshire Hathaway. Top 10 = 100% of reported value; turnover 10.8%.
Coverage caveat. This Filed Book covers 100.0% of the fund's reported value; some positions were omitted under confidential treatment and may appear in a later amendment.
New Buys 1
- Agilent Technologies A 3.44% new
Adds 1 · weight before → after
- Berkshire Hathaway BRK-B 11.16% → 12.87% +14.3% shares
Trims 4 · weight before → after
- Chipotle Mexican Grill CMG 19.48% → 22.33% -3.3% shares
- Restaurant Brands International Inc. QSR 16.21% → 16.54% -3.6% shares
- Hilton Worldwide HLT 15.98% → 15.15% -3.7% shares
- Lowe's LOW 13.39% → 14.59% -3.2% shares
Exits 1
- Automatic Data Processing ADP was 9.93% sold out
Q2 2019 · Filed Book as of 2019-06-30
What changed
Pershing Square opened 1 new position (largest: Berkshire Hathaway, 11.2%), exited 1 (largest: United Technologies Corp, 11.2% before) and cut Chipotle Mexican Grill by 4%. Top 10 = 100% of reported value; turnover 14.8%.
New Buys 1
- Berkshire Hathaway BRK-B 11.16% new
Adds 0 · weight before → after
none
Trims 4 · weight before → after
- Chipotle Mexican Grill CMG 19.70% → 19.48% -4.3% shares
- Restaurant Brands International Inc. QSR 17.78% → 16.21% -14.7% shares
- Lowe's LOW 15.18% → 13.39% -4.4% shares
- Starbucks SBUX 11.06% → 11.64% -6.8% shares
Exits 1
- United Technologies Corp was 11.17% sold out
Q1 2019 · Filed Book as of 2019-03-31
What changed
Pershing Square exited 1 (largest: Platform Specialty Prods Cor, 7.0% before), cut Chipotle Mexican Grill by 4% and added 4% to United Technologies Corp. Top 10 = 100% of reported value; turnover 8.7%.
New Buys 0
none
Adds 1 · weight before → after
- United Technologies Corp 9.97% → 11.17% +4.3% shares
Trims 5 · weight before → after
- Chipotle Mexican Grill CMG 14.07% → 19.70% -4.0% shares
- Restaurant Brands International Inc. QSR 17.28% → 17.78% -6.8% shares
- Lowe's LOW 14.79% → 15.18% -2.3% shares
- Starbucks SBUX 12.71% → 11.06% -15.0% shares
- Howard Hughes Holdings Inc. HHH 2.02% → 1.96% -3.1% shares
Exits 1
- Platform Specialty Prods Cor was 7.01% sold out
Q4 2018 · Filed Book as of 2018-12-31
What changed
Pershing Square opened 2 new positions (largest: Hilton Worldwide, 13.2%), cut Restaurant Brands International Inc. by 6% and added 13% to Lowe's. Top 10 = 100% of reported value; turnover 25.9%.
New Buys 2
- Hilton Worldwide HLT 13.19% new
- Starbucks SBUX 12.71% new
Adds 2 · weight before → after
- Lowe's LOW 18.60% → 14.79% +13.0% shares
- United Technologies Corp 13.28% → 9.97% +12.7% shares
Trims 3 · weight before → after
- Restaurant Brands International Inc. QSR 23.72% → 17.28% -5.6% shares
- Chipotle Mexican Grill CMG 17.97% → 14.07% -5.7% shares
- Howard Hughes Holdings Inc. HHH 5.09% → 2.02% -42.2% shares
Exits 0
none
Q3 2018 · Filed Book as of 2018-09-30
What changed
Pershing Square exited 1 (largest: Mondelez International, 11.6% before), cut Chipotle Mexican Grill by 29% and added 9% to Lowe's. Top 10 = 100% of reported value; turnover 15.0%.
New Buys 0
none
Adds 2 · weight before → after
- Lowe's LOW 12.70% → 18.60% +9.4% shares
- United Technologies Corp 9.78% → 13.28% +9.0% shares
Trims 3 · weight before → after
- Chipotle Mexican Grill CMG 21.42% → 17.97% -28.6% shares
- Automatic Data Processing ADP 9.76% → 11.65% -4.6% shares
- Howard Hughes Holdings Inc. HHH 5.03% → 5.09% -3.2% shares
Exits 1
- Mondelez International MDLZ was 11.56% sold out
Q2 2018 · Filed Book as of 2018-06-30
What changed
Pershing Square opened 1 new position (largest: Lowe's, 12.7%), cut Restaurant Brands International Inc. by 14% and added 134% to United Technologies Corp. Top 10 = 100% of reported value; turnover 19.6%.
New Buys 1
- Lowe's LOW 12.70% new
Adds 1 · weight before → after
- United Technologies Corp 5.06% → 9.78% +133.5% shares
Trims 2 · weight before → after
- Restaurant Brands International Inc. QSR 28.65% → 21.65% -14.3% shares
- Automatic Data Processing ADP 18.65% → 9.76% -46.8% shares
Exits 0
none
Q1 2018 · Filed Book as of 2018-03-31
What changed
Pershing Square opened 1 new position (largest: United Technologies Corp, 5.1%), exited 1 (largest: Nike, Inc., 6.2% before) and cut Restaurant Brands International Inc. by 8%. Top 10 = 100% of reported value; turnover 13.4%.
New Buys 1
- United Technologies Corp 5.06% new
Adds 0 · weight before → after
none
Trims 4 · weight before → after
- Restaurant Brands International Inc. QSR 27.74% → 28.65% -8.2% shares
- Automatic Data Processing ADP 17.56% → 18.65% -9.7% shares
- Mondelez International MDLZ 16.95% → 13.95% -30.5% shares
- Howard Hughes Holdings Inc. HHH 10.52% → 6.35% -53.1% shares
Exits 1
- Nike, Inc. NKE was 6.22% sold out
Q4 2017 · Filed Book as of 2017-12-31
What changed
Pershing Square opened 1 new position (largest: Nike, Inc., 6.2%) and added 67% to Mondelez International. Top 10 = 100% of reported value; turnover 12.1%.
New Buys 1
- Nike, Inc. NKE 6.22% new
Adds 1 · weight before → after
- Mondelez International MDLZ 11.07% → 16.95% +67.0% shares
Trims 0 · weight before → after
none
Exits 0
none
Q3 2017 · Filed Book as of 2017-09-30
What changed
Pershing Square exited 1 (largest: Nomad Foods Ltd, 7.8% before), cut Restaurant Brands International Inc. by 32% and added 402% to Automatic Data Processing. Top 10 = 100% of reported value; turnover 18.0%.
New Buys 0
none
Adds 1 · weight before → after
- Automatic Data Processing ADP 2.98% → 18.81% +402.5% shares
Trims 2 · weight before → after
- Restaurant Brands International Inc. QSR 40.71% → 33.10% -32.3% shares
- Mondelez International MDLZ 10.41% → 11.07% -3.9% shares
Exits 1
- Nomad Foods Ltd NOMD was 7.82% sold out
Q2 2017 · Filed Book as of 2017-06-30
What changed
Pershing Square opened 1 new position (largest: Automatic Data Processing, 3.0%), exited 1 (largest: Air Products, 5.2% before), cut Mondelez International by 27% and added 32% to Howard Hughes Holdings Inc.. Top 10 = 100% of reported value; turnover 11.1%.
New Buys 1
- Automatic Data Processing ADP 2.98% new
Adds 1 · weight before → after
- Howard Hughes Holdings Inc. HHH 7.02% → 9.61% +31.9% shares
Trims 1 · weight before → after
- Mondelez International MDLZ 14.41% → 10.41% -27.3% shares
Exits 1
- Air Products APD was 5.18% sold out
Q1 2017 · Filed Book as of 2017-03-31
What changed
Pershing Square exited 1 (largest: Valeant Pharmaceuticals Intl, 4.5% before) and cut Mondelez International by 13%. Top 10 = 100% of reported value; turnover 11.5%.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 2 · weight before → after
- Mondelez International MDLZ 17.20% → 14.41% -13.1% shares
- Air Products APD 9.41% → 5.18% -41.1% shares
Exits 1
- Valeant Pharmaceuticals Intl was 4.45% sold out
Q4 2016 · Filed Book as of 2016-12-31
What changed
Pershing Square exited 1 (largest: Zoetis, 2.6% before), cut Air Products by 11% and added 420% to Chipotle Mexican Grill. Top 10 = 100% of reported value; turnover 14.4%.
New Buys 0
none
Adds 1 · weight before → after
- Chipotle Mexican Grill CMG 4.34% → 18.39% +420.1% shares
Trims 3 · weight before → after
- Air Products APD 11.18% → 9.41% -11.0% shares
- Platform Specialty Prods Cor 6.40% → 6.71% -5.3% shares
- Valeant Pharmaceuticals Intl 9.79% → 4.45% -16.1% shares
Exits 1
- Zoetis ZTS was 2.61% sold out
Q3 2016 · Filed Book as of 2016-09-30
What changed
Pershing Square opened 1 new position (largest: Chipotle Mexican Grill, 4.3%), exited 1 (largest: Canadian Pac Ry Ltd, 16.9% before) and cut Air Products by 47%. Top 10 = 100% of reported value; turnover 30.8%.
New Buys 1
- Chipotle Mexican Grill CMG 4.34% new
Adds 0 · weight before → after
none
Trims 2 · weight before → after
- Air Products APD 14.37% → 11.18% -47.0% shares
- Zoetis ZTS 13.38% → 2.61% -87.2% shares
Exits 1
- Canadian Pac Ry Ltd was 16.87% sold out
Q2 2016 · Filed Book as of 2016-06-30
What changed
Pershing Square cut Canadian Pac Ry Ltd by 29%. Top 10 = 100% of reported value; turnover 12.2%.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 2 · weight before → after
- Canadian Pac Ry Ltd 20.89% → 16.87% -29.4% shares
- Zoetis ZTS 20.94% → 13.38% -49.4% shares
Exits 0
none
Q1 2016 · Filed Book as of 2016-03-31
What changed
Pershing Square opened 1 new position (largest: Nomad Foods Ltd, 3.4%), cut Air Products by 63% and added 3% to Restaurant Brands International Inc.. Top 10 = 100% of reported value; turnover 21.7%.
New Buys 1
- Nomad Foods Ltd NOMD 3.39% new
Adds 2 · weight before → after
- Restaurant Brands International Inc. QSR 11.40% → 17.17% +3.0% shares
- Valeant Pharmaceuticals Intl 13.54% → 6.41% +30.1% shares
Trims 2 · weight before → after
- Air Products APD 21.46% → 12.37% -63.0% shares
- Mondelez International MDLZ 15.61% → 10.40% -47.1% shares
Exits 0
none
Q4 2015 · Filed Book as of 2015-12-31
What changed
Pershing Square cut Valeant Pharmaceuticals Intl by 15%. Top 10 = 100% of reported value; turnover 11.4%.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 1 · weight before → after
- Valeant Pharmaceuticals Intl 24.90% → 13.54% -14.8% shares
Exits 0
none
Q3 2015 · Filed Book as of 2015-09-30
What changed
Pershing Square opened 1 new position (largest: Mondelez International, 13.0%). Top 10 = 100% of reported value; turnover 13.0%.
New Buys 1
- Mondelez International MDLZ 13.02% new
Adds 0 · weight before → after
none
Trims 0 · weight before → after
none
Exits 0
none
Q2 2015 · Filed Book as of 2015-06-30
What changed
Pershing Square exited 1 (largest: Actavis PLC, 2.7% before). Top 10 = 100% of reported value; turnover 5.7%.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 0 · weight before → after
none
Exits 1
- Actavis PLC was 2.68% sold out
Q1 2015 · Filed Book as of 2015-03-31
What changed
Pershing Square opened 2 new positions (largest: Valeant Pharmaceuticals Intl, 25.8%) and exited 1 (largest: Allergan Inc, 35.3% before). Top 10 = 100% of reported value; turnover 35.3%.
New Buys 2
- Valeant Pharmaceuticals Intl 25.84% new
- Actavis PLC 2.68% new
Adds 0 · weight before → after
none
Trims 0 · weight before → after
none
Exits 1
- Allergan Inc was 35.30% sold out
Q4 2014 · Filed Book as of 2014-12-31
What changed
Pershing Square opened 1 new position (largest: Restaurant Brands International Inc., 9.2%), exited 1 (largest: Burger King Worldwide Inc, 8.5% before), cut Allergan Inc by 8% and added 651% to Zoetis. Top 10 = 100% of reported value; turnover 18.9%.
New Buys 1
- Restaurant Brands International Inc. QSR 9.25% new
Adds 2 · weight before → after
- Zoetis ZTS 1.52% → 11.15% +650.8% shares
- Platform Specialty Prods Cor 6.21% → 6.19% +28.2% shares
Trims 1 · weight before → after
- Allergan Inc 38.33% → 35.30% -7.8% shares
Exits 1
- Burger King Worldwide Inc was 8.48% sold out
Q3 2014 · Filed Book as of 2014-09-30
What changed
Pershing Square opened 1 new position (largest: Zoetis, 1.5%). Top 10 = 100% of reported value; turnover 3.2%.
New Buys 1
- Zoetis ZTS 1.52% new
Adds 0 · weight before → after
none
Trims 0 · weight before → after
none
Exits 0
none
Q2 2014 · Filed Book as of 2014-06-30
What changed
Pershing Square exited 3 (largest: Beam Inc, 11.6% before), cut Canadian Pac Ry Ltd by 19% and added 4734% to Allergan Inc. Top 10 = 100% of reported value; turnover 37.9%.
New Buys 0
none
Adds 1 · weight before → after
- Allergan Inc 0.88% → 38.79% +4733.8% shares
Trims 1 · weight before → after
- Canadian Pac Ry Ltd 30.81% → 20.04% -18.8% shares
Exits 3
- Beam Inc was 11.60% sold out
- Apartment Invt & Mgmt Co was 1.35% sold out
- Home Properties Inc was 0.34% sold out
Q1 2014 · Filed Book as of 2014-03-31
What changed
Pershing Square opened 4 new positions (largest: Platform Specialty Prods Cor, 7.6%), exited 2 (largest: General Growth Pptys Inc, 6.7% before) and cut Beam Inc by 44%. Top 10 = 100% of reported value; turnover 13.8%.
New Buys 4
- Platform Specialty Prods Cor 7.58% new
- Apartment Invt & Mgmt Co 1.35% new
- Allergan Inc 0.88% new
- Home Properties Inc 0.34% new
Adds 0 · weight before → after
none
Trims 1 · weight before → after
- Beam Inc 17.21% → 11.60% -44.0% shares
Exits 2
- General Growth Pptys Inc was 6.74% sold out
- Procter & Gamble PG was 0.73% sold out
Q4 2013 · Filed Book as of 2013-12-31
What changed
Pershing Square cut Canadian Pac Ry Ltd by 26%. Top 10 = 100% of reported value; turnover 5.1%.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 3 · weight before → after
- Canadian Pac Ry Ltd 34.00% → 31.55% -25.8% shares
- General Growth Pptys Inc 8.21% → 6.74% -22.6% shares
- Procter & Gamble PG 1.91% → 0.73% -65.2% shares
Exits 0
none
Q3 2013 · Filed Book as of 2013-09-30
What changed
Pershing Square exited 2 (largest: Penney J C Inc, 7.4% before), cut Canadian Pac Ry Ltd by 4% and added 104% to Air Products. Top 10 = 100% of reported value; turnover 19.9%.
Coverage caveat. This Filed Book covers 81.6% of the fund's reported value.
New Buys 0
none
Adds 1 · weight before → after
- Air Products APD 10.24% → 26.11% +103.5% shares
Trims 3 · weight before → after
- Canadian Pac Ry Ltd 32.49% → 34.00% -4.3% shares
- General Growth Pptys Inc 14.92% → 8.21% -47.4% shares
- Procter & Gamble PG 7.62% → 1.91% -76.2% shares
Exits 2
- Penney J C Inc was 7.39% sold out
- Matson, Inc. MATX was 0.06% sold out
Q2 2013 · Filed Book as of 2013-06-30
What changed
Pershing Square reported 9 positions; the top 10 were 100% of reported value.
Coverage caveat. This Filed Book covers 82.4% of the fund's reported value.
Oldest Filed Book in this series — there is no prior quarter to compare against, so every row is shown as Hold.
New Buys 0
none
Adds 0 · weight before → after
none
Trims 0 · weight before → after
none
Exits 0
none
All 53 Filed Books
Weight over time
- UBER 12.7%
- BN 12.6%
- MSFT 11.9%
- AMZN 10.5%
- HHH 10.2%
- QSR 9.6%
- META 9.3%
- V 5.8%
- MA 5.6%
- SPGI 5.4%
- Other 6.4%
Metrics over time
Positions
14 Q2 2026
range 6 – 14
Top-10 share
93.6% Q2 2026
range 93.6% – 100.0%
Turnover
23.9% Q2 2026
range 2.0% – 37.9%
Sources and caveats
- Every figure comes from Pershing Square's Form 13F filings on SEC EDGAR, parsed from the machine-readable information tables (available since mid-2013). A filing covers long positions in US-listed securities only — no shorts, cash, bonds, hedges or non-US holdings — so weights are shares of the reported book, not of the whole fund.
- Filings are due up to 45 days after quarter end and may be amended later; the data shown is the latest effective version of each Filed Book. A Filing Change is classified on split-adjusted shares held (±2% band for Hold), never on weight.
- Share changes can reflect corporate actions such as mergers or exchanges, not only purchases or sales.
- Some quarters carry a coverage caveat: part of the book was omitted under confidential treatment or the parsed table covers less than 99% of the reported total. Those quarters say so above their holdings.
- A ticker shown as "—" means the issuer could not be mapped to a listed ticker; the name is as reported in the filing.
- algo2alpha has no affiliation with Pershing Square or its managers. Nothing here is investment advice or a recommendation to buy or sell any security. Reported values are at fund scale in USD billions; share counts are never shown.
All 53 filings on EDGAR
- Q2 2026 filed 14 Aug 2026 13F ↗
- Q1 2026 filed 15 May 2026 13F ↗
- Q4 2025 filed 17 Feb 2026 13F ↗
- Q3 2025 filed 14 Nov 2025 13F ↗
- Q2 2025 filed 14 Aug 2025 13F ↗
- Q1 2025 filed 15 May 2025 13F ↗
- Q4 2024 filed 14 Feb 2025 13F ↗ · 13F/A 1 ↗
- Q3 2024 filed 14 Nov 2024 13F ↗
- Q2 2024 filed 14 Aug 2024 13F ↗
- Q1 2024 filed 15 May 2024 13F ↗
- Q4 2023 filed 14 Feb 2024 13F ↗
- Q3 2023 filed 14 Nov 2023 13F ↗
- Q2 2023 filed 14 Aug 2023 13F ↗
- Q1 2023 filed 15 May 2023 13F ↗
- Q4 2022 filed 13 Feb 2023 13F ↗
- Q3 2022 filed 14 Nov 2022 13F ↗
- Q2 2022 filed 15 Aug 2022 13F ↗
- Q1 2022 filed 16 May 2022 13F ↗
- Q4 2021 filed 14 Feb 2022 13F ↗ · 13F/A 1 ↗
- Q3 2021 filed 15 Nov 2021 13F ↗
- Q2 2021 filed 16 Aug 2021 13F ↗
- Q1 2021 filed 17 May 2021 13F ↗
- Q4 2020 filed 16 Feb 2021 13F ↗
- Q3 2020 filed 23 Oct 2020 13F ↗
- Q2 2020 filed 14 Aug 2020 13F ↗
- Q1 2020 filed 15 May 2020 13F ↗
- Q4 2019 filed 14 Feb 2020 13F ↗
- Q3 2019 filed 14 Nov 2019 13F ↗ · 13F/A 1 ↗
- Q2 2019 filed 14 Aug 2019 13F ↗
- Q1 2019 filed 15 May 2019 13F ↗
- Q4 2018 filed 14 Feb 2019 13F ↗
- Q3 2018 filed 14 Nov 2018 13F ↗
- Q2 2018 filed 14 Aug 2018 13F ↗
- Q1 2018 filed 15 May 2018 13F ↗
- Q4 2017 filed 14 Feb 2018 13F ↗
- Q3 2017 filed 14 Nov 2017 13F ↗
- Q2 2017 filed 14 Aug 2017 13F ↗
- Q1 2017 filed 15 May 2017 13F ↗
- Q4 2016 filed 14 Feb 2017 13F ↗
- Q3 2016 filed 14 Nov 2016 13F ↗
- Q2 2016 filed 15 Aug 2016 13F ↗
- Q1 2016 filed 16 May 2016 13F ↗
- Q4 2015 filed 16 Feb 2016 13F ↗
- Q3 2015 filed 16 Nov 2015 13F ↗
- Q2 2015 filed 14 Aug 2015 13F ↗
- Q1 2015 filed 15 May 2015 13F ↗
- Q4 2014 filed 17 Feb 2015 13F ↗
- Q3 2014 filed 14 Nov 2014 13F ↗
- Q2 2014 filed 14 Aug 2014 13F ↗
- Q1 2014 filed 15 May 2014 13F ↗
- Q4 2013 filed 14 Feb 2014 13F ↗
- Q3 2013 filed 14 Nov 2013 13F ↗
- Q2 2013 filed 14 Aug 2013 13F ↗