Pershing Square Capital Management, L.P. 13F Filings Explorer
Pershing Square Capital Management, L.P.CIK: 0001336528
ContrarianQuality / disciplined sizing
Total reported value
$13.7B
Reporting period: 2026-03-31 · Number of holdings: 11
Pershing Square Capital Management, L.P. disclosed 11 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $13.7B and a quarterly turnover rate of 45.0%.
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Personality snowflake
- Concentration
- 57.67
- Portfolio Stability
- 44.98
- Momentum/Contrarian
- 0
- Sector conviction
- 57.93
- Diversification
- 22
- Sizing Uniformity
- 91.97
Pershing Square Capital Management, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.144 — mathematically equivalent to about 7 equally-sized positions, close to its 11 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.80), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Recent moves
Trim GOOG
-94.9% -$1.8B
Add AMZN
+19.2% $167.4M
Add QSR
-1.0% $113.3M
Trim GOOGL
-95.2% -$203.0M
Trim HHH
0.0% -$311.2M
Trim BN
-2.8% -$401.8M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Pershing Square is executing a high-conviction rotation, cutting Google exposure by nearly 95% and exiting Hilton entirely, while doubling down on Amazon and initiating a new large position in Microsoft. This is an aggressive alpha-seeking shift within mega-cap growth, rebalancing conviction weights ahead of a perceived regime shift in tech consolidation and consumer resilience.
Macro & Fundamentals
These flows price a regime where AI-driven productivity gains disproportionately accrue to hyperscalers like Amazon and Microsoft, while Google's search monopoly faces structural disruption and consumer cyclicals like Hilton get squeezed by margin or demand erosion. The opposing thesis — that a decentralized, competitor-filled landscape or a consumer slowdown could crater these FANG-exposed names — is not hedged, as the portfolio's strong negative momentum tilt (-0.98) suggests betting on mean reversion in recent laggards whose trends may persist.
Blind Spots / Risks
The portfolio's coefficient of variation at 0.80 — reflecting extreme weight disparity across just 11 holdings — creates a convexity overdose. A single binary event in Amazon or Microsoft can swing the fund's NAV by 15-20%, and with no hedging or sector diversity beyond tech and consumer discretionary, there is no buffer. The high position-sizing discipline (91.97) masks a structural fragility: this is not conviction, it's a leveraged binary bet disguised as active management.
Compiled by AI from public 13F filings; reflects historical positioning only and carries no investment recommendation.
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BN | Brookfield CORP | Stock-Financials | 17.62% | -0.53% | -2.78% | |
| 2 | AMZN | Amazon.com INC | Stock-Consumer Disc | 17.39% | +3.11% | +19.19% | |
| 3 | UBER | Uber Technologies INC | Stock-Industrials | 15.71% | -0.19% | -0.82% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 15.26% | +15.26% | NEW | |
| 5 | QSR | Restaurant Brands Intern | Stock-Consumer Disc | 12.20% | +2.15% | -0.97% | |
| 6 | META | Meta Platforms Inc-class A | Stock-Comm Services | 11.10% | -0.27% | -0.48% | |
| 7 | HHH | Howard Hughes Holdings INC | Stock-Real Estate | 8.70% | -0.99% | — | |
| 8 | SEG | Seaport Entertainment Group | Stock-Other | 0.79% | +0.15% | — | |
| 9 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.65% | -11.81% | -94.94% | |
| 10 | HTZ | Hertz Global Hldgs INC | Stock-Other | 0.51% | +0.01% | — | |
| 11 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.07% | -1.30% | -95.23% |
Portfolio Performance
Performance for Q3 2026
-3.2%
Performance Last 4 Quarters
+15.2%
Based on 76% of reported portfolio value with available pricing
- Stdev
- +16.1%
- Beta
- +0.99
- Alpha
- -5.5%
- Max Drawdown
- -12.1%
- Annualized Perf
- +12.2%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +1.52
- Stutzer
- +0.24
- Treynor
- +0.13
- Sterling
- +0.66
- Calmar
- +1.01
- Information Ratio
- -0.6
- Tracking Error
- +9.5%
- Stdev Down
- +8.5%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +32.3%
- Worst 12 Months
- -5.6%
- Efficiency Ratio
- +0.3
- Sharpe
- +0.8
- Stdev Sectors
- +6.6%
- Skewness
- +0.49
- Kurtosis
- +0.48
- Upside Potential
- +3.47
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 11 | $13.7B | 45 | |
| 2025-12-31 | 11 | $15.5B | 38 | |
| 2025-09-30 | 11 | $14.6B | 38 | |
| 2025-06-30 | 11 | $13.7B | 0 | |
| 2025-03-31 | 11 | $11.9B | 100 | |
| 2024-12-31 | 10 | $12.6B | 0 | |
| 2024-09-30 | 11 | $12.9B | 0 | |
| 2024-06-30 | 9 | $10.4B | 0 | |
| 2024-03-31 | 7 | $10.8B | 0 | |
| 2023-12-31 | 8 | $10.4B | 0 | |
| 2023-09-30 | 8 | $10.5B | 0 | |
| 2023-06-30 | 8 | $10.8B | 0 | |
| 2023-03-31 | 8 | $10.2B | 0 | |
| 2022-12-31 | 6 | $8.8B | 0 | |
| 2022-09-30 | 6 | $7.9B | 0 | |
| 2022-06-30 | 7 | $7.5B | 0 | |
| 2022-03-31 | 8 | $10.4B | 0 | |
| 2021-12-31 | 6 | $10.6B | 0 | |
| 2021-09-30 | 6 | $9.5B | 0 | |
| 2021-06-30 | 7 | $10.7B | 9 | |
| 2021-03-31 | 7 | $10.5B | 27 | |
| 2020-12-31 | 7 | $10.0B | 14 | |
| 2020-09-30 | 7 | $8.8B | 13 | |
| 2020-06-30 | 7 | $7.8B | 47 | |
| 2020-03-31 | 10 | $6.6B | 39 | |
| 2019-12-31 | 8 | $6.6B | 100 | |
| 2019-09-30 | 7 | $6.3B | 0 | |
| 2019-06-30 | 8 | $6.7B | 30 | |
| 2019-03-31 | 8 | $6.7B | 26 | |
| 2018-12-31 | 9 | $6.0B | 42 | |
| 2018-09-30 | 7 | $5.2B | 26 | |
| 2018-06-30 | 8 | $5.8B | 36 | |
| 2018-03-31 | 7 | $4.8B | 32 | |
| 2017-12-31 | 7 | $5.9B | 20 | |
| 2017-09-30 | 6 | $5.1B | 44 | |
| 2017-06-30 | 7 | $6.0B | 22 | |
| 2017-03-31 | 7 | $6.0B | 23 | |
| 2016-12-31 | 8 | $5.9B | 28 | |
| 2016-09-30 | 9 | $5.4B | 50 | |
| 2016-06-30 | 9 | $7.5B | 23 | |
| 2016-03-31 | 9 | $8.9B | 43 | |
| 2015-12-31 | 8 | $12.5B | 19 | |
| 2015-09-30 | 8 | $14.0B | 29 | |
| 2015-06-30 | 7 | $14.4B | 11 | |
| 2015-03-31 | 8 | $15.0B | 68 | |
| 2014-12-31 | 7 | $16.0B | 37 | |
| 2014-09-30 | 7 | $13.4B | 8 | |
| 2014-06-30 | 6 | $12.6B | 63 | |
| 2014-03-31 | 9 | $8.4B | 28 | |
| 2013-12-31 | 7 | $8.2B | 29 | |
| 2013-09-30 | 17 | $10.3B | 31 | |
| 2013-06-30 | 20 | $11.0B | 0 |
Holding changes this quarter
Pershing Square Capital Management, L.P.'s most significant position changes for 2026-03-31: New buy: Microsoft CORP (MSFT); Sold out: Hilton Worldwide Holdings In (HLT); Trim: Alphabet Inc-cl C (GOOG) — shares -94.94%; Add: Amazon.com INC (AMZN) — shares +19.19%; Trim: Restaurant Brands Intern (QSR) — shares -0.97%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com INC | +3.1% | +19.19% | Add |
| 2 | QSR | Restaurant Brands Intern | +2.2% | -0.97% | Trim |
| 3 | SEG | Seaport Entertainment Group | +0.2% | — | Unchanged |
| 4 | HTZ | Hertz Global Hldgs INC | 0% | — | Unchanged |
| 5 | UBER | Uber Technologies INC | -0.2% | -0.82% | Trim |
| 6 | META | Meta Platforms Inc-class A | -0.3% | -0.48% | Trim |
| 7 | BN | Brookfield CORP | -0.5% | -2.78% | Trim |
| 8 | HHH | Howard Hughes Holdings INC | -1% | — | Unchanged |
| 9 | GOOGL | Alphabet Inc-cl A | -1.3% | -95.23% | Trim |
| 10 | GOOG | Alphabet Inc-cl C | -11.8% | -94.94% | Trim |
| 11 | MSFT | Microsoft CORP | — | NEW | New buy |
| 12 | HLT | Hilton Worldwide Holdings In | — | EXIT | Sold out |
Filing History
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-04-16 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-03-07 | Amendment | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-10-23 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-12-09 | Amendment | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
FAQ
What is Pershing Square Capital Management, L.P. and what type of investor is it?
Pershing Square Capital Management, L.P. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $13.7B, spread across 11 disclosed positions.
What are Pershing Square Capital Management, L.P.'s largest equity positions?
Based on the latest 13F filing, Pershing Square Capital Management, L.P.'s top holdings by market value are:
1. Brookfield CORP (BN) — $2.4B (17.6%)
2. Amazon.com INC (AMZN) — $2.4B (17.4%)
3. Uber Technologies INC (UBER) — $2.2B (15.7%)
4. Microsoft CORP (MSFT) — $2.1B (15.3%)
5. Restaurant Brands Intern (QSR) — $1.7B (12.2%)
What changes did Pershing Square Capital Management, L.P. make in its most recent portfolio filing?
In the latest reported quarter, Pershing Square Capital Management, L.P. made 9 notable position adjustments: 1 new positions were initiated, 1 existing holdings were added to, 6 positions were partially reduced, and 1 were completely exited. The largest of these moves: New buy: Microsoft CORP (MSFT); Sold out: Hilton Worldwide Holdings In (HLT); Trim: Alphabet Inc-cl C (GOOG) — shares -94.94%; Add: Amazon.com INC (AMZN) — shares +19.19%; Trim: Restaurant Brands Intern (QSR) — shares -0.97%
What sectors does Pershing Square Capital Management, L.P. focus on?
Pershing Square Capital Management, L.P. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 30.0%
• Financials: 17.9%
• Industrials: 15.9%
• Information Technology: 15.5%
• Communication Services: 12.0%
• Real Estate: 8.8%
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