Manager Evidence
What did Bill Ackman actually do?
A source-backed history of material decisions from Pershing Square Capital Management. We preserve the sequence and observed outcomes instead of compressing judgment into a guru grade.
- Material decisions
- 8
- Stocks observed
- 5
- Outcomes observed
- 8
Each outcome preserves the stock’s post-disclosure excess return over the fixed observation window. The evidence stays decision-level; it is not rolled into a manager score.
Observed decisions and outcomes
Q1 2026
filed May 15, 2026
45d lag
+8.8% vs SPY
63 sessions after disclosure
direction supported so far
Q1 2026
filed May 15, 2026
45d lag
-18.0% vs SPY
63 sessions after disclosure
direction supported so far
Q1 2026
filed May 15, 2026
45d lag
-18.2% vs SPY
63 sessions after disclosure
direction supported so far
Q4 2025
filed Feb 17, 2026
48d lag
+21.4% vs SPY
63 sessions after disclosure
direction supported so far
Q4 2025
filed Feb 17, 2026
48d lag
-12.8% vs SPY
63 sessions after disclosure
direction not supported so far
Q4 2025
filed Feb 17, 2026
48d lag
+23.0% vs SPY
63 sessions after disclosure
direction not supported so far
Q2 2025
filed Aug 14, 2025
45d lag
-0.8% vs SPY
63 sessions after disclosure
direction not supported so far
Q2 2025
filed Aug 14, 2025
45d lag
+34.2% vs SPY
63 sessions after disclosure
direction supported so far
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The evidence is limited to selected widely owned U.S.-listed securities in Form 13F filings. Filing dates can trail quarter end by up to 45 days in the normal reporting cycle, and the filings do not disclose transaction dates, prices, or intent.