Bill Ackman portfolio & holdings
Pershing Square Capital Management
Historical clone performance and limitations
Bill Ackman (Pershing Square Capital Management) discloses a $13.71B portfolio across 11 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is BN at 17.6% of the book.
A material reported change · Q1 2026
Bill Ackman reported a new position in MSFT.
Holdings as of Mar 31, 2026 · filed May 15, 2026. Position at period end: 15.3% of the reported portfolio. The filing does not reveal the trade date, price, or reason.
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Holdings (11) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | BN | 17.6% | $2.42B | |||
| 2 | AMZN | 17.4% | $2.39B | |||
| 3 | UBER | 15.7% | $2.15B | |||
| 4 | MSFT | 15.3% | $2.09B | |||
| 5 | QSR | 12.2% | $1.67B | |||
| 6 | META | 11.1% | $1.52B | |||
| 7 | HHH | 8.7% | $1.19B | |||
| 8 | SEG | 0.8% | $108M | |||
| 9 | GOOG | 0.7% | $89M | |||
| 10 | HTZ | 0.5% | $70M | |||
| 11 | GOOGL | 0.1% | $9M |
- 1BNport17.6%val$2.42BBrookfield Corpthis Q hold·8q
- 2AMZNport17.4%val$2.39BAmazon.com Incthis Q hold·4q
- 3UBERport15.7%val$2.15BUber Technologies Incthis Q hold·5q
- 4MSFTport15.3%val$2.09BMicrosoft Corpthis Q New·—1q
- 5QSRport12.2%val$1.67BRestaurant Brands Internthis Q hold·40q
- 6METAport11.1%val$1.52BMeta Platforms Inc-class Athis Q hold·2q
- 7HHHport8.7%val$1.19BHoward Hughes Holdings Incthis Q hold·11q
- 8SEGport0.8%val$108MSeaport Entertainment Groupthis Q hold·7q
- 9GOOGport0.7%val$89MAlphabet Inc-cl Cthis Q -95%·13q
- 10HTZport0.5%val$70MHertz Global Hldgs Incthis Q hold·6q
- 11GOOGLport0.1%val$9MAlphabet Inc-cl Athis Q -95%·13q
Beyond the 13F
as of 2026-06-30Across Bill Ackman’s registered funds — $4.77B disclosed in SEC Form N-PORT — just 51.8% sits in US-listed equity, the only slice a 13F reports. The other $2.30B is cash — none of which a 13F can show.
These registered funds hold $4.77B against the $13.71B Bill Ackman reports on its 13F, so this describes those funds, not the whole firm. Everything the manager runs outside a registered fund — separate accounts, private vehicles — files no N-PORT and is not counted here.
Where the hidden money is
Largest positions no 13F shows
| BLACKROCK LIQUIDITY FUNDS TREA · United States · USD | $1.64B |
| United States Treasury · United States · USD | $599M |
| Goldman Sachs Financial Square Funds - Treasury Instruments Fund · United States · USD | $54M |
From SEC Form N-PORT, which registered funds file with their full portfolio — every currency, asset class and short. Covers 1 fund. The percentage above is the composition of those funds, not a ratio between two filings: a 13F spans every discretionary account but only US-listed securities, while N-PORT covers only the registered funds but every asset inside them — different universes, so the totals are not comparable (the 13F itself reports $13.71B for 2026-03-31). None of this feeds the backtest above, which stays a pure 13F clone.
2026Q1 moves, by size (4)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| MSFT | Microsoft Corp | NEW | 15.3% | +100% | $2.09B |
| GOOG | Alphabet Inc-cl C | TRIM | 0.7% | -95% | $89M |
| HLT | Hilton Worldwide Holdings IN | EXIT | 5.6% | -100% | $0 |
| GOOGL | Alphabet Inc-cl A | TRIM | 0.1% | -95% | $9M |
- NEWMSFT15.3%Microsoft CorpΔ +100%·$2.09B
- TRIMGOOG0.7%Alphabet Inc-cl CΔ -95%·$89M
- EXITHLT5.6%Hilton Worldwide Holdings INΔ -100%·$0
- TRIMGOOGL0.1%Alphabet Inc-cl AΔ -95%·$9M
About Bill Ackman
Bill Ackman runs Pershing Square Capital Management, a concentrated, long-biased activist fund that typically holds fewer than fifteen positions — the 2026 Q1 13F shows eleven, with the top five accounting for roughly 78% of a $13.7B disclosed book. His edge, historically, has been identifying businesses with durable pricing power and then using an activist ownership stake to pressure management on capital allocation or strategic direction. He became widely known for a series of high-conviction macro overlays on top of the equity book: most notably, a CDS hedge on corporate credit indices at the onset of COVID-19 in early 2020 that returned roughly $2.6B on a ~$27M premium outlay, and a subsequent well-publicized short on the CDX at rising rate expectations. Readers parsing the 13F should understand that the filing captures only long equity and certain option positions reported to the SEC — Ackman's macro overlays, interest rate hedges, and short book do not appear, which is why cloned long-only backtests tend to diverge materially from Pershing Square's actual fund returns.
2026Q1 brief
Pershing Square's $13.7B concentrated book got a significant reshuffle in 2026Q1, with MSFT arriving as a new 15.3% position — instantly Ackman's fourth-largest holding — and slotting neatly alongside existing mega-cap tech exposure in AMZN (17.4%) and META (11.1%). The 95% liquidation of both GOOG (trimmed to a rounding-error 0.7%) and GOOGL (0.07%) is striking: Ackman is effectively rotating out of Alphabet entirely while doubling down on the broader software/platform theme via Microsoft, perhaps preferring Azure's enterprise AI positioning over Google's more advertising-dependent revenue mix. HLT (previously 5.6%) was fully exited, ending a hospitality bet that never fit cleanly with the rest of the book. The portfolio now sits at just 11 positions with top-5 concentration at 78%, dominated by BN, AMZN, UBER, MSFT, and QSR. Watch whether MSFT gets scaled further toward a top-3 slot in Q2, and whether the residual Alphabet stub gets cleaned out entirely.
AI-generated. Not investment advice.
Filing history
Bill Ackman's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q1 2026 — what changed → | 11 | $13.71B |
| Q4 2025 — what changed → | 11 | $15.53B |
| Q3 2025 holdings | 11 | $14.64B |
| Q2 2025 — what changed → | 11 | $13.73B |
| Q1 2025 — what changed → | 11 | $11.93B |
| Q4 2024 holdings | 11 | $12.66B |
| Q3 2024 holdings | 11 | $12.92B |
| Q2 2024 holdings | 9 | $10.41B |
| Q1 2024 holdings | 7 | $10.76B |
| Q4 2023 holdings | 8 | $10.40B |
| Q3 2023 holdings | 8 | $10.49B |
| Q2 2023 holdings | 8 | $10.82B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Manager evidence
8 material decisions, preserved in sequence.
See what Bill Ackman bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open Bill Ackman's decision evidence →Frequently asked questions
- What stocks does Bill Ackman own?
- As of 2026Q1, Bill Ackman's 13F discloses 11 positions worth $13.71B. The top five holdings: BN (17.6%), AMZN (17.4%), UBER (15.7%), MSFT (15.3%), QSR (12.2%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Bill Ackman buy this quarter?
- In 2026Q1, the filing shows 1 new position and 0 additions to existing holdings. The largest positions touched by buying: MSFT.
- How big is Bill Ackman's portfolio?
- $13.71B across 11 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 78% of the disclosed book.
Similar portfolios
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001336528). Not investment advice.