Bill Ackman's Q1 2026 Portfolio: A New Microsoft Bet, Alphabet Nearly Gone
Bill Ackman runs one of the most concentrated portfolios of any famous investor. Pershing Square Capital Management's latest 13F, covering the quarter ended March 31, 2026, lists roughly $13.7 billion across just eleven US equity positions. When a fund that focused makes two big moves in one quarter, it is worth reading closely.
Pershing Square: Extreme concentration
Just 11 positions across $13.7 billion. The top 4 holdings account for roughly 65% of the portfolio.
The headline: a brand new Microsoft position
The filing shows Pershing Square opened a position of 5,654,078 shares of Microsoft (MSFT), worth about $2.09 billion at quarter end. That made it an instant 15.3% of the portfolio, the fourth largest holding on day one.
Ackman was not alone. Across the funds we track on [the gurus page](/app/gurus), 41 either opened a new Microsoft position or added to an existing one during Q1 2026.
The numbers on [our Microsoft page](/stocks/MSFT) help explain the interest. MSFT trades at $395.63 with a PE of 22.9, carries the highest moat score in the group at 90, and our DCF pegs fair value at $470, roughly 19% above the current price. A DCF is a model, not a prophecy, and it is only as good as its growth and discount assumptions. But it is notable when a valuation model and a famously picky investor point the same way. Microsoft reports earnings on July 29.
The quiet exit: Alphabet cut by 95%
The other side of the trade is just as interesting. Pershing Square held both Alphabet share classes and gutted both. The GOOG stake fell from 6,163,871 shares to 311,726, down 94.9%. The GOOGL stake fell from 678,297 shares to 32,376, down 95.2%. What remains is worth under $100 million combined, about 0.7% of the book. That is a residual, not a position.
Alphabet stake reduction by class
Both share classes were cut by roughly 95%, leaving only a residual position worth less than $100 million combined.
Alphabet has been a strong performer, which may be exactly the point. At $370.92, GOOGL now trades at a PE of 27.2, and our DCF fair value of $205 sits far below the market price. The moat score is still excellent at 84. Selling a winner that has run past your estimate of fair value is textbook discipline, whatever you think of the specific numbers.
Alphabet vs. DCF: the gap that prompted the exit
GOOGL trades at $370.92 while our DCF fair value is $205. That 81% premium over model value is the kind of gap that triggers disciplined selling.
Amazon: adding on the way
Ackman also grew the Amazon (AMZN) stake by 19.2%, to 11,451,981 shares worth $2.39 billion, now 17.4% of the portfolio and the second largest position. Here our model disagrees with him: AMZN trades at $254.96 against a DCF fair value of $198, with a PE of 29.3. The moat score of 80 is strong. This is a good reminder that a DCF is one lens, and investors with different growth assumptions will reach different answers. Amazon reports July 30.
The rest of the book barely moved
Brookfield (BN) remains the largest holding at 17.6% of the portfolio ($2.42 billion) after a small 2.8% trim. Uber (UBER) sits at 15.7% and was left essentially untouched; it trades at $72.67 against our DCF of $95. Restaurant Brands (QSR) holds 12.2% of the book, pays a 3.45% dividend yield, and trades at $74.18 versus a DCF fair value of $119.73. Meta (META) is 11.1%, and Howard Hughes (HHH) was unchanged at 8.7%. Small positions in Seaport Entertainment (SEG) and Hertz (HTZ) round things out.
Top holdings: portfolio weight and valuation status
BN dominates at 17.6%, followed by AMZN at 17.4% and UBER at 15.7%. UBER and QSR both trade well below DCF fair value.
The caveats that matter
Before you copy any of this, remember what a 13F is and is not. The filing is a snapshot of March 31 that only became public around mid May, so it is at least 45 days stale by the time anyone reads it, and Pershing Square may have traded since. 13Fs cover long US equity positions only; they do not show shorts, most derivatives, or foreign listings, so the full picture of the fund can differ from the filing. And every fair value figure above comes from a discounted cash flow model, which is an estimate built on assumptions, not a guarantee.
What to do with this
The useful takeaway is not "buy what Ackman bought." It is the pattern: a concentrated investor rotated out of a stock trading far above one estimate of fair value and into one trading below it. You can run that same comparison yourself across more than 17 markets with [our free screener](/app/screener), which shows DCF fair values, moat scores, and analyst targets side by side. If you want new 13F moves from Pershing Square and a hundred other tracked funds each quarter, [create a free account](/register) and follow them.
The bottom line
Ackman's Q1 moves follow a clear discipline: dump winners that have outrun fair value, buy undervalued quality. The Microsoft entry at 15% of the portfolio signals real conviction; the Alphabet exit, no matter how profitable, signals that discipline beats sentiment every time.
This article is educational information, not financial advice. Do your own research before making any investment decision.
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