Pershing Square 13F, Q3 2025
Bill Ackman · quarter ending 30 September 2025 · filed 14 November 2025 · SEC CIK 1336528
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| UBER TECHNOLOGIES INC | UBER | $2.97B | 20.3% | unchanged |
| BROOKFIELD CORP | BN | $2.81B | 19.2% | unchanged |
| HOWARD HUGHES HOLDINGS INC | HHH | $1.55B | 10.6% | unchanged |
| ALPHABET INC | GOOG | $1.54B | 10.5% | unchanged |
| RESTAURANT BRANDS INTL INC | QSR | $1.47B | 10.0% | unchanged |
| AMAZON COM INC | AMZN | $1.28B | 8.7% | unchanged |
| ALPHABET INC | GOOGL | $1.18B | 8.0% | -10% shares |
| CHIPOTLE MEXICAN GRILL INC | CMG | $844.20M | 5.8% | unchanged |
| HILTON WORLDWIDE HLDGS INC | HLT | $786.25M | 5.4% | unchanged |
| SEAPORT ENTMT GROUP INC | SEG | $115.15M | 0.8% | unchanged |
| HERTZ GLOBAL HLDGS INC | HTZ | $103.64M | 0.7% | unchanged |
What changed since Q2 2025
Against the Q2 2025 filing, Pershing Square opened 0 new positions, added to 0, trimmed 1, left 10 unchanged and exited 0. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
No new positions this quarter.
Exited
Nothing from the previous filing was sold outright.
Added to
No position was increased by more than 2%.
Trimmed
- GOOGL-10%$1.18B
Other quarters
Source: SEC Form 13F-HR, accession 0001172661-25-005039, filed by Pershing Square Capital Management, L.P.. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.