Pershing Square 13F, Q4 2025
Bill Ackman · quarter ending 31 December 2025 · filed 17 February 2026 · SEC CIK 1336528
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| BROOKFIELD CORP | BN | $2.82B | 18.1% | +50% shares |
| UBER TECHNOLOGIES INC | UBER | $2.47B | 15.9% | unchanged |
| AMAZON COM INC | AMZN | $2.22B | 14.3% | +65% shares |
| ALPHABET INC | GOOG | $1.93B | 12.5% | -3% shares |
| META PLATFORMS INC | META | $1.76B | 11.4% | new |
| RESTAURANT BRANDS INTL INC | QSR | $1.56B | 10.1% | unchanged |
| HOWARD HUGHES HOLDINGS INC | HHH | $1.50B | 9.7% | unchanged |
| HILTON WORLDWIDE HLDGS INC | HLT | $869.98M | 5.6% | unchanged |
| ALPHABET INC | GOOGL | $212.31M | 1.4% | -86% shares |
| SEAPORT ENTMT GROUP INC | SEG | $99.32M | 0.6% | unchanged |
| HERTZ GLOBAL HLDGS INC | HTZ | $78.34M | 0.5% | unchanged |
What changed since Q3 2025
Against the Q3 2025 filing, Pershing Square opened 1 new position, added to 2, trimmed 2, left 6 unchanged and exited 1. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001172661-26-001091, 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.