WallStSmart

Bill Ackman - Pershing Square Capital Management

Pershing Square Capital Management

Latest 13F filing
Q4 2025
filed Feb 17, 2026
Portfolio value
$15.53B
Positions
11
Top 10 concentration
99.5%
QoQ change
+6.0%
+$883.44M
Activity vs. Q3 2025
1
New positions
2
Added to
3
Unchanged
5
Reduced
5
Exited

Portfolio composition — Q4 2025

  • BNBROOKFIELD CORP18.1%
  • UBERUBER TECHNOLOGIES INC15.9%
  • AMZNAMAZON COM INC14.3%
  • GOOGALPHABET INC12.5%
  • METAMETA PLATFORMS INC11.4%
  • QSRRESTAURANT BRANDS INTL INC10.0%
  • HHHHOWARD HUGHES HOLDINGS INC9.7%
  • HLTHILTON WORLDWIDE HLDGS INC5.6%
  • GOOGLALPHABET INC1.4%
  • SEGSEAPORT ENTMT GROUP INC0.6%
  • Other1 more positions0.5%

Top buys

New & added positions, by size

  • BNADD
    BROOKFIELD CORP
    $2.82B
    +49.7%
  • AMZNADD
    AMAZON COM INC
    $2.22B
    +65.0%
  • METANEW
    META PLATFORMS INC
    $1.76B
    NEW

Top sells

Reduced & exited positions, biggest cuts first

  • NKEEXIT
    NIKE INC
    -100.0%
    Exited
  • LOWEXIT
    LOWES COS INC
    -100.0%
    Exited
  • CPEXIT
    CANADIAN PACIFIC KANSAS CITY
    -100.0%
    Exited
  • CMGEXIT
    CHIPOTLE MEXICAN GRILL INC
    -100.0%
    Exited
  • SEGEXIT
    SEAPORT ENTMT GROUP INC
    -100.0%
    Exited

Holdings as of Q4 2025

#TickerIssuerSharesValue% PortfolioReported priceActionΔ Shares
1BNBROOKFIELD CORP61,403,089$2.82B18.15%$45.89ADD+49.7%
2UBERUBER TECHNOLOGIES INC30,207,734$2.47B15.90%$81.71REDUCE-0.2%
3AMZNAMAZON COM INC9,607,824$2.22B14.28%$230.82ADD+65.0%
4GOOGALPHABET INC6,163,871$1.93B12.46%$313.80REDUCE-2.5%
5METAMETA PLATFORMS INC2,673,569$1.76B11.37%$660.09NEW—
6QSRRESTAURANT BRANDS INTL INC22,866,773$1.56B10.05%$68.23REDUCE-0.2%
7HHHHOWARD HUGHES HOLDINGS INC18,852,064$1.50B9.69%$79.77—0%
8HLTHILTON WORLDWIDE HLDGS INC3,028,664$869.98M5.60%$287.25REDUCE-0.1%
9GOOGLALPHABET INC678,297$212.31M1.37%$313.00REDUCE-86.0%
10SEGSEAPORT ENTMT GROUP INC5,023,780$99.32M0.64%$19.77—0%
11HTZHERTZ GLOBAL HLDGS INC15,241,127$78.34M0.50%$5.14—0%

Positions exited in Q4 2025

TickerIssuerPrior shares
NKENIKE INC0
LOWLOWES COS INC0
CPCANADIAN PACIFIC KANSAS CITY0
CMGCHIPOTLE MEXICAN GRILL INC21,541,177
SEGSEAPORT ENTMT GROUP INC0

Source: SEC EDGAR 13F-HR filing Feb 17, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001336528.