Learn · Last updated September 8, 2026
Pershing Square 13F Portfolio: Q2 2026 Holdings and Changes
Pershing Square is Bill Ackman's activist fund, known for running one of the most concentrated books among prominent managers: a short roster of large, high-conviction positions, publicly argued for and held for years. When this portfolio changes, it is news.
The Q2 2026 filing reports $19.5B across 14 positions. The largest holdings are Uber Technologies Inc, Brookfield Corp, and Microsoft Corp, each representing more than 10% of the portfolio.
Top holdings (Q2 2026)
| Issuer | Value | Shares | % of portfolio |
|---|---|---|---|
| Uber Technologies Inc | $2.5B | 34,326,200 | 12.7% |
| Brookfield Corp | $2.4B | 57,481,047 | 12.6% |
| Microsoft Corp | $2.3B | 6,206,730 | 11.9% |
| Amazon Com Inc | $2.0B | 8,563,857 | 10.5% |
| Howard Hughes Holdings Inc | $2.0B | 27,852,064 | 10.2% |
| Restaurant Brands Intl Inc | $1.9B | 25,821,284 | 9.6% |
| Meta Platforms Inc | $1.8B | 3,196,062 | 9.2% |
| Visa Inc | $1.1B | 3,270,470 | 5.8% |
| Mastercard Incorporated | $1.1B | 2,124,646 | 5.6% |
| S&P Global Inc | $1.1B | 2,593,155 | 5.4% |
Pershing Square on Whale's Nest
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Why there is no quarter-over-quarter view yet
Pershing Square's 13F moved to a new filing entity, Pershing Square Inc., in mid-2026. Earlier quarters were reported by Pershing Square Capital Management, L.P. This is the first filing under the new entity, so there is no prior quarter to compare against. The positions shown above are the complete holdings as of June 30, 2026, but we cannot yet show what changed from the previous quarter without speculating across entities.
The shape of the portfolio
The top 10 holdings account for 93.6% of the portfolio. That level of concentration is a signature of Pershing Square's approach: Ackman assembles large stakes in a handful of companies he believes are mispriced or mismanaged, then holds them for years while pushing for change. A filing this concentrated should be read position by position, not as a diversified basket.
How to read Pershing Square's 13F
Every 13F filing arrives 45 days after the quarter end, so this snapshot is already weeks old by the time it is public. The fund may have traded since June 30, and you will not know until the next filing. For detail on the lag and what it means for following a portfolio like this, see are 13F filings useless after 45 days?
The 13F also omits foreign stock, options, bonds, cash, and short positions. Pershing Square has publicly discussed derivative overlays and hedges in the past; none of that appears here. For a full picture of what is missing, see what 13F filings don't show. For the basics of how these filings work, start with how to read a 13F filing.
FAQ
What is Pershing Square's biggest holding?
Uber Technologies Inc at $2.5B, representing 12.7% of the portfolio as of June 30, 2026.
Why are there no quarter-over-quarter changes shown?
Pershing Square's 13F moved to a new filing entity, Pershing Square Inc., in mid-2026. Earlier quarters were reported by Pershing Square Capital Management, L.P. This is the first filing under the new entity, so there is no prior quarter under this entity to compare against.
How many positions does Pershing Square hold?
14 positions as of the end of Q2 2026.
Data from the Q2 2026 Form 13F filed with the SEC. Methodology at /learn/how-we-source-13f-data. Nothing here is investment advice.
