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Pershing Square Capital Management (Bill Ackman): 13F portfolio Q1 2026 and what copying it returned

Bill Ackman's fund. Pershing Square Capital Management's 13F for the quarter ended 2026-03-31 (filed May 15, 2026): 11 common-share positions, $13.7B reported. Copying each 13F the day after it was filed returned +79.0% from Jun 2, 2022 to Aug 20, 2026, against +86.2% for SPY.

Reported 13F assets$13.7B
Positions (common)11
Quarter2026-03-31
Clone return+79.0%
SPY, same days+86.2%
Clone max drawdown-23.5%

Copying the 13F

2022-062023-022023-102024-062025-022025-102026-062026-08cloneSPY

Each 13F bought at the close of the first trading day after it was filed and held, drifting, until the next one; value-weighted over the common-share positions with a price (92.7% of the portfolio on average); 16 filings since Nov 14, 2013. Price returns for the clone and SPY alike (no dividends, no costs). A 13F lists only US long positions at quarter end, reported up to 45 days later.

Largest holdings (2026-03-31)

Pershing Square Capital Management: largest 13F holdings, 2026-03-31Pershing Square Capital Management: largest 13F holdings, 2026-03-31BN · Brookfield$2.4BAMZN · Amazon.com$2.4BUBER · Uber Technologies$2.2BMSFT · Microsoft$2.1BQSR · Restaurant Brands Internati…$1.7BMETA · Meta Platforms$1.5BHHH · Howard Hughes Holdings$1.2BSEG · Seaport Entertainment Group$108MGOOG · Alphabet$89.4MHTZ · Hertz Global Holdings$70.3MGOOGL · Alphabet$9.3M
Pershing Square Capital Management: positions grown and trimmed in the quarter (change in shares; new positions and exits are listed below)Pershing Square Capital Management: positions grown and trimmed in the quarter (change in shares; new positions and exits are listed below)AMZN+19%GOOGL-95%GOOG-95%BN-3%QSR-1%UBER-1%META0%
TickerCompanyWeightValueChange in the quarter
BNBrookfield17.6%$2.4B-2.8%
AMZNAmazon.com17.4%$2.4B+19.2%
UBERUber Technologies15.7%$2.2B-0.8%
MSFTMicrosoft15.3%$2.1Bnew
QSRRestaurant Brands International12.2%$1.7B-1.0%
METAMeta Platforms11.1%$1.5B-0.5%
HHHHoward Hughes Holdings8.7%$1.2Bunchanged
SEGSeaport Entertainment Group0.8%$108Munchanged
GOOGAlphabet0.7%$89.4M-94.9%
HTZHertz Global Holdings0.5%$70.3Munchanged
GOOGLAlphabet0.1%$9.3M-95.2%

Biggest adds

Biggest cuts

Track record

Of 55 position changes scored in 55 separate decisions, 50.9% were on the right side of SPY over the next three months (Disclosures → Smart money).

Open in Disclosures → every quarter, the clone month by month, the smart-money record

Source: SEC Form 13F-HR, filer CIK 1336528. Not investment advice.