13F filer · CIK 1336528 ↗
Pershing Square
You are looking at Q4 2024. See the latest, Q1 2026 →
Reported value
$12.66B
−2.0% on the quarter before
Positions
11
1 new · 1 sold out
Top 10
99.6%
of the value
Est. gain
−$4.9M
on stocks held all quarter
Est. return
−0.0%
on those stocks since Q3 2024
Positions as of Dec 31, 2024, from Pershing Square's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.
Portfolio at a glance
- New
- Added
- Cut
- Same
- Options
Each tile is a position, sized by its share, colored by what the fund did with it since Q3 2024. Striped tiles are options.
Largest buys
Since Q3 2024, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Nike Inc~$188.3MAdded · 11.1% → 11.2%+2,488,608 shares
- Brookfield Corp~$123.9MAdded · 13.5% → 15.8%+2,157,181 shares
- Seaport Entmt Group Inc~$81.9MAdded · 0.4% → 1.1%+2,929,107 shares
- Hertz Global Hldgs Inc~$46.5MNew · 0.0% → 0.4%+12,713,963 shares
Largest sells
Since Q3 2024, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Hilton Worldwide Hldgs Inc~$476.9MCut · 13.2% → 10.6%−1,929,622 shares
- Chipotle Mexican Grill Inc~$250.9MCut · 12.9% → 11.7%−4,161,632 shares
- Seaport Entmt Group Inc~$6.2MSold out · 0.0% → 0.0%−2,094,673 shares
Holdings
As of Dec 31, 2024. Changes are in shares against Sep 30, 2024, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Brookfield CorpCL A LTD VT SH · shares +6.6% · price +8.1% | 15.8% | $2.00B | +$140.8M | ||||||||
| Restaurant Brands Intl IncCOM · shares 0% · price −9.6% | 11.8% | $1.50B | −$159.6M | ||||||||
| Chipotle Mexican Grill IncCOM · shares −14% · price +4.7% | 11.7% | $1.49B | +$66.1M | ||||||||
| Howard Hughes Holdings IncCOM · shares 0% · price −0.7% | 11.5% | $1.45B | −$9.6M | ||||||||
| AlphabetCAP STK CL C · shares 0% · price +13.9% | 11.4% | $1.44B | +$175.5M | ||||||||
| Nike IncCL B · shares +15% · price −14.4% | 11.2% | $1.42B | −$207.2M | ||||||||
| Hilton Worldwide Hldgs IncCOM · shares −26% · price +7.2% | 10.6% | $1.34B | +$90.6M | ||||||||
| Canadian Pacific Kansas CityCOM · shares 0% · price −15.4% | 8.5% | $1.08B | −$195.9M | ||||||||
| AlphabetCAP STK CL A · shares 0% · price +14.1% | 6.0% | $754.6M | +$93.5M | ||||||||
| Seaport Entmt Group IncCOMMON STOCK · shares +140% · price +1.9% | 1.1% | $140.4M | +$1.1M | ||||||||
| Hertz Global Hldgs IncCOM NEW · shares New | 0.37% | $46.5M | — | ||||||||
| Total · 11 positions | 100% | $12.66B | −$4.9M |
Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.
What made money
From Q3 2024 to Q4 2024: 10 stocks held throughout, down $4.9M (−0.0%).
- Alphabet+$175.5M+14%
- Brookfield Corp+$140.8M+8%
- Alphabet+$93.5M+14%
- Hilton Worldwide Hldgs Inc+$90.6M+7%
- Chipotle Mexican Grill Inc+$66.1M+5%
- Howard Hughes Holdings Inc−$9.6M−1%
- Restaurant Brands Intl Inc−$159.6M−10%
- Canadian Pacific Kansas City−$195.9M−15%
- Nike Inc−$207.2M−14%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out.
Reported value by quarter
The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q1 2026 | May 15, 2026 | $13.71B−12% | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | $15.53B+6% | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | $14.64B+7% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $13.73B+15% | SEC ↗ |
| Q1 2025 | May 15, 2025 | $11.93B−6% | SEC ↗ |
| Q4 2024 | Feb 14, 2025 (amended) | $12.66B−2% | SEC ↗ |
| Q3 2024 | Nov 14, 2024 | $12.92B+24% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 | $10.41B−3% | SEC ↗ |
| Q1 2024 | May 15, 2024 | $10.76B+4% | SEC ↗ |
| Q4 2023 | Feb 14, 2024 | $10.40B−1% | SEC ↗ |
| Q3 2023 | Nov 14, 2023 | $10.49B−3% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 | $10.82B+6% | SEC ↗ |
| Q1 2023 | May 15, 2023 | $10.22B+16% | SEC ↗ |
| Q4 2022 | Feb 10, 2023 | $8.78B+12% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $7.88B+6% | SEC ↗ |
| Q2 2022 | Aug 15, 2022 | $7.46B−28% | SEC ↗ |
| Q1 2022 | May 16, 2022 | $10.39B−4% | SEC ↗ |
| Q4 2021 | Feb 14, 2022 (amended) | $10.78B+14% | SEC ↗ |
| Q3 2021 | Nov 15, 2021 | $9.46B−12% | SEC ↗ |
| Q2 2021 | Aug 16, 2021 | $10.71B+2% | SEC ↗ |
| Q1 2021 | May 17, 2021 | $10.46B+5% | SEC ↗ |
| Q4 2020 | Feb 16, 2021 | $10.00B+13% | SEC ↗ |
| Q3 2020 | Oct 23, 2020 | $8.82B+14% | SEC ↗ |
| Q2 2020 | Aug 14, 2020 | $7.75B+18% | SEC ↗ |
| Q1 2020 | May 15, 2020 | $6.57B+0% | SEC ↗ |
| Q4 2019 | Feb 14, 2020 | $6.55B+1% | SEC ↗ |
| Q3 2019 | Nov 14, 2019 (amended) | $6.49B−3% | SEC ↗ |
| Q2 2019 | Aug 14, 2019 | $6.71B−0% | SEC ↗ |
| Q1 2019 | May 15, 2019 | $6.72B+13% | SEC ↗ |
| Q4 2018 | Feb 14, 2019 | $5.96B+14% | SEC ↗ |
| Q3 2018 | Nov 14, 2018 | $5.21B−10% | SEC ↗ |
| Q2 2018 | Aug 14, 2018 | $5.80B+20% | SEC ↗ |
| Q1 2018 | May 15, 2018 | $4.83B−18% | SEC ↗ |
| Q4 2017 | Feb 14, 2018 | $5.87B+15% | SEC ↗ |
| Q3 2017 | Nov 14, 2017 | $5.11B−15% | SEC ↗ |
| Q2 2017 | Aug 14, 2017 | $6.01B+1% | SEC ↗ |
| Q1 2017 | May 15, 2017 | $5.96B+1% | SEC ↗ |
| Q4 2016 | Feb 14, 2017 | $5.91B+9% | SEC ↗ |
| Q3 2016 | Nov 14, 2016 | $5.41B−28% | SEC ↗ |
| Q2 2016 | Aug 15, 2016 | $7.51B−15% | SEC ↗ |
| Q1 2016 | May 16, 2016 | $8.85B | SEC ↗ |