13F filer · CIK 1336528 ↗
Pershing Square
You are looking at Q3 2025. See the latest, Q1 2026 →
Reported value
$14.64B
+6.7% on the quarter before
Positions
11
0 new · 0 sold out
Top 10
99.3%
of the value
Est. gain
+$1.02B
on stocks held all quarter
Est. return
+7.5%
on those stocks since Q2 2025
Positions as of Sep 30, 2025, 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 Q2 2025. Striped tiles are options.
Largest buys
Since Q2 2025, 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.
No buys this quarter.
Largest sells
Since Q2 2025, 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.
Holdings
As of Sep 30, 2025. Changes are in shares against Jun 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| UberCOM · shares −0.1% · price +5.0% | 20.3% | $2.97B | +$141.4M | ||||||||
| Brookfield CorpCL A LTD VT SH · shares −0.3% · price +10.9% | 19.2% | $2.81B | +$276.1M | ||||||||
| Howard Hughes Holdings IncCOM · shares 0% · price +21.7% | 10.6% | $1.55B | +$276.6M | ||||||||
| AlphabetCAP STK CL C · shares 0% · price +37.3% | 10.5% | $1.54B | +$418.4M | ||||||||
| Restaurant Brands Intl IncCOM · shares −0.4% · price −3.2% | 10.0% | $1.47B | −$49.3M | ||||||||
| AmazonCOM · shares 0% · price +0.1% | 8.7% | $1.28B | +$1.0M | ||||||||
| AlphabetCAP STK CL A · shares −9.7% · price +37.9% | 8.0% | $1.18B | +$323.9M | ||||||||
| Chipotle Mexican Grill IncCOM · shares 0% · price −30.2% | 5.8% | $844.2M | −$365.3M | ||||||||
| Hilton Worldwide Hldgs IncCOM · shares 0% · price −2.6% | 5.4% | $786.3M | −$20.9M | ||||||||
| Seaport Entmt Group IncCOMMON STOCK · shares 0% · price +22.9% | 0.79% | $115.1M | +$21.5M | ||||||||
| Hertz Global Hldgs IncCOM NEW · shares 0% · price −0.4% | 0.71% | $103.6M | −$457,233 | ||||||||
| Total · 11 positions | 100% | $14.64B | +$1.02B |
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 Q2 2025 to Q3 2025: 11 stocks held throughout, up $1.02B (+7.5%).
- Alphabet+$418.4M+37%
- Alphabet+$323.9M+38%
- Howard Hughes Holdings Inc+$276.6M+22%
- Brookfield Corp+$276.1M+11%
- Uber+$141.4M+5%
- Hertz Global Hldgs Inc−$457,233−0%
- Hilton Worldwide Hldgs Inc−$20.9M−3%
- Restaurant Brands Intl Inc−$49.3M−3%
- Chipotle Mexican Grill Inc−$365.3M−30%
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 ↗ |