13F filer · CIK 1336528 ↗
Pershing Square
You are looking at Q4 2025. See the latest, Q1 2026 →
Reported value
$15.53B
+6.0% on the quarter before
Positions
11
1 new · 1 sold out
Top 10
99.5%
of the value
Est. gain
−$784.6M
on stocks held all quarter
Est. return
−6.2%
on those stocks since Q3 2025
Positions as of Dec 31, 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 Q3 2025. Striped tiles are options.
Largest buys
Since Q3 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.
Largest sells
Since Q3 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.
- Alphabet~$1.30BCut · 8.0% → 1.4%−4,165,676 shares
- Chipotle Mexican Grill Inc~$844.2MSold out · 5.8% → 0.0%−21,541,177 shares
- Alphabet~$50.3MCut · 10.5% → 12.5%−160,160 shares
- Uber~$5.1MCut · 20.3% → 15.9%−62,784 shares
- Restaurant Brands Intl Inc~$3.3MCut · 10.0% → 10.0%−48,723 shares
- Hilton Worldwide~$549,797Cut · 5.4% → 5.6%−1,914 shares
Holdings
As of Dec 31, 2025. Changes are in shares against Sep 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Brookfield CorpCL A LTD VT SH · shares +50% · price −33.1% | 18.1% | $2.82B | −$930.7M | ||||||||
| UberCOM · shares −0.2% · price −16.6% | 15.9% | $2.47B | −$491.2M | ||||||||
| AmazonCOM · shares +65% · price +5.1% | 14.3% | $2.22B | +$65.5M | ||||||||
| AlphabetCAP STK CL C · shares −2.5% · price +28.8% | 12.5% | $1.93B | +$433.0M | ||||||||
| MetaCL A · shares New | 11.4% | $1.76B | — | ||||||||
| Restaurant Brands Intl IncCOM · shares −0.2% · price +6.4% | 10.0% | $1.56B | +$93.5M | ||||||||
| Howard Hughes Holdings IncCOM · shares 0% · price −2.9% | 9.7% | $1.50B | −$45.2M | ||||||||
| Hilton WorldwideCOM · shares −0.06% · price +10.7% | 5.6% | $870.0M | +$84.2M | ||||||||
| AlphabetCAP STK CL A · shares −86% · price +28.8% | 1.4% | $212.3M | +$47.4M | ||||||||
| Seaport Entmt Group IncCOMMON STOCK · shares 0% · price −13.7% | 0.64% | $99.3M | −$15.8M | ||||||||
| Hertz Global Hldgs IncCOM NEW · shares 0% · price −24.4% | 0.50% | $78.3M | −$25.3M | ||||||||
| Total · 11 positions | 100% | $15.53B | −$784.6M |
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 2025 to Q4 2025: 10 stocks held throughout, down $784.6M (−6.2%).
- Alphabet+$433.0M+29%
- Restaurant Brands Intl Inc+$93.5M+6%
- Hilton Worldwide+$84.2M+11%
- Amazon+$65.5M+5%
- Alphabet+$47.4M+29%
- Seaport Entmt Group Inc−$15.8M−14%
- Hertz Global Hldgs Inc−$25.3M−24%
- Howard Hughes Holdings Inc−$45.2M−3%
- Uber−$491.2M−17%
- Brookfield Corp−$930.7M−33%
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 ↗ |