Bill Ackman

Pershing Square · managing since 2004 · ranked #7 of 12 by concentration

Portfolio value

$19B

Long US equity in the 13F

Positions

2 closed this quarter

Top five weight

57.9%

Largest is UBER at 13%

Average holding period

1.4 yrs

Turns the book more than most

Quarterly turnover

50%

High for a concentrated book

Where the money sits

Top 10 positions · everything else grouped as Other

UBERUber Technologies, Inc12.7%BNBROOKFIELD Corp12.6%MSFTMicrosoft Corp11.9%AMZNAmazon Com Inc10.5%HHHHoward Hughes Holdings Inc.10.2%QSRRestaurant Brands International Inc.9.6%METAMeta Platforms, Inc.9.3%VVisa Inc.5.8%MAMastercard Inc5.6%SPGIS&P Global Inc.5.4%

Other4 smaller positions6.4%

What changed this quarter

Filed Aug 14, 2026 · positions as of Jun 30, 2026 · 45-day lag

Ackman opened 5 positions, added to 5, trimmed 3 and sold out of 2. The largest move was a new stake in V.

New positions5

VVisa Inc.5.8% of book MAMastercard Inc5.6% of book SPGIS&P Global Inc.5.4% of book NFLXNetflix Inc4.8% of book+1 more

Added to5

UBERUber Technologies, Inc+15% shares MSFTMicrosoft Corp+10% shares HHHHoward Hughes Holdings Inc.+48% shares QSRRestaurant Brands International Inc.+14% shares+1 more

Trimmed3

BNBROOKFIELD Corp−4% shares AMZNAmazon Com Inc−25% shares HTZHertz Global Holdings, Inc−2% shares

Sold out2

GOOGLAlphabet Inc.Sold out GOOGAlphabet Inc.Sold out

Holdings

14 positions · $19B · top five is 57.9% of the book

CompanyWeightValueChangeHeld5-year history

UBE

UBER

Uber Technologies, Inc

Howard Hughes Holdings Inc.

10.2%

$2.0B+48%3.0 yrs

QSR

Restaurant Brands International Inc.

9.6%

$1.9B+14%5.0 yrs

MET