B
Bill Ackman
Pershing Square Capital Management, L.P. · Holdings as of Dec 31, 2025, filed by Feb 15, 2026 · US long stock positions only
A dozen concentrated activist bets at a time.
Reported value
$16B
11 positions shown
Copycat since 2016
3.92x
14% per year
vs SPY
ahead
SPY 3.57x same window
Top position
BN
18% of book
Copying these filings vs SPY $1 at every deadline since 2016
Bill Ackman 3.92x
SPY 3.57x
Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance.
The book tile = share of the filed book · tap a tile for the ticker · Dec 2025
Symbol Value % of book vs prior quarter
BN $2.8B
18%
added
UBER $2.5B
16%
unchanged
AMZN $2.2B
14%
added
GOOG $1.9B
12%
trimmed
META $1.8B
11%
new
QSR $1.6B
10%
unchanged
HHH $1.5B
10%
unchanged
HLT $870M
6%
unchanged
GOOGL $212M
1%
trimmed
SEG $99M
1%
unchanged
HTZ $78M
1%
unchanged
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.