Bill Ackman runs concentrated 8-10 name activist portfolio. Public letters drive narrative. PSH.AS is the closed-end vehicle (London/Amsterdam listed). 2024 launched Pershing Square USA IPO attempt (withdrawn).
| Quarter | Filer (100=start) | SPY | Filed value | Positions |
|---|---|---|---|---|
| 2025-12-31 | 100.0 | 100.0 | $15.53B | 11 |
| 2026-03-31 | 88.3 | 94.2 | $13.71B | 11 |
Filed NAV tracks the reported long-equity book only. It excludes cash, shorts, debt, options and non-13F assets, so it is not the fund's return.
| # | Ticker | Issuer | Value | % of book | Shares |
|---|---|---|---|---|---|
| 1 | BN | BROOKFIELD CORP | $2.42B | 17.6% | 59.70M |
| 2 | AMZN | AMAZON COM INC | $2.39B | 17.4% | 11.45M |
| 3 | UBER | UBER TECHNOLOGIES INC | $2.15B | 15.7% | 29.96M |
| 4 | MSFT | MICROSOFT CORP | $2.09B | 15.3% | 5.65M |
| 5 | QSR | RESTAURANT BRANDS INTL INC | $1.67B | 12.2% | 22.65M |
| 6 | META | META PLATFORMS INC | $1.52B | 11.1% | 2.66M |
| 7 | HHH | HOWARD HUGHES HOLDINGS INC | $1.19B | 8.7% | 18.85M |
| 8 | SEG | SEAPORT ENTMT GROUP INC | $107.9M | 0.8% | 5.02M |
| 9 | GOOG | ALPHABET INC | $89.4M | 0.7% | 311.7K |
| 10 | HTZ | HERTZ GLOBAL HLDGS INC | $70.3M | 0.5% | 15.24M |
| 11 | GOOGL | ALPHABET INC | $9.3M | 0.1% | 32.4K |
| Ticker | Issuer | Action | Δ shares | Δ value |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | new | +100.0% | $2.09B |
| GOOG | ALPHABET INC | decreased | -94.9% | -$1.84B |
| HLT | HILTON WORLDWIDE HLDGS INC | closed | -100.0% | -$870.0M |
| BN | BROOKFIELD CORP | decreased | -2.8% | -$401.8M |
| UBER | UBER TECHNOLOGIES INC | decreased | -0.8% | -$313.3M |
| META | META PLATFORMS INC | decreased | -0.5% | -$242.4M |
| GOOGL | ALPHABET INC | decreased | -95.2% | -$203.0M |
| AMZN | AMAZON COM INC | increased | +19.2% | $167.4M |
| QSR | RESTAURANT BRANDS INTL INC | decreased | -1.0% | $113.3M |
Compare this book against the other 72 filers, screen for consensus positions, and follow quarterly moves as they land.
OPEN THE PORTFOLIO TRACKER →