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Hedge fund

Pershing Square Capital Management, L.P.

13F for the quarter to March 31, 2026, filed May 15, 2026 · SEC CIK 1336528

Reported value
$13.7bn
82% in companies we cover
Positions we cover
9
Largest AMZN 17.4%
Copy, a year
+12.9%
S&P 500 +14.1%
Copy Sharpe ratio
0.57
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$49.8k
CopyS&P 500 $10,000 copying Pershing Square Capital Management, L.P.'s filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −43.0% (S&P 500 −31.8%); beta 1.06; alpha −0.6% a year (t = −0.14); last 12 months +3.0% against +12.1%.

Reported value by quarter

Pershing Square Capital Management, L.P.: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $5T $10T Reported value, 2013-06-30: $9B Reported value, 2013-09-30: $8.4B Reported value, 2013-12-31: $8.2B Reported value, 2014-03-31: $8.4B Reported value, 2014-06-30: $12.6B Reported value, 2014-09-30: $13.4B Reported value, 2014-12-31: $16B Reported value, 2015-03-31: $15B Reported value, 2015-06-30: $14.4B Reported value, 2015-09-30: $14B Reported value, 2015-12-31: $12.5B Reported value, 2016-03-31: $8.9B Reported value, 2016-06-30: $7.5B Reported value, 2016-09-30: $5.4B Reported value, 2016-12-31: $5.9B Reported value, 2017-03-31: $6B Reported value, 2017-06-30: $6B Reported value, 2017-09-30: $5.1B Reported value, 2017-12-31: $5.9B Reported value, 2018-03-31: $4.8B Reported value, 2018-06-30: $5.8B Reported value, 2018-09-30: $5.2B Reported value, 2018-12-31: $6B Reported value, 2019-03-31: $6.7B Reported value, 2019-06-30: $6.7B Reported value, 2019-09-30: $6.5B Reported value, 2019-12-31: $6.6B Reported value, 2020-03-31: $6.6B Reported value, 2020-06-30: $7.8B Reported value, 2020-09-30: $8.8B Reported value, 2020-12-31: $10B Reported value, 2021-03-31: $10.5B Reported value, 2021-06-30: $10.7B Reported value, 2021-09-30: $9.5B Reported value, 2021-12-31: $10.8B Reported value, 2022-03-31: $10.4B Reported value, 2022-06-30: $7.5B Reported value, 2022-09-30: $7.9B Reported value, 2022-12-31: $8.8T Reported value, 2023-03-31: $10.2B Reported value, 2023-06-30: $10.8B Reported value, 2023-09-30: $10.5B Reported value, 2023-12-31: $10.4B Reported value, 2024-03-31: $10.8B Reported value, 2024-06-30: $10.4B Reported value, 2024-09-30: $12.9B Reported value, 2024-12-31: $46.5M Reported value, 2025-03-31: $11.9B Reported value, 2025-06-30: $13.7B Reported value, 2025-09-30: $14.6B Reported value, 2025-12-31: $15.5B Reported value, 2026-03-31: $13.7B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-03-31 $13.7B
View chart data
Period Reported value
2013-06-30 $9B
2013-09-30 $8.4B
2013-12-31 $8.2B
2014-03-31 $8.4B
2014-06-30 $12.6B
2014-09-30 $13.4B
2014-12-31 $16B
2015-03-31 $15B
2015-06-30 $14.4B
2015-09-30 $14B
2015-12-31 $12.5B
2016-03-31 $8.9B
2016-06-30 $7.5B
2016-09-30 $5.4B
2016-12-31 $5.9B
2017-03-31 $6B
2017-06-30 $6B
2017-09-30 $5.1B
2017-12-31 $5.9B
2018-03-31 $4.8B
2018-06-30 $5.8B
2018-09-30 $5.2B
2018-12-31 $6B
2019-03-31 $6.7B
2019-06-30 $6.7B
2019-09-30 $6.5B
2019-12-31 $6.6B
2020-03-31 $6.6B
2020-06-30 $7.8B
2020-09-30 $8.8B
2020-12-31 $10B
2021-03-31 $10.5B
2021-06-30 $10.7B
2021-09-30 $9.5B
2021-12-31 $10.8B
2022-03-31 $10.4B
2022-06-30 $7.5B
2022-09-30 $7.9B
2022-12-31 $8.8T
2023-03-31 $10.2B
2023-06-30 $10.8B
2023-09-30 $10.5B
2023-12-31 $10.4B
2024-03-31 $10.8B
2024-06-30 $10.4B
2024-09-30 $12.9B
2024-12-31 $46.5M
2025-03-31 $11.9B
2025-06-30 $13.7B
2025-09-30 $14.6B
2025-12-31 $15.5B
2026-03-31 $13.7B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
AMZNAmazon17.39%$2.4bn11.45M+19.2% Added
UBERUber15.71%$2.2bn29.96M−0.8% Reduced
MSFTMicrosoft Corporation15.26%$2.1bn5.65MNew
QSRRestaurant Brands International Inc.12.20%$1.7bn22.65M−1.0% Reduced
METAMeta Platforms11.10%$1.5bn2.66M−0.5%
HHHHoward Hughes Holdings Inc.8.70%$1.2bn18.85M0.0%
SEGSeaport Entertainment Group Inc.0.79%$107.9m5.02M0.0%
HTZHertz Global Holdings, Inc0.51%$70.3m15.24M0.0%
GOOGLAlphabet Inc. (Class A)0.07%$9.3m32.4K−95.2% Reduced
CompanyBought (value)Shares
MSFTMicrosoft Corporation$2.1bn5.65M
AMZNAmazon$384.1m1.84M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
HLTHilton Worldwide−$870.0m−3.03M
GOOGLAlphabet Inc. (Class A)−$185.7m−645.9K
UBERUber−$17.9m−249.0K
QSRRestaurant Brands International Inc.−$16.4m−221.3K
METAMeta Platforms−$7.3m−12.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
HLTHilton Worldwide$870.0m3.03M
  • Consumer Discretionary36.2%
  • Industrials19.9%
  • Technology18.7%
  • Communication Services13.7%
  • Real Estate11.6%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+12.9%+14.1%0.570.78−43.0%1.06
2018 onwardsJanuary 5, 2018 to November 2, 2026+11.4%+13.9%0.450.66−43.0%1.05
Last three yearsNovember 3, 2023 to November 2, 2026−2.4%+21.8%−0.241.16−40.3%0.75
Last yearNovember 7, 2025 to November 2, 2026+3.5%+14.2%0.080.84−15.5%1.33

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.