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Funds (13F)

Pershing Square Capital Management, L.P.

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+12.9%
S&P 500 +14.1%
Last 12 months
+3.0%
S&P 500 +12.1%
Sharpe ratio
0.57
S&P 500 0.78
Biggest drop
−43.0%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$49.8k
StrategyS&P 500 $10,000 in Pershing Square Capital Management, L.P. from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Pershing Square Capital Management, L.P.'s quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Pershing Square Capital Management, L.P.'s 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+12.9%+14.1%
Total return+398%+470%
Last 12 months+3.0%+12.1%
Last 3 months+3.3%—
Last month−1.0%—
This year so far+3.4%—
Volatility a year21.9%16.0%
Sharpe ratio0.570.78
Biggest drop−43.0%−31.8%
Beta to the S&P 5001.051.00
Alpha a year (t-statistic)−0.6% (−0.14)—
Share of weeks up57%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
AMZN21.3%——
UBER19.2%——
MSFT18.7%——
QSR14.9%——
META13.6%——
HHH10.6%——
SEG1.0%——
HTZ0.6%——
GOOGL0.1%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+12.9%+14.1%0.570.78−43.0%1.05−0.6% (−0.14)
2018 onwards5 Jan 2018 to 2 Nov 2026+11.4%+13.9%0.450.66−43.0%1.05−1.5% (−0.30)
Last three years3 Nov 2023 to 2 Nov 2026−2.4%+21.8%−0.241.16−40.3%0.75−16.8% (−1.66)
Last year7 Nov 2025 to 2 Nov 2026+3.5%+14.2%0.080.84−15.5%1.33−11.6% (−0.85)
DateCompanyAction
22 May 2026MSFTBought
20 Feb 2026METABought
15 Aug 2025AMZNBought
16 May 2025UBERBought
16 May 2025SEGBought
16 May 2025QSRBought
16 May 2025HLTBought
16 May 2025HHHBought
16 May 2025GOOGLBought
16 May 2025CPBought
16 May 2025CMGBought
17 Apr 2025HTZBought
15 Nov 2024SEGBought
16 Aug 2024QSRBought
16 Aug 2024NKEBought
16 Aug 2024HLTBought
16 Aug 2024HHHBought
16 Aug 2024GOOGLBought
16 Aug 2024CPBought
16 Aug 2024CMGBought

Dated at the rebalance that made the change.

DateCompanyAction
22 May 2026HLTSold
20 Feb 2026CMGSold
15 Aug 2025CPSold
17 Apr 2025SEGSold
17 Apr 2025QSRSold
17 Apr 2025NKESold
17 Apr 2025HLTSold
17 Apr 2025HHHSold
17 Apr 2025GOOGLSold
17 Apr 2025CPSold
17 Apr 2025CMGSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest