Pershing Square Capital Management, L.P. 13F: Quarter-over-Quarter Portfolio Changes
Pershing Square Capital Management, L.P. reported a disclosed portfolio value of approximately $13.7 billion in its latest SEC Form 13F-HR filing for Q1 2026, down 11.7% quarter on quarter. Over the quarter, the fund initiated 1 new position, bought more shares in 1 holding, trimmed 6 holdings, and exited 1 position.
Pershing Square Capital Management, L.P.'s top buy was a new stake in Microsoft CORP (MSFT) , equal to 15.3% of the disclosed portfolio. Its top sell was Hilton Worldwide (HLT) . The fund exited the position completely after it had accounted for 5.6% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| MICROSOFT CORP | MSFT | 15.3% | History → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| AMAZON.COM INC | AMZN | +3.1% | +19.2% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| ALPHABET INC-CL A | GOOGL | -1.3% | 95.2% | Holders → |
| ALPHABET INC | GOOG | -11.8% | 94.9% | History → |
| BROOKFIELD CORP | BN | -0.5% | 2.8% | History → |
| RESTAURANT BRANDS INTL INC | QSR | 2.2% | 1.0% | History → |
| UBER TECHNOLOGIES INC | UBER | -0.2% | 0.8% | History → |
| META PLATFORMS INC | META | -0.3% | 0.5% | History → |
Full ExitsQ1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| HILTON WORLDWIDE | HLT | 5.6% |
Net Portfolio Value ChangeQ1 2026
- $15.5BPrior quarter
- $13.7BCurrent quarter
- $-1.8BNet delta
- -11.7%% change
Methodology & FAQ
How Pershing Square Capital Management, L.P. Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Pershing Square Capital Management, L.P.: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description, including how confidential treatment filings are handled, is documented in the Methodology.
What stocks did Pershing Square Capital Management, L.P. buy in Q1 2026?
In Q1 2026, Pershing Square Capital Management, L.P. initiated 1 new position (MICROSOFT CORP (MSFT)); bought more shares of AMAZON.COM INC (AMZN).
What stocks did Pershing Square Capital Management, L.P. sell in Q1 2026?
In Q1 2026, Pershing Square Capital Management, L.P. fully sold 1 position (HILTON WORLDWIDE (HLT)); reduced holdings in ALPHABET INC-CL A (GOOGL), ALPHABET INC (GOOG), BROOKFIELD CORP (BN), RESTAURANT BRANDS INTL INC (QSR), UBER TECHNOLOGIES INC (UBER) (the largest 5 of 6 reductions).
Which positions did Pershing Square Capital Management, L.P. initiate in Q1 2026?
Pershing Square Capital Management, L.P. established 1 new position in Q1 2026: MICROSOFT CORP (MSFT, 15.3%).
Which existing positions saw the largest allocation increases for Pershing Square Capital Management, L.P. in Q1 2026?
Of 1 existing position with share-count increases in Q1 2026, the largest were: AMAZON.COM INC (AMZN, +3.1% weight, +19.2% shares).
Which positions did Pershing Square Capital Management, L.P. fully exit in Q1 2026?
Pershing Square Capital Management, L.P. fully exited 1 position in Q1 2026: HILTON WORLDWIDE (HLT, last-reported weight 5.6%).
Which existing positions saw the largest allocation reductions for Pershing Square Capital Management, L.P. in Q1 2026?
Of 6 existing positions with share-count reductions in Q1 2026, the largest were: ALPHABET INC-CL A (GOOGL, -1.3% weight, -95.2% shares), ALPHABET INC (GOOG, -11.8% weight, -94.9% shares), BROOKFIELD CORP (BN, -0.5% weight, -2.8% shares), RESTAURANT BRANDS INTL INC (QSR, 2.2% weight, -1.0% shares), UBER TECHNOLOGIES INC (UBER, -0.2% weight, -0.8% shares), META PLATFORMS INC (META, -0.3% weight, -0.5% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.