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 (MSFT) , equal to 15.3% of the disclosed portfolio. Its top sell was Hilton Worldwide Hldgs INC (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.
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 | 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 CL A | GOOGL | -1.3% | 95.2% | Holders → |
| ALPHABET CL C | GOOG | -11.8% | 94.9% | History → |
| BROOKFIELD CORP | BN | -0.5% | 2.8% | History → |
| RESTAURANT BRANDS INTERNATIONAL, 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 HLDGS INC | 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 (MSFT)); bought more shares of AMAZON.COM (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 HLDGS INC (HLT)); reduced holdings in ALPHABET CL A (GOOGL), ALPHABET CL C (GOOG), BROOKFIELD CORP (BN), RESTAURANT BRANDS INTERNATIONAL, 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 (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 (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 HLDGS INC (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 CL A (GOOGL, -1.3% weight, -95.2% shares), ALPHABET CL C (GOOG, -11.8% weight, -94.9% shares), BROOKFIELD CORP (BN, -0.5% weight, -2.8% shares), RESTAURANT BRANDS INTERNATIONAL, 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.