Pershing Square Capital Management, L.P. — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Pershing Square Capital Management, L.P. initiated 1 new position, increased allocation to 1 existing position, trimmed 6 positions, and exited 1 position entirely. The fund's 13F equity book declined from $15.53B to $13.71B (-11.7% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $15.53BPrior quarter
- $13.71BCurrent quarter
- $-1.81BNet delta
- -11.7%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| MICROSOFT CORP | MSFT | 15.26% | History → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| AMAZON COM INC | AMZN | +3.11% | +19.19% | History → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| ALPHABET INC | GOOGL | -1.30% | -95.23% | Holders → |
| ALPHABET INC | GOOG | -11.81% | -94.94% | History → |
| BROOKFIELD CORP | BN | -0.53% | -2.78% | History → |
| RESTAURANT BRANDS INTERNATIONAL, INC. | QSR | 2.15% | -0.97% | History → |
| UBER TECHNOLOGIES INC | UBER | -0.18% | -0.82% | History → |
| META PLATFORMS INC | META | -0.27% | -0.48% | History → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| HILTON WORLDWIDE HOLDINGS INC | HLT | 5.60% |
Methodology & FAQ
How Pershing Square Capital Management, L.P. Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Pershing Square Capital Management, L.P. against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
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, 15.26%).
Which existing positions saw the largest allocation increases for Pershing Square Capital Management, L.P. in Q1 2026?
The largest portfolio-weight increases in existing positions were: AMAZON COM INC (AMZN, +3.11% weight, +19.19% 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 HOLDINGS INC (HLT, last-reported weight 5.60%).
Which existing positions saw the largest allocation reductions for Pershing Square Capital Management, L.P. in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: ALPHABET INC (GOOGL, -1.30% weight, -95.23% shares), ALPHABET INC (GOOG, -11.81% weight, -94.94% shares), BROOKFIELD CORP (BN, -0.53% weight, -2.78% shares), RESTAURANT BRANDS INTERNATIONAL, INC. (QSR, 2.15% weight, -0.97% shares), UBER TECHNOLOGIES INC (UBER, -0.18% weight, -0.82% shares), META PLATFORMS INC (META, -0.27% weight, -0.48% 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.