Lead Investor

Bill Ackman

Pershing Square Capital Management, L.P.

Q4 2025

filed 2026-02-17

SEC 13F-HR ↗

AUM Reported

$15.5B

Positions

Versus

Q3 2025

What changed this quarter

$15.5B reported 13F value across the latest filing. Largest new stake: META PLATFORMS INC-CLASS A (META) at $1.8B. Largest closed prior-quarter stake: CHIPOTLE MEXICAN GRILL INC (CMG) worth $844M. Largest added reported exposure: AMAZON.COM INC (AMZN) by $939M. Largest reduced reported exposure: ALPHABET INC-CL A (GOOGL) by $965M.

+1 new−1 closed↑2 increased↓5 decreased| 3 unchangedreported 13F value change +$883M

Exposure view

Quarter-end weights. Market performance can move these bars even when shares are unchanged.

Sector exposure shifts

Communication Services

+7 pp

Information Technology

−4 pp

Financials

−1 pp

Real Estate

−1 pp

Industrials

−0 pp

Consumer Discretionary

+0 pp

center line = no change

Position movements

Largest adds
META
META PLATFORMS INC-CLASS A
new$1.8B
BN
BROOKFIELD CORP
added$935M
AMZN
AMAZON.COM INC
added$874M

Largest exits / trims
GOOGL
ALPHABET INC-CL A
trimmed$1B
CMG
CHIPOTLE MEXICAN GRILL INC
closed$844M
GOOG
ALPHABET INC-CL C
trimmed$39M

Price = reported fair value divided by reported shares at quarter-end. Since q-end shows price change since the end of the reported quarter; ordinary-share rows also include estimated value move, while shaded option rows show underlying stock move only and sort after ordinary equity.

NEW POSITIONS (1)+$1.8B deployed

Ticker	Name	Sector	Themes	Granular	Price*	Since q-end*	Size	Change
META	META PLATFORMS INC-CLASS A	Communication Services / Internet Content & Information	-	-	$660.09	-$249M (-14.1%)	$1.8B	NEW

INCREASED (2)+$944M value change on added shares

Ticker	Name	Sector	Themes	Granular	Price*	Since q-end*	Size	Change
AMZN	AMAZON.COM INC	Consumer Discretionary / Internet Retail	-	-	$219.57 -> $230.82	+$74M (+3.3%)	+65.0%	+$939M
BN	BROOKFIELD CORP	Financials / Asset Management	-	-	$68.58 -> $45.89	-$42M (-1.5%)	+49.7%	+$5M

DECREASED (5)-$894M value change on trimmed shares

Ticker	Name	Sector	Themes	Granular	Price*	Since q-end*	Size	Change
GOOGL	ALPHABET INC-CL A	Communication Services / Internet Content & Information	-	-	$243.10 -> $313.00	+$32M (+14.9%)	-86.0%	-$965M
UBER	UBER TECHNOLOGIES INC	Information Technology / Software - Application	-	-	$97.97 -> $81.71	-$388M (-15.7%)	-0.2%	-$497M
GOOG	ALPHABET INC-CL C	Communication Services / Internet Content & Information	-	-	$243.55 -> $313.80	+$273M (+14.1%)	-2.5%	+$394M
QSR	RESTAURANT BRANDS INTERN	Consumer Discretionary / Restaurants	-	-	$64.14 -> $68.23	+$151M (+9.7%)	-0.2%	+$90M
HLT	HILTON WORLDWIDE HOLDINGS IN	Consumer Discretionary / Lodging	-	-	$259.44 -> $287.25	+$178M (+20.4%)	-0.1%	+$84M

CLOSED (1)$844M prior value exited

Closed value is the prior quarter-end reported stake value, not realized sale proceeds or fund P/L.

Ticker	Name	Sector	Themes	Granular	Price*	Since q-end*	Size	Change
CMG	CHIPOTLE MEXICAN GRILL INC	Consumer Discretionary / Restaurants	-	-	$29.75-$42.82	-	was $844M	CLOSED

Mark-to-market since quarter-end -$190Mlatest quotes: 6/12/2026

Estimated from reported quarter-end value per share versus latest Yahoo Finance quotes. This is not cost basis or realized fund P/L.

Ticker	Name	Shares	Q-end px	Latest	Move	Est. value move
UBER	UBER TECHNOLOGIES INC	30,207,734	$81.71	$68.85	-15.7%	-$388M
GOOG	ALPHABET INC-CL C	6,163,871	$313.80	$358.16	+14.1%	+$273M
META	META PLATFORMS INC-CLASS A	2,673,569	$660.09	$566.98	-14.1%	-$249M
HHH	HOWARD HUGHES HOLDINGS INC	18,852,064	$79.77	$66.86	-16.2%	-$243M
HLT	HILTON WORLDWIDE HOLDINGS IN	3,028,664	$287.25	$345.95	+20.4%	+$178M
QSR	RESTAURANT BRANDS INTERN	22,866,773	$68.23	$74.85	+9.7%	+$151M
AMZN	AMAZON.COM INC	9,607,824	$230.82	$238.55	+3.3%	+$74M
BN	BROOKFIELD CORP	61,403,089	$45.89	$45.21	-1.5%	-$42M
GOOGL	ALPHABET INC-CL A	678,297	$313.00	$359.68	+14.9%	+$32M
SEG	SEAPORT ENTERTAINMENT GROUP	5,023,780	$19.77	$24.67	+24.8%	+$25M
HTZ	HERTZ GLOBAL HLDGS INC	15,241,127	$5.14	$5.13	-0.2%	-$152K

3 positions held steady · $1.7B (10.8% of AUM) click to expand

Ticker	Name	Sector	Themes	Granular	Shares	Value	% port
HHH	HOWARD HUGHES HOLDINGS INC	Real Estate	—	—	18,852,064	$1.5B	9.7%
SEG	SEAPORT ENTERTAINMENT GROUP	Real Estate	—	—	5,023,780	$99M	0.6%
HTZ	HERTZ GLOBAL HLDGS INC	Industrials	—	—	15,241,127	$78M	0.5%