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Fund Update: Bill Ackman's Pershing Square Capital Management, L.P. Just Disclosed New Holdings

Reported by Quiverquant
May 15, 2026· 2 min read
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Key Takeaways
  • • Bill Ackman's Pershing Square Capital Management disclosed new holdings in its latest SEC 13F filing, including a newly established position in Microsoft following a recent decline in the technology stock's share price.
  • • Pershing Square USA (NYSE: PSUS), Ackman's newly launched U.S.-listed closed-end investment fund, opened at an IPO price of $50 but traded down to $40.90 on its market debut, representing an underperformance of approximately 18% below the offering price.
  • • As of Q4 2025, Pershing Square Capital Management maintains a portfolio valued at approximately $15.5 billion with 11 disclosed security holdings, according to the latest SEC 13F filing.
  • • The $5 billion Pershing Square USA fund was structured to appeal to both institutional and retail investors, marking a significant expansion of Ackman's investment vehicle accessibility to broader investor bases.
  • • Pershing Square shares rebounded on the second day of trading following Ackman's stock purchases, suggesting potential stabilization after the initial market weakness.
Summary
Bill Ackman's Pershing Square Capital Management has disclosed portfolio activity in recent SEC filings, including a new position in Microsoft. According to multiple sources tracking the hedge fund's holdings, Ackman initiated a stake in the technology giant following a decline in Microsoft's share price, reflecting an opportunistic positioning during market volatility. The timing of this purchase underscores Ackman's tactical approach to deploying capital in large-cap equities during periods of weakness.

As of the Q4 2025 SEC 13F filing, Pershing Square Capital Management maintains a portfolio with an aggregate value of approximately $15.5 billion across 11 disclosed security holdings. The fund's portfolio structure continues to reflect Ackman's concentrated investment philosophy, with positions weighted toward larger market capitalizations and prominent public companies.

Concurrently, Pershing Square USA (NYSE: PSUS), the hedge fund's newly launched closed-end investment vehicle, experienced a challenging market debut. The fund, capitalized at $5 billion and priced at $50 per share at IPO, closed its first day of trading at $40.90—a decline of 18% below the offering price. This underperformance on launch reflects typical closed-end fund dynamics where newly listed vehicles frequently trade at discounts to net asset value, particularly during volatile market conditions. The fund was designed with dual appeal to institutional and retail investors, broadening accessibility to Ackman's investment strategy.

Despite the initial weakness, Pershing Square shares demonstrated recovery momentum on the second trading day, with shares rebounding following Ackman's own stock purchases into his newly listed fund. This stabilization suggests stabilizing demand and potential accumulation interest among investors following the IPO's initial dislocation.

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Sources

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AlphaMaven summarised this story from the reporting below. Each link opens the original article.

Quiverquant Fund Update: Bill Ackman's Pershing Square Capital Management, L.P. Just Disclosed New Holdings