Key Takeaways
- • Pershing Square Capital Management disclosed Q1 2026 13F holdings valued at $13.71 billion across 11 security positions, maintaining its highly concentrated portfolio strategy with five positions representing over 70% of total assets.
- • Top holdings include Brookfield Corporation preferred stock (BN.TO), Amazon (AMZN), Uber Technologies (UBER), Microsoft (MSFT), and Restaurant Brands International (QSR), with Uber, Brookfield, and Alphabet collectively comprising 54% of portfolio assets based on recent periods.
- • The fund executed a significant technology sector reshuffle during Q1 2026, demonstrating active portfolio reallocation within its concentrated holdings structure.
- • Portfolio value remained near the $13.7–$13.73 billion range established in prior quarters, reflecting stable asset levels despite ongoing position adjustments and sector rotations.
Summary
Bill Ackman's Pershing Square Capital Management filed its Q1 2026 13F disclosure with the SEC, revealing a portfolio of 11 security holdings valued at approximately $13.71 billion. The fund maintained its characteristic high-concentration strategy, with the five largest positions accounting for more than 70% of total portfolio value. This concentrated approach has remained consistent with Pershing Square's historical investment methodology, prioritizing deep conviction positions over diversification.
The portfolio's core holdings reflect a blend of established technology and diversified infrastructure plays. Amazon and Microsoft anchor the technology exposure, while Uber represents growth-stage transportation and logistics. Brookfield Corporation's preferred stock holdings and Restaurant Brands International provide exposure to alternative asset classes and consumer discretionary sectors. The fund's inclusion of emerging market vehicles, such as VinaCapital Vietnam Opportunity Fund, suggests selective international exposure within the broader allocation framework.
During Q1 2026, Ackman executed what sources characterize as a major technology sector reshuffle, indicating active rebalancing within the portfolio rather than a fundamental shift away from technology. This activity reflects ongoing tactical adjustments to position sizing and sector weighting in response to market conditions and fundamental developments across holdings. The concentration level and position count (11 holdings) remained stable quarter-over-quarter, suggesting disciplined capital deployment rather than significant new deployment or liquidations.
The portfolio's composition underscores Ackman's conviction-based investment philosophy, maintaining significant exposure to mega-cap technology names alongside infrastructure, consumer discretionary, and selective international opportunities. With assets stable near $13.7 billion and a streamlined holdings list, Pershing Square's Q1 2026 positioning reflects continued focus on high-quality, deeply researched positions capable of generating outsized returns through operational improvement, strategic intervention, or market re-rating over multi-year holding periods.
The portfolio's core holdings reflect a blend of established technology and diversified infrastructure plays. Amazon and Microsoft anchor the technology exposure, while Uber represents growth-stage transportation and logistics. Brookfield Corporation's preferred stock holdings and Restaurant Brands International provide exposure to alternative asset classes and consumer discretionary sectors. The fund's inclusion of emerging market vehicles, such as VinaCapital Vietnam Opportunity Fund, suggests selective international exposure within the broader allocation framework.
During Q1 2026, Ackman executed what sources characterize as a major technology sector reshuffle, indicating active rebalancing within the portfolio rather than a fundamental shift away from technology. This activity reflects ongoing tactical adjustments to position sizing and sector weighting in response to market conditions and fundamental developments across holdings. The concentration level and position count (11 holdings) remained stable quarter-over-quarter, suggesting disciplined capital deployment rather than significant new deployment or liquidations.
The portfolio's composition underscores Ackman's conviction-based investment philosophy, maintaining significant exposure to mega-cap technology names alongside infrastructure, consumer discretionary, and selective international opportunities. With assets stable near $13.7 billion and a streamlined holdings list, Pershing Square's Q1 2026 positioning reflects continued focus on high-quality, deeply researched positions capable of generating outsized returns through operational improvement, strategic intervention, or market re-rating over multi-year holding periods.
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