Pershing Square Capital Management, L.P.
Performance · Fund vs SPY
Cumulative return · quarterly snapshotsCoverage 100%. 4 quarters of 2025 measured against SPY adj-close benchmark.
Why follow Pershing Square Capital Management, L.P. right now?
Pershing Square's Q1 2026 13F-HR shows $13.7B concentrated across 11 positions, with the top four — Brookfield Corp (17.6%), Amazon (17.4%), Uber (15.7%), and Microsoft (15.3%) — accounting for roughly two-thirds of reported assets. Amazon was the sole position increased by 10% or more quarter-over-quarter, with shares rising 19% to 11,451,981. Restaurant Brands (12.2%) and Meta (11.1%) round out the core six. Howard Hughes and its spinoff Seaport Entertainment together represent approximately 9.5% of the portfolio.
Q1 2026 returned +10.6% against SPY's +17.6%, a -7.0% alpha gap, reversing three consecutive quarters of outperformance: +16.8%, +13.3%, and +10.5% alpha in Q4, Q3, and Q2 2025 respectively. Past performance is not indicative of future results.
Generated from public SEC filings. Not investment advice.…
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Source: 13F-HRRecent trades · Last 90 days
Convergence · Pershing Square Capital Management, L.P.
Source data: SEC EDGAR · 13F-HR filings · Performance through 2026-03-31 · Last refreshed 11:05 UTC.