The Pershing Square portfolio
Bill Ackman concentrates his fund in very few companies, then argues with their management.
SourceSEC Form 13F filings (US)Holdings as of 31 Mar 2026
The -1.1% above is what these weights would have done over 12 months. It is not Pershing Square Capital Management's return.
Pershing Square is an activist fund with a portfolio of only a handful of positions. These are the ones in its latest filing.
Pershing Square does the opposite of diversifying. It usually holds fewer than twelve positions, each large enough for Bill Ackman to get a seat at the table with the company's board. The idea is simple: if you are going to study a company in depth, the position has to be big enough for that work to be worth something.
The second ingredient is activism. When the fund believes a company is worth more than the market pays, it does not sit and wait. It pushes to change management, how the money is spent, or the structure of the business, and sometimes it does that in public. That process takes years, which is why the positions stay for a long time.
The trade-off is clear. With so few positions, one mistake is offset by nothing. The fund's record holds memorable wins and some very expensive episodes. It is a style that requires sitting through deep falls without changing your mind, which is far harder with your own money than on a chart.
Positions come from the 13F form Pershing Square files with the SEC each quarter. A 13F covers long positions in US-listed stocks: it does not show hedges, short positions or derivatives, all of which have mattered for this fund in the past.
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