Pershing Square Capital Management LP
The positions Pershing Square Capital Management LP reported on its Form 13F for Q1 2026, the quarter ending 31 Mar 2026, filed on 15 May 2026. Every figure below is the filing’s own: US-listed long equity, valued at the quarter end, with the change measured against the same manager’s previous filing.
Opened this quarter
A new position is the clearest thing a filing says. Somebody argued for it recently, and it is the easiest question to be ready for.
- Microsoft Corp (MSFT)$2.1bn · 15%
Sold out of this quarter
Exits are valued at what the position was worth in the previous filing, because by this one it is gone.
- Hilton Worldwide HLDGS Inc$870m held before
Every reported position, Q1 2026
11 positions, sorted by weight
| Position | Weight ↓ | Value | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
Brookfield Corp CL A LTD VT SH · CUSIP 11271J107 | 18% | $2.4bn | 59,697,208 | -$402m -1,705,881 shares | Trimmed |
Amazon Com Inc (AMZN) COM · CUSIP 023135106 | 17% | $2.4bn | 11,451,981 | +$167m +1,844,157 shares | Added |
Uber Technologies Inc (UBER) COM · CUSIP 90353T100 | 16% | $2.2bn | 29,958,771 | -$313m -248,963 shares | Trimmed |
Microsoft Corp (MSFT) COM · CUSIP 594918104 | 15% | $2.1bn | 5,654,078 | No earlier filing | New |
Restaurant Brands Intl Inc COM · CUSIP 76131D103 | 12% | $1.7bn | 22,645,483 | +$113m -221,290 shares | Trimmed |
Meta Platforms Inc (META) CL A · CUSIP 30303M102 | 11% | $1.5bn | 2,660,861 | -$242m -12,708 shares | Trimmed |
Howard Hughes Holdings Inc (HHH) COM · CUSIP 44267T102 | 8.7% | $1.2bn | 18,852,064 | -$311m 0 shares | Held |
Seaport Entmt Group Inc COMMON STOCK · CUSIP 812215200 | 0.8% | $108m | 5,023,780 | +$8.6m 0 shares | Held |
Alphabet Inc CAP STK CL C · CUSIP 02079K107 | 0.7% | $89m | 311,726 | -$1.8bn -5,852,145 shares | Trimmed |
Hertz Global HLDGS Inc COM NEW · CUSIP 42806J700 | 0.5% | $70m | 15,241,127 | -$8.1m 0 shares | Held |
Alphabet Inc CAP STK CL A · CUSIP 02079K305 | 0.1% | $9.3m | 32,376 | -$203m -645,921 shares | Trimmed |
Every filing on file
| Quarter | Period end | Filed | Book | Positions | Top 10 | Filing |
|---|---|---|---|---|---|---|
| Q1 2026 | 31 Mar 2026 | 15 May 2026 | $13.7bn | 11 | 100% | 13F-HR |
| Q4 2025 | 31 Dec 2025 | 17 Feb 2026 | $15.5bn | 11 | 100% | 13F-HR |
| Q3 2025 | 30 Sept 2025 | 14 Nov 2025 | $14.6bn | 11 | 99% | 13F-HR |
| Q2 2025 | 30 Jun 2025 | 14 Aug 2025 | $13.7bn | 11 | 99% | 13F-HR |
| Q1 2025 | 31 Mar 2025 | 15 May 2025 | $11.9bn | 11 | 100% | 13F-HR |
| Q4 2024 | 31 Dec 2024 | 14 Feb 2025 | $12.6bn | 10 | 100% | 13F-HR |
| Q3 2024 | 30 Sept 2024 | 14 Nov 2024 | $12.9bn | 11 | 100% | 13F-HR |
| Q2 2024 | 30 Jun 2024 | 14 Aug 2024 | $10.4bn | 9 | 100% | 13F-HR |
Taking this into the room
Pick one name from the top of the book and one from the new positions, and know both properly: what the company earns, what it is priced at, and what has to be true for the position to work. That is a conversation. Reciting the whole table is not, and the interviewer wrote it.
A position sold out of is worth as much preparation as one opened. Ask what changed rather than asserting the fund was wrong, and be ready for the answer that the thesis played out and the money went somewhere better.
What this filing leaves out
A 13F covers US-listed long equity at one moment in time. Shorts, bonds, cash, private positions and non-US listings never appear, and options are reported in a form that will mislead you if you read them as a position. A long/short manager showing $8bn here may run a book several times that size.
The lag matters too. Positions are as at the quarter end and the filing arrives up to forty-five days later, so what you are reading is at least six weeks old and possibly four months. Phrase it as what the filing showed, not what the fund holds today.
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