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← Pershing Square Capital Management LP, latest filing

What Pershing Square Capital Management LP changed, 2013 to 2026

53 quarterly 13F filings, from Q2 2013 to Q2 2026, each read from the filing itself. A quarter is compared only with the quarter before it, so a quarter with no filing is a gap in the record, not a sale.

Reported book

$19.5bn

$11.0bn at Q2 2013

Positions

14

10 at Q2 2013

Top ten weight

94%

100% at Q2 2013

Typical quarterly turnover

about 4%

Estimated from share changes

Reported book by quarter
$0$10bn$19bnQ2 2013: $11.0bnQ3 2013: $10.3bnQ4 2013: $8.2bnQ1 2014: $8.4bn14Q2 2014: $12.6bnQ3 2014: $13.4bnQ4 2014: $16.0bnQ1 2015: $15.0bn15Q2 2015: $14.4bnQ3 2015: $14.0bnQ4 2015: $12.5bnQ1 2016: $8.9bn16Q2 2016: $7.5bnQ3 2016: $5.4bnQ4 2016: $5.9bnQ1 2017: $6.0bn17Q2 2017: $6.0bnQ3 2017: $5.1bnQ4 2017: $5.9bnQ1 2018: $4.8bn18Q2 2018: $5.8bnQ3 2018: $5.2bnQ4 2018: $6.0bnQ1 2019: $6.7bn19Q2 2019: $6.7bnQ3 2019: $6.5bnQ4 2019: $6.6bnQ1 2020: $6.6bn20Q2 2020: $7.8bnQ3 2020: $8.8bnQ4 2020: $10.0bnQ1 2021: $10.5bn21Q2 2021: $10.7bnQ3 2021: $9.5bnQ4 2021: $10.8bnQ1 2022: $10.4bn22Q2 2022: $7.5bnQ3 2022: $7.9bnQ4 2022: $8.8bnQ1 2023: $10.2bn23Q2 2023: $10.8bnQ3 2023: $10.5bnQ4 2023: $10.4bnQ1 2024: $10.8bn24Q2 2024: $10.4bnQ3 2024: $12.9bnQ4 2024: $12.7bnQ1 2025: $11.9bn25Q2 2025: $13.7bnQ3 2025: $14.6bnQ4 2025: $15.5bnQ1 2026: $13.7bn26Q2 2026: $19.5bn
  • Q2 2013: $11.0bn
  • Q3 2013: $10.3bn
  • Q4 2013: $8.2bn
  • Q1 2014: $8.4bn
  • Q2 2014: $12.6bn
  • Q3 2014: $13.4bn
  • Q4 2014: $16.0bn
  • Q1 2015: $15.0bn
  • Q2 2015: $14.4bn
  • Q3 2015: $14.0bn
  • Q4 2015: $12.5bn
  • Q1 2016: $8.9bn
  • Q2 2016: $7.5bn
  • Q3 2016: $5.4bn
  • Q4 2016: $5.9bn
  • Q1 2017: $6.0bn
  • Q2 2017: $6.0bn
  • Q3 2017: $5.1bn
  • Q4 2017: $5.9bn
  • Q1 2018: $4.8bn
  • Q2 2018: $5.8bn
  • Q3 2018: $5.2bn
  • Q4 2018: $6.0bn
  • Q1 2019: $6.7bn
  • Q2 2019: $6.7bn
  • Q3 2019: $6.5bn
  • Q4 2019: $6.6bn
  • Q1 2020: $6.6bn
  • Q2 2020: $7.8bn
  • Q3 2020: $8.8bn
  • Q4 2020: $10.0bn
  • Q1 2021: $10.5bn
  • Q2 2021: $10.7bn
  • Q3 2021: $9.5bn
  • Q4 2021: $10.8bn
  • Q1 2022: $10.4bn
  • Q2 2022: $7.5bn
  • Q3 2022: $7.9bn
  • Q4 2022: $8.8bn
  • Q1 2023: $10.2bn
  • Q2 2023: $10.8bn
  • Q3 2023: $10.5bn
  • Q4 2023: $10.4bn
  • Q1 2024: $10.8bn
  • Q2 2024: $10.4bn
  • Q3 2024: $12.9bn
  • Q4 2024: $12.7bn
  • Q1 2025: $11.9bn
  • Q2 2025: $13.7bn
  • Q3 2025: $14.6bn
  • Q4 2025: $15.5bn
  • Q1 2026: $13.7bn
  • Q2 2026: $19.5bn
Share of the book in the ten largest positions
0%50%100%Q2 2013: 100%Q3 2013: 100%Q4 2013: 100%Q1 2014: 100%14Q2 2014: 100%Q3 2014: 100%Q4 2014: 100%Q1 2015: 100%15Q2 2015: 100%Q3 2015: 100%Q4 2015: 100%Q1 2016: 100%16Q2 2016: 100%Q3 2016: 100%Q4 2016: 100%Q1 2017: 100%17Q2 2017: 100%Q3 2017: 100%Q4 2017: 100%Q1 2018: 100%18Q2 2018: 100%Q3 2018: 100%Q4 2018: 100%Q1 2019: 100%19Q2 2019: 100%Q3 2019: 100%Q4 2019: 100%Q1 2020: 100%20Q2 2020: 100%Q3 2020: 100%Q4 2020: 100%Q1 2021: 100%21Q2 2021: 100%Q3 2021: 100%Q4 2021: 100%Q1 2022: 100%22Q2 2022: 100%Q3 2022: 100%Q4 2022: 100%Q1 2023: 100%23Q2 2023: 100%Q3 2023: 100%Q4 2023: 100%Q1 2024: 100%24Q2 2024: 100%Q3 2024: 100%Q4 2024: 100%Q1 2025: 100%25Q2 2025: 99%Q3 2025: 99%Q4 2025: 100%Q1 2026: 100%26Q2 2026: 94%
  • Q2 2013: 100%
  • Q3 2013: 100%
  • Q4 2013: 100%
  • Q1 2014: 100%
  • Q2 2014: 100%
  • Q3 2014: 100%
  • Q4 2014: 100%
  • Q1 2015: 100%
  • Q2 2015: 100%
  • Q3 2015: 100%
  • Q4 2015: 100%
  • Q1 2016: 100%
  • Q2 2016: 100%
  • Q3 2016: 100%
  • Q4 2016: 100%
  • Q1 2017: 100%
  • Q2 2017: 100%
  • Q3 2017: 100%
  • Q4 2017: 100%
  • Q1 2018: 100%
  • Q2 2018: 100%
  • Q3 2018: 100%
  • Q4 2018: 100%
  • Q1 2019: 100%
  • Q2 2019: 100%
  • Q3 2019: 100%
  • Q4 2019: 100%
  • Q1 2020: 100%
  • Q2 2020: 100%
  • Q3 2020: 100%
  • Q4 2020: 100%
  • Q1 2021: 100%
  • Q2 2021: 100%
  • Q3 2021: 100%
  • Q4 2021: 100%
  • Q1 2022: 100%
  • Q2 2022: 100%
  • Q3 2022: 100%
  • Q4 2022: 100%
  • Q1 2023: 100%
  • Q2 2023: 100%
  • Q3 2023: 100%
  • Q4 2023: 100%
  • Q1 2024: 100%
  • Q2 2024: 100%
  • Q3 2024: 100%
  • Q4 2024: 100%
  • Q1 2025: 100%
  • Q2 2025: 99%
  • Q3 2025: 99%
  • Q4 2025: 100%
  • Q1 2026: 100%
  • Q2 2026: 94%

The positions that defined it

Every position that was ever among the 25 largest: when it first appeared, when it was largest, and where it stands in Q2 2026. The line is its reported value each quarter.

PositionValue over timeFirst listedLargestQ2 2026
Uber Technologies Inc(UBER)Q1 2025$3.0bnQ3 2025$2.5bn
Brookfield Corp(BN)Class A LTD VT SHQ2 2024$2.8bnQ4 2025$2.4bn
Microsoft Corp(MSFT)Q1 2026$2.3bnQ2 2026$2.3bn
Amazon Com Inc(AMZN)Q2 2025$2.4bnQ1 2026$2.0bn
Howard Hughes Holdings Inc(HHH)Q3 2023$2.0bnQ2 2026$2.0bn
Restaurant Brands Intl Inc(QSR)Q4 2014$2.4bnQ2 2017$1.9bn
Meta Platforms Inc(META)Class AQ4 2025$1.8bnQ2 2026$1.8bn
Visa Inc(V)Common Class AQ2 2026$1.1bnQ2 2026$1.1bn
Mastercard Incorporated(MA)Class AQ2 2026$1.1bnQ2 2026$1.1bn
S&P Global Inc(SPGI)Q2 2026$1.1bnQ2 2026$1.1bn
Netflix Inc(NFLX)Q1 2022$1.2bnQ1 2022$934m
Pershing Square USA LTD(PSUS)Q2 2026$150mQ2 2026$150m
Allergan IncQ1 2014$5.7bnQ4 2014Soldlast listed Q4 2014
Valeant Pharmaceuticals IntlQ1 2015$4.3bnQ2 2015Soldlast listed Q4 2016
Air Prods & Chems Inc(APD)Q2 2013$3.1bnQ1 2015Soldlast listed Q1 2017
Canadian Pac Ry LTDQ2 2013$2.9bnQ2 2013Soldlast listed Q1 2023
Lowes Cos Inc(LOW)Q2 2018$2.6bnQ4 2021Soldlast listed Q4 2023
Chipotle Mexican Grill Inc(CMG)Q3 2016$2.2bnQ1 2024Soldlast listed Q3 2025
Zoetis Inc(ZTS)Class AQ3 2014$2.0bnQ2 2015Soldlast listed Q3 2016
Hilton Worldwide HLDGS Inc(HLT)Q4 2018$2.0bnQ4 2021Soldlast listed Q4 2025

Quarter by quarter

2026Q1Q2
2025Q1Q2Q3Q4
2024Q1Q2Q3Q4
2023Q1Q2Q3Q4
2022Q1Q2Q3Q4
2021Q1Q2Q3Q4
2020Q1Q2Q3Q4
2019Q1Q2Q3Q4
2018Q1Q2Q3Q4
2017Q1Q2Q3Q4
2016Q1Q2Q3Q4
2015Q1Q2Q3Q4
2014Q1Q2Q3Q4
2013Q2Q3Q4

Q4 2018: $6.0bn across 9 positions

Against Q3 2018: 2 new, 3 added to, 3 trimmed, 0 sold out, across all 9 positions.

Turnover about 4% of the book, estimated from share changes at quarter-end prices.

Largest additions

  • Automatic Data Processing In (ADP)+-$73m
  • Lowes Cos Inc (LOW)+-$88m
  • United Technologies Corp+-$98m

Largest reductions

  • Restaurant Brands Intl Inc (QSR)-$206m
  • Howard Hughes Corp-$145m
  • Chipotle Mexican Grill Inc (CMG)-$98m

Opened

  • Hilton Worldwide HLDGS Inc (HLT)$786m
  • Starbucks Corp (SBUX)$757m

Sold out

No position was closed.

Largest positions, Q4 2018

PositionValueWeightOn the quarter
Restaurant Brands Intl Inc (QSR)$1.0bn17.3%Trimmed
Lowes Cos Inc (LOW)$881m14.8%Added
Chipotle Mexican Grill Inc (CMG)$838m14.1%Trimmed
Hilton Worldwide HLDGS Inc (HLT)$786m13.2%New
Starbucks Corp (SBUX)$757m12.7%New
United Technologies Corp$594m10.0%Added
Automatic Data Processing In (ADP)$534m9.0%Added
Platform Specialty Prods Cor$418m7.0%Held
Howard Hughes Corp$120m2.0%Trimmed

The books most like this one

Among the managers whose filings are on file, at Q2 2026. Overlap is the share of the two books that is the same: for every stock both list, the smaller of its two weights, added up. Two books can overlap because both own the largest companies; it says nothing about whether the managers agree.

ManagerOverlapStocks in bothOverlap over time
ValueAct Holdings LP25%3Compare
Polen Capital Management LLC25%7Compare
Baupost Group LLC24%3Compare
Altimeter Capital Management LP24%4Compare
Appaloosa LP23%3Compare
Akre Capital Management LLC21%3Compare
Tiger Global Management LLC21%5Compare
Egerton Capital UK LLP19%5Compare

The filings behind it

Every quarter above is one 13F holdings report, with any amendment the filer made to it applied in the order it was filed. Where the reporting entity changed, each quarter keeps the filer that actually reported it.

QuarterFilerBookAmendedFiling
Q2 2026Pershing Square Inc.$19.5bn13F-HR
Q1 2026Pershing Square Capital Management, L.P.$13.7bn13F-HR
Q4 2025Pershing Square Capital Management, L.P.$15.5bn13F-HR
Q3 2025Pershing Square Capital Management, L.P.$14.6bn13F-HR
Q2 2025Pershing Square Capital Management, L.P.$13.7bn13F-HR
Q1 2025Pershing Square Capital Management, L.P.$11.9bn13F-HR
Q4 2024Pershing Square Capital Management, L.P.$12.7bn113F-HR
Q3 2024Pershing Square Capital Management, L.P.$12.9bn13F-HR
Q2 2024Pershing Square Capital Management, L.P.$10.4bn13F-HR
Q1 2024Pershing Square Capital Management, L.P.$10.8bn13F-HR
Q4 2023Pershing Square Capital Management, L.P.$10.4bn13F-HR
Q3 2023Pershing Square Capital Management, L.P.$10.5bn13F-HR
Q2 2023Pershing Square Capital Management, L.P.$10.8bn13F-HR
Q1 2023Pershing Square Capital Management, L.P.$10.2bn13F-HR
Q4 2022Pershing Square Capital Management, L.P.$8.8bn13F-HR
Q3 2022Pershing Square Capital Management, L.P.$7.9bn13F-HR
Q2 2022Pershing Square Capital Management, L.P.$7.5bn13F-HR
Q1 2022Pershing Square Capital Management, L.P.$10.4bn13F-HR
Q4 2021Pershing Square Capital Management, L.P.$10.8bn113F-HR
Q3 2021Pershing Square Capital Management, L.P.$9.5bn13F-HR
Q2 2021Pershing Square Capital Management, L.P.$10.7bn13F-HR
Q1 2021Pershing Square Capital Management, L.P.$10.5bn13F-HR
Q4 2020Pershing Square Capital Management, L.P.$10.0bn13F-HR
Q3 2020Pershing Square Capital Management, L.P.$8.8bn13F-HR
Q2 2020Pershing Square Capital Management, L.P.$7.8bn13F-HR
Q1 2020Pershing Square Capital Management, L.P.$6.6bn13F-HR
Q4 2019Pershing Square Capital Management, L.P.$6.6bn13F-HR
Q3 2019Pershing Square Capital Management, L.P.$6.5bn113F-HR
Q2 2019Pershing Square Capital Management, L.P.$6.7bn13F-HR
Q1 2019Pershing Square Capital Management, L.P.$6.7bn13F-HR
Q4 2018Pershing Square Capital Management, L.P.$6.0bn13F-HR
Q3 2018Pershing Square Capital Management, L.P.$5.2bn13F-HR
Q2 2018Pershing Square Capital Management, L.P.$5.8bn13F-HR
Q1 2018Pershing Square Capital Management, L.P.$4.8bn13F-HR
Q4 2017Pershing Square Capital Management, L.P.$5.9bn13F-HR
Q3 2017Pershing Square Capital Management, L.P.$5.1bn13F-HR
Q2 2017Pershing Square Capital Management, L.P.$6.0bn13F-HR
Q1 2017Pershing Square Capital Management, L.P.$6.0bn13F-HR
Q4 2016Pershing Square Capital Management, L.P.$5.9bn13F-HR
Q3 2016Pershing Square Capital Management, L.P.$5.4bn13F-HR
Q2 2016Pershing Square Capital Management, L.P.$7.5bn13F-HR
Q1 2016Pershing Square Capital Management, L.P.$8.9bn13F-HR
Q4 2015Pershing Square Capital Management, L.P.$12.5bn13F-HR
Q3 2015Pershing Square Capital Management, L.P.$14.0bn13F-HR
Q2 2015Pershing Square Capital Management, L.P.$14.4bn13F-HR
Q1 2015Pershing Square Capital Management, L.P.$15.0bn13F-HR
Q4 2014Pershing Square Capital Management, L.P.$16.0bn13F-HR
Q3 2014Pershing Square Capital Management, L.P.$13.4bn13F-HR
Q2 2014Pershing Square Capital Management, L.P.$12.6bn13F-HR
Q1 2014Pershing Square Capital Management, L.P.$8.4bn13F-HR
Q4 2013Pershing Square Capital Management, L.P.$8.2bn13F-HR
Q3 2013Pershing Square Capital Management, L.P.$10.3bn13F-HR
Q2 2013Pershing Square Capital Management, L.P.$11.0bn13F-HR

Reading this record

A 13F lists US-listed long equity and options at the quarter end, filed up to 45 days later. It shows what was held, not when it was bought or at what price, and nothing short. Where a quarter lists only the largest positions, a name missing from it may still be held below that range; the counts of what was opened and sold always cover the whole filing.

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