Bill Ackman Portfolio: Every Stock Pershing Square Owns
All 14 stocks in Pershing Square's latest SEC filing, what really changed last quarter, the two new names his November letter already reveals, and whether copying him makes sense for a regular investor.
Short answer: the Bill Ackman portfolio holds 14 US stocks worth $19.5 billion, as of June 30, 20261. Uber is the biggest bet at 12.7%. Brookfield (12.6%), Microsoft (11.9%), Amazon (10.5%) and Howard Hughes (10.2%) follow1. Those five make up 58% of the money. Ackman bought four brand-new stocks last quarter: Visa, Mastercard, S&P Global and Netflix12. His November 2 letter adds two more: Intercontinental Exchange and Alcon3. Our verdict: use his list for ideas, not as a shopping list. The data is months old, and his flagship fund has trailed the S&P 500 since 20124.
Bill Ackman runs Pershing Square, a New York investment firm. He is famous for a simple habit. He owns very few stocks, and he owns a lot of each one.
That makes the Bill Ackman portfolio easy to read. It also makes it risky to copy. This guide gives you the full holdings table, what changed, and how to tell if any of it fits you.
The holdings come from Pershing Square's 13F. A 13F is a report big investors must file with the SEC (the US market regulator) every quarter. It lists the US stocks they own. We track it on our Pershing Square fund page5.
The Bill Ackman portfolio: all 14 stocks (Q2 2026)
This table is built from Pershing Square Inc.'s Q2 2026 13F, filed August 14, 20261. "Weight" means the share of the total portfolio. The last column compares share counts with the quarter before2.
| # | Stock | What the company does | Value | Weight | Q2 move |
|---|---|---|---|---|---|
| 1 | Uber (UBER) | Ride-hailing and food delivery app | $2.48B | 12.7% | Added 14.6% |
| 2 | Brookfield (BN) | Owns and manages real assets: buildings, power, infrastructure | $2.45B | 12.6% | Trimmed 3.7% |
| 3 | Microsoft (MSFT) | Office software and Azure cloud | $2.32B | 11.9% | Added 9.8% |
| 4 | Amazon (AMZN) | Online store and AWS cloud | $2.04B | 10.5% | Trimmed 25.2% |
| 5 | Howard Hughes (HHH) | Texas land developer turning into an insurance holding company | $1.99B | 10.2% | No change |
| 6 | Restaurant Brands (QSR) | Owns Burger King, Tim Hortons, Popeyes | $1.87B | 9.6% | Added 14.0% |
| 7 | Meta Platforms (META) | Facebook, Instagram, WhatsApp | $1.80B | 9.2% | Added 20.1% |
| 8 | Visa (V) | Card payment network | $1.12B | 5.8% | New |
| 9 | Mastercard (MA) | Card payment network | $1.09B | 5.6% | New |
| 10 | S&P Global (SPGI) | Credit ratings and the S&P 500 index | $1.06B | 5.4% | New |
| 11 | Netflix (NFLX) | Streaming TV | $0.93B | 4.8% | New |
| 12 | Pershing Square USA (PSUS) | Ackman's own US-listed fund | $0.15B | 0.8% | New |
| 13 | Seaport Entertainment (SEG) | New York entertainment property, spun out of Howard Hughes | $0.13B | 0.7% | No change |
| 14 | Hertz (HTZ) | Car rental | $0.03B | 0.2% | Trimmed 1.6% |
| Total | $19.47B | 100% |
One stock left in Q2. Pershing Square sold its last small Alphabet (Google) stake, about 344,000 shares21.
Why some Bill Ackman portfolio trackers show "everything is new". In Q2, the filing moved from the old manager, Pershing Square Capital Management, to its public parent, Pershing Square Inc.6 Sites that compare only the new filer see 13 "new" stocks. We merged both filers' Q1 reports, so the "Q2 move" column shows real buying and selling.
How concentrated is the Bill Ackman portfolio? Very.
A normal index fund owns 500 stocks. Ackman owns 14, and most of the money sits in a few.
- Top 5 stocks: 58% of the portfolio1.
- Top 7 stocks: 77%1.
- Top 11 stocks: 98%1. The last three are leftovers or side holdings.
This is on purpose. His flagship fund says a "substantial majority" of its money goes into 8 to 12 core holdings4. It also says it usually makes only one to three new core investments a year4.
2026 broke that pattern. Ackman's November letter says the fund made seven new investments so far this year. That is about three times his normal pace3. His reason: the market chased AI chip suppliers and left many quality companies cheap3.
What he looks for, in his own fund's words: "high-quality growth businesses" with "limited downside" that "generate predictable, recurring cash flows"4. Sometimes he also pushes management to change. That is the "activist" part of his reputation.
What changed after June 30: a preview of the Q3 13F
Q3 2026 data is due by Monday, November 16, 20267. We will update this article when it lands. But Ackman already gave a strong hint.
On November 2, his London-listed fund published its Q3 letter. It lists every holding as of September 30, 20263. This is one fund, not the whole firm. Still, it is the freshest view of the Bill Ackman portfolio you can get.
| Holding | Share of fund's assets, Sept 30, 2026 | In the June 13F? |
|---|---|---|
| Microsoft | 15.0% | Yes |
| Uber | 14.0% | Yes |
| Meta Platforms | 11.2% | Yes |
| Amazon | 11.2% | Yes |
| Brookfield | 11.2% | Yes |
| Restaurant Brands | 9.4% | Yes |
| Howard Hughes | 9.2% | Yes |
| Vantage (via Howard Hughes preferred shares) | 8.2% | No, private company |
| Netflix | 5.2% | Yes |
| Intercontinental Exchange (ICE) | 5.0% | No, new |
| Mastercard | 4.9% | Yes |
| Visa | 4.9% | Yes |
| Alcon (ALC) | 4.8% | No, new |
| S&P Global | 4.7% | Yes |
| Fannie Mae | 3.2% | No, not in the 13F |
| Freddie Mac | 2.9% | No, not in the 13F |
Source: Pershing Square Holdings Q3 2026 letter3. The fund uses some borrowed money, so exposures add up to 126% of its assets3.
Three things stand out:
- Two new names. Intercontinental Exchange runs the New York Stock Exchange and big futures markets. Alcon makes contact lenses and eye-surgery gear. Expect both in the Q3 13F.
- Microsoft is now number one. Its stock rose 38% in the quarter3.
- An eighth new stock is coming. After September 30, Ackman began buying a new position. He has not named it yet3.
The Fannie Mae and Freddie Mac bet you won't see in the 13F
Fannie Mae and Freddie Mac back most US home loans. The government has controlled them since 2008. Ackman has owned them for 13 years3.
These two holdings never appear in the Bill Ackman portfolio on his 13F1. Yet together they were 6.1% of his flagship fund at September 303. Their shares fell more than 60% in 20263. Ackman says a return to private ownership could lift them "more than 10-fold"3. That is a bet on a political decision, not on earnings.
Lesson: a 13F shows US-listed stocks only. It leaves out short bets, cash, foreign stocks and some other holdings7. Copying the 13F means copying part of the plan.
Howard Hughes: Ackman's Berkshire-style project
Howard Hughes Holdings (HHH) is the most personal holding in the Bill Ackman portfolio. Pershing Square owns 27,852,064 shares. That is 46.7% of the company8.
The story in plain steps:
- Then: Howard Hughes built and sold land in big planned towns, mostly near Houston and Las Vegas.
- May 2025: Pershing Square paid $900 million for 9 million new shares9. That is $100 a share, when the stock traded at $67.479. In return, Howard Hughes hired Pershing Square to manage its investments, for a fee9.
- June 2026: Howard Hughes bought Vantage, an insurance company8.
- Now: The plan is to sell or share some real estate and send the cash to Vantage3.
Why insurance? Insurers collect premiums upfront and invest the money until claims arrive. Warren Buffett built Berkshire Hathaway this way (see our Warren Buffett portfolio guide). Ackman hopes Vantage's book value can grow 20% a year or more3. "Book value" means what the company owns minus what it owes.
One catch for copiers: Pershing Square earns fees from Howard Hughes9. Ackman's interests and yours are close, but not identical here.
Pershing Square Holdings, Pershing Square USA and PS: the 3 ways to own Ackman directly
You don't need to copy the Bill Ackman portfolio trade by trade. You can hire Ackman instead. In 2026 there are three listed options.
| Vehicle | Where it trades | What you own | Fees | Key fact |
|---|---|---|---|---|
| Pershing Square Holdings (PSH, PSHD) | London Stock Exchange | Ackman's flagship fund | 1.5% a year + 16% of gains4 | Traded 36.7% below its asset value on Sept 30, 20264 |
| Pershing Square USA (PSUS) | New York Stock Exchange | A similar US fund, launched April 29, 2026 | 2.0% a year, no share of gains10 | IPO at $50; asset value $45.93 on June 3010 |
| Pershing Square Inc. (PS) | New York Stock Exchange | The management firm itself | n/a: you own the fee collector | Manages $32.8B as of Sept 30, 202611 |
Pershing Square Holdings left Euronext Amsterdam in January 2025. It now trades only in London12. US investors should check whether their broker offers it.
What "discount" means. A closed-end fund has a fixed number of shares. Its price can drift away from the value of what it holds. At September 30, PSH held $76.62 of assets per share but traded at $48.504. You could buy $1 of Ackman's stocks for about 63 cents. The catch: the gap can stay open for years.
PSUS shows the same problem. Its 13F value on June 30 was $37.38 a share1. Its assets were worth $45.93 a share that day10. Its asset value fell 8.1% in its first two months, while the S&P 500 rose 5.3%10.
Should you copy the Bill Ackman portfolio? Our verdict
Short verdict: no, not as a full copy. Yes, as a short list of quality companies to research yourself. Here is why.
1. The data is old. Investors get 45 days after each quarter to file7. The June 30 holdings came out on August 141. Today they are four months old. Ackman can buy and sell long before you see it.
2. The track record is mixed. His flagship fund's numbers to September 30, 20264:
| Period (yearly average) | Pershing Square Holdings | S&P 500 |
|---|---|---|
| 2026 so far | −9.6% | +12.7% |
| Last 5 years | +9.4% | +13.8% |
| Last 10 years | +16.8% | +15.3% |
| Since 2012 start | +11.9% | +15.0% |
He beat the index over 10 years. He trailed it over 5 years and since 2012. A cheap S&P 500 index fund did better for most of that time.
3. Concentration cuts both ways. Five stocks hold 58% of the money1. If one breaks, you feel it. Fannie and Freddie fell more than 60% this year3. Those two alone cut his fund's 2026 return by about 8.4 points3.
4. You see only part of the plan. The 13F misses his Fannie, Freddie and Vantage stakes, plus any hedges37.
What to do instead:
- Treat the list as a set of ideas. Most are big, well-known businesses.
- Check the price of each one today, not in June. A great company at a bad price is a bad buy.
- Keep any single stock to a size you can stomach losing.
- If you want Ackman's judgment, a listed fund (PSUS or PSH) does the buying for you. Know the fees and the discount first.
Compare the Bill Ackman portfolio with other famous investors on our list of all tracked funds.
Questions
What stocks does Bill Ackman own right now?
His latest 13F, for June 30, 2026, lists 14 stocks. The largest are Uber, Brookfield, Microsoft, Amazon and Howard Hughes1. His November letter shows he has since added Intercontinental Exchange and Alcon3.
How much is the Bill Ackman portfolio worth?
The 13F stocks were worth $19.47 billion at June 30, 20261. Pershing Square managed $32.8 billion in total at September 30, 202611. The bigger figure includes Howard Hughes and assets the 13F does not cover.
What is Pershing Square Holdings?
Pershing Square Holdings (PSH) is Ackman's main public fund. It trades on the London Stock Exchange12. It held $13.3 billion of net assets at September 30, 20264.
Can I buy Pershing Square USA?
Yes. Pershing Square USA trades on the New York Stock Exchange as PSUS. It listed on April 29, 2026, at $50 a share10. It charges 2.0% a year and no performance fee10.
When is the next 13F filing?
The Q3 2026 13F is due by Monday, November 16, 20267. We will update this table then.
Is Bill Ackman a value investor?
Partly. He buys quality companies when he thinks the price is low. His fund lists the expected yearly profit growth and price-to-earnings ratio for each holding3. He also pushes companies to change, which makes him an "activist" investor.
Related reading
- Pershing Square fund page: live 13F data
- Warren Buffett portfolio: every Berkshire stock
- How to find undervalued stocks
- Margin of safety formula
Pershing Square Inc., Form 13F-HR for the quarter ended June 30, 2026, filed with the SEC August 14, 2026. Source of all 14 holdings, share counts and market values ($19,465,692,772 total). Howard Hughes is reported on two lines (18,852,064 + 9,000,000 shares). Weights and per-share PSUS value ($149,520,000 / 4,000,000 shares) are our calculations. ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩
Pershing Square Capital Management, L.P., Form 13F-HR for the quarter ended March 31, 2026, and Pershing Square Inc. (then Pershing Square Holdco), Form 13F-HR for the same quarter, both filed May 15, 2026. We combined both Q1 reports to compute Q2 share changes. The Q1 reports included 32,376 Alphabet Class A and 311,726 Class C shares, absent from Q2. ↩ ↩ ↩
Pershing Square Holdings, Ltd., Third Quarter 2026 Portfolio Review letter, November 2, 2026. Source of September 30, 2026 holdings and exposure percentages, the 126.0% total exposure, the "seven new investments" and eighth-position comments, Q3 share-price moves, Fannie Mae and Freddie Mac commentary (13-year holding, >60% decline, "more than 10-fold" upside, year-to-date detractions of 4.4% and 4.0%), and the Howard Hughes / Vantage plan. ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩
Pershing Square Holdings, Ltd., Monthly fact sheet, September 30, 2026. Source of NAV per share ($76.62), price ($48.50), discount (36.7%), equity ($13,258m), fees (1.5% / 16%), the "8 to 12 core holdings" and "one to three new core investments" policy, the investment-style quote, and net returns versus the S&P 500 (annualized for 5-year, 10-year and since-inception periods; inception December 31, 2012). ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩ ↩
value-investor.io, Pershing Square 13F tracker, built from SEC EDGAR 13F data, period June 30, 2026. ↩
Pershing Square Capital Management, L.P., Form 13F-NT for the quarter ended June 30, 2026, filed August 14, 2026: "Holdings of this reporting manager are now included in the report of its public parent company." ↩
U.S. Securities and Exchange Commission, Frequently Asked Questions About Form 13F. Filings are due within 45 days after each calendar quarter end; short positions are not reported; securities listed only outside the US are not reported. ↩ ↩ ↩ ↩ ↩
Pershing Square Capital Management, L.P. et al., Schedule 13D/A (Amendment No. 33) on Howard Hughes Holdings, event date June 4, 2026. Reports 27,852,064 shares, 46.7% of 59,624,589 shares outstanding, and the closing of the Vantage acquisition. ↩ ↩
Pershing Square Inc., Form 10-Q for the quarter ended June 30, 2026, filed August 13, 2026. Describes the May 5, 2025 Howard Hughes share purchase (9,000,000 shares; $607.23 million at the $67.47 market price plus a $292.77 million premium, $900 million total) and the HHH Services Agreement fees. ↩ ↩ ↩ ↩
Pershing Square USA, Ltd., Form N-CSRS semi-annual report for the period April 29 to June 30, 2026, filed with the SEC. Source of the NYSE listing date, $50.00 IPO price, $45.93 NAV per share, 2.0% management fee with no performance fee, and the (8.1)% NAV return versus 5.3% for the S&P 500. ↩ ↩ ↩ ↩ ↩ ↩
Pershing Square Inc., Third Quarter 2026 results, Exhibit 99.1 to Form 8-K, November 2, 2026. Total AUM of $32,776 million at September 30, 2026, split across PSH ($16,861m), PSUS ($4,892m), Howard Hughes ($9,853m) and private funds ($1,171m). ↩ ↩
Pershing Square Holdings, Ltd., PSH Announces the Approval of the Delisting of PSH Shares from Euronext Amsterdam, January 2025. Last Euronext trading day January 30, 2025; shares continue on the London Stock Exchange as PSH (sterling) and PSHD (US dollars). ↩ ↩
