Bill Ackman, the founder and boss of Pershing Square Capital Management, shook up his New York-based hedge fund’s portfolio significantly in the first quarter of 2026.
The US Securities and Exchange Commission (SEC) requires institutional investors who manage more than $100 million to provide quarterly insight into their portfolios using Form 13F. This also applies to Bill Ackman’s Pershing Square Capital Management. At the end of the quarter, the hedge fund managed assets of around $13.71 billion.
While there was consistency at the absolute top of the rankings, the star investor caused two real sensations in the ranks below. Ackman brought a new tech giant on board with a bang and in return almost completely divested himself of a long-standing core holding in Silicon Valley, which fundamentally shifted the balance of power in the depot.
The following overview shows the ten heavyweights in the portfolio as of March 31, 2026.
Alexandra Hesse, editorial team at finanzen.net
11th place: The ranking
Once assets under management exceed $100 million, the US Securities and Exchange Commission (SEC) requires institutional investors to disclose their portfolios on a quarterly basis via Form 13F. This also affects Pershing Square Capital Management, the hedge fund headed by Bill Ackman. At the end of the first quarter of 2026, the portfolio had a volume of around 13.71 billion US dollars. The following list shows the fund’s ten most important stock positions as of March 31, 2026.
Source: sec.gov, Image: Bryan Bedder/Getty Images for The New York Times
10th place: Hertz Global Holdings
The car rental company Hertz Global brought up the rear of the ten largest holdings. Bill Ackman didn’t change position at all in the first quarter and kept his feet still. The remaining 15,241,127 shares had a fairly manageable market value of $70.26 million at the end of the quarter. In the overall structure of the billion-dollar hedge fund, this value only accounted for 0.51 percent.
Source: sec.gov, Image: RYO Alexandre / Shutterstock.com
9th place: Alphabet C
The C-Class of Google’s parent company, Alphabet, experienced a radical clear-cut. Ackman threw almost his entire holdings onto the market during the reporting period and sold 5,852,145 securities – a drastic drop of 94.94 percent. The remaining 311,726 shares only had a market value of $89.42 million as of the reporting date, which meant that the former core holding shrank to a portfolio weight of just 0.65 percent.
Source: sec.gov, Image: Fenixx666 / Shutterstock.com
8th place: Seaport Entertainment
The Seaport Entertainment Group, a spinoff from the Howard Hughes empire, remained stable in the portfolio. With exactly 5,023,780 securities held, there was no change in the number of shares in the first quarter. At the end of the quarter, the package had a rounded market value of $107.91 million, which corresponded to a portfolio share of 0.79 percent.
Source: sec.gov, symbolic image: Viktoriia Hnatiuk / Shutterstock.com
7th place: Howard Hughes Holdings
The real estate development company Howard Hughes Holdings was ranked seventh in the internal ranking. Here too, Pershing Square refrained from any transactions in the first three months of the year and kept its holdings unchanged at 18,852,064 shares. As of the reporting date, this large package of shares had a total value of 1.19 billion US dollars and thus claimed 8.70 percent of the portfolio.
Source: sec.gov, Image: viewimage / Shutterstock.com
6th place: Meta Platforms
Facebook parent Meta Platforms lost one place compared to the previous quarter. Ackman made minimal partial profits here and reduced the position by 12,708 shares (-0.48 percent). The remaining 2,660,861 shares secured a significant portfolio weight of exactly 11.10 percent with a value of 1.52 billion US dollars.
Source: sec.gov, Image: rafapress / Shutterstock.com
5th place: Restaurant Brands International
The fast food giant Restaurant Brands International climbed one place in the portfolio structure, although Ackman trimmed the holding slightly by 221,290 shares (-0.97 percent). At the end of the quarter, the hedge fund owned a package of 22,645,483 securities. In terms of value, the investment made up 12.20 percent of the portfolio at $1.67 billion.
Source: sec.gov, Image: Postmodern Studio / Shutterstock.com
4th place: Microsoft
The absolute blast of the quarter took place in fourth place: Ackman celebrated a spectacular new entry at the software and AI giant Microsoft. Pershing Square immediately bought 5,654,078 shares, immediately pumping $2.09 billion into the company. This new addition immediately blocked 15.26 percent of the total US investment volume as of the reporting date.
Source: sec.gov, Image: Volodymyr Kyrylyuk / Shutterstock.com
3rd place: Uber
The bronze medal went to the ride-hailing company Uber Technologies, which had taken second place in the previous quarter. A small partial sale of 248,963 shares (-0.82 percent) only slightly reduced the position. The remaining 29,958,771 papers had a significant market value of $2.15 billion as of the reporting date, which corresponded to a weighting of 15.71 percent.
Source: sec.gov, Image: Christopher Penler / Shutterstock.com
2nd place: Amazon
The investment in the e-commerce and cloud giant Amazon made a strong leap forward. Ackman increased the position significantly and acquired 1,844,157 additional securities (+19.19 percent). The package, which now includes 11,451,981 shares, shot up in value to $2.39 billion, thereby securing a large portfolio share of 17.39 percent.
Source: sec.gov, Image: Ken Wolter / Shutterstock.com
1st place: Brookfield
The undisputed and defended number one in Bill Ackman’s empire remained the Canadian asset management company Brookfield Corporation, which accounted for 17.62 percent of the entire US portfolio. The fact that Pershing Square slightly reduced its position by 1,705,881 shares in the first quarter (-2.78 percent) did not change this. With 59,697,208 shares remaining, the top position recorded a gigantic market value of $2.42 billion at the end of the quarter.
Source: sec.gov, Image: Casimiro PT / Shutterstock.com
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