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Livermore
Livermore
ZHEN

Pershing Square Capital Management, L.P.

SEC CIK
0001336528
Latest filing
May 15, 2026

The latest 13F from Pershing Square Capital Management, L.P. covers Q1 2026 (filed May 15, 2026): 11 long positions worth $13.7B. The top 10 holdings make up 99.9% of the portfolio, and the largest is BROOKFIELD Corp (BN) at 17.6%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

Later 13F filings come from this filer:Pershing Square

What changed in Q1 2026

Share counts compared with Q4 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$2.09B
Added
1
Est. +$384.1M
Reduced
6
Est. −$1.98B
Sold out
1
Est. −$870.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. BNBROOKFIELD Corp
    17.6%$2.42BHistory
  2. AMZNAmazon Com Inc
    17.4%$2.39BHistory
  3. UBERUber Technologies, Inc
    15.7%$2.15BHistory
  4. MSFTMicrosoft Corp
    15.3%$2.09BHistory
  5. QSRRestaurant Brands International Inc.
    12.2%$1.67BHistory

Share of portfolio

Top 5 holdings and the other 6 positions, by share of portfolio value

  1. BN17.6%
  2. AMZN17.4%
  3. UBER15.7%
  4. MSFT15.3%
  5. QSR12.2%
  6. Other 6 positions21.8%

Biggest buys

New and added positions, by estimated amount bought

  1. MSFTMicrosoft Corp
    +$2.09BNewHistory
  2. AMZNAmazon Com Inc
    +$384.1MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MSFTMicrosoft Corp
    +15.26 pp0.0% → 15.3%History
  2. AMZNAmazon Com Inc
    +3.11 pp14.3% → 17.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GOOGAlphabet Inc.
    −$1.68BReducedHistory
  2. HLTHilton Worldwide Holdings Inc.
    −$870.0MSold outHistory
  3. GOOGLAlphabet Inc.
    −$185.7MReducedHistory
  4. BNBROOKFIELD Corp
    −$69.0MReducedHistory
  5. UBERUber Technologies, Inc
    −$17.9MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. GOOGAlphabet Inc.
    −11.81 pp12.5% → 0.7%History
  2. HLTHilton Worldwide Holdings Inc.
    −5.60 pp5.6% → 0.0%History
  3. GOOGLAlphabet Inc.
    −1.30 pp1.4% → 0.1%History
  4. BNBROOKFIELD Corp
    −0.53 pp18.1% → 17.6%History
  5. METAMeta Platforms, Inc.
    −0.27 pp11.4% → 11.1%History

Metrics

13F metrics for Q1 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$13.7B
−$1.81B (−11.7%) vs. prior quarter
Positions
11
0 vs. prior quarter
Top 10 concentration
99.9%
Top 10 as share of value
Turnover
16.9%
Q1 2026, one quarter
Average holding period
7.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

21 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $15.5B (Q4 2025)

Q1 2021: $10.5BQ2 2021: $10.7BQ3 2021: $9.46BQ4 2021: $10.8BQ1 2022: $10.4BQ2 2022: $7.46BQ3 2022: $7.88BQ4 2022: $8.78BQ1 2023: $10.2BQ2 2023: $10.8BQ3 2023: $10.5BQ4 2023: $10.4BQ1 2024: $10.8BQ2 2024: $10.4BQ3 2024: $12.9BQ4 2024: $12.7BQ1 2025: $11.9BQ2 2025: $13.7BQ3 2025: $14.6BQ4 2025: $15.5BQ1 2026: $13.7B
Q1 2021Q1 2026
13F filings of Pershing Square Capital Management, L.P. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q1 2026May 15, 202611$13.7BBNAMZNUBERvs. Q4 2025SEC
Q4 2025Feb 17, 202611$15.5BBNUBERAMZNvs. Q3 2025SEC
Q3 2025Nov 14, 202511$14.6BUBERBNHHHvs. Q2 2025SEC
Q2 2025Aug 14, 202511$13.7BUBERBNQSRvs. Q1 2025SEC
Q1 2025May 15, 202511$11.9BUBERBNQSRvs. Q4 2024SEC
Q4 2024Apr 16, 2025Amended11$12.7BBNQSRCMGvs. Q3 2024SECSEC
Q3 2024Nov 14, 202411$12.9BBNHLTCMGvs. Q2 2024SEC
Q2 2024Aug 14, 20249$10.4BHLTCMGQSRvs. Q1 2024SEC
Q1 2024May 15, 20247$10.8BCMGHLTQSRvs. Q4 2023SEC
Q4 2023Feb 14, 20248$10.4BCMGQSRHLTvs. Q3 2023SEC
Q3 2023Nov 14, 20238$10.5BCMGQSRHLTvs. Q2 2023SEC
Q2 2023Aug 14, 20238$10.8BCMGQSRLOWvs. Q1 2023SEC
Q1 2023May 15, 20238$10.2BLOWCMGQSRvs. Q4 2022SEC
Q4 2022Feb 13, 20236$8.78BLOWQSRCMGvs. Q3 2022SEC
Q3 2022Nov 14, 20226$7.88BLOWCMGQSRvs. Q2 2022SEC
Q2 2022Aug 15, 20227$7.46BLOWCMGQSRvs. Q1 2022SEC
Q1 2022May 16, 20228$10.4BLOWCMGHLTvs. Q4 2021SEC
Q4 2021Mar 7, 2022Amended7$10.8BLOWHLTCMGvs. Q3 2021SECSEC
Q3 2021Nov 15, 20216$9.46BLOWCMGHLTvs. Q2 2021SEC
Q2 2021Aug 16, 20217$10.7BLOWACMGvs. Q1 2021SEC
Q1 2021May 17, 20217$10.5BLOWHLTQSR–SEC

13D and 13G filings

Companies where Pershing Square Capital Management, L.P. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

2 companies, largest stake first.

Companies where Pershing Square Capital Management, L.P. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
HHHHoward Hughes Holdings Inc.13D/A46.70%27.9M shares0.00 ppfrom 46.70%Oct 6, 202321 filingsJun 8, 2026SEC
QSRRestaurant Brands International Inc.13D/A7.80%27.1M shares+1.30 ppfrom 6.50%Apr 29, 20244 filingsMay 8, 2026SEC

Latest filings

38 filings on file made by Pershing Square Capital Management, L.P. or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Pershing Square Capital Management, L.P.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
HHHHoward Hughes Holdings Inc.Jun 8, 20266:05 PM ET13D/A46.70%27.9M shares0.00 ppfrom 46.70%Jun 4, 2026SEC
QSRRestaurant Brands International Inc.May 8, 20268:45 PM ET13D/A7.80%27.1M shares+1.30 ppfrom 6.50%May 6, 2026SEC
HHHHoward Hughes Holdings Inc.Apr 29, 20267:02 PM ET13D/A46.70%27.9M shares−0.20 ppfrom 46.90%Apr 27, 2026SEC
QSRRestaurant Brands International Inc.Apr 29, 20266:59 PM ET13D/A6.50%22.6M shares–Apr 27, 2026SEC
HHHHoward Hughes Holdings Inc.Dec 19, 20255:18 PM ET13D/A46.90%27.9M shares0.00 ppfrom 46.90%Dec 17, 2025SEC
HHHHoward Hughes Holdings Inc.Aug 7, 20254:39 PM ET13D/A46.90%27.9M shares0.00 ppfrom 46.90%Aug 5, 2025SEC
HHHHoward Hughes Holdings Inc.May 7, 20258:22 PM ET13D/A46.90%27.9M shares+9.50 ppfrom 37.40%May 5, 2025SEC
HHHHoward Hughes Holdings Inc.Apr 30, 20257:41 AM ET13D/A37.40%18.9M shares0.00 ppfrom 37.40%Apr 29, 2025SEC
HHHHoward Hughes Holdings Inc.Apr 15, 20258:34 AM ET13D/A37.40%18.9M shares0.00 ppfrom 37.40%Apr 14, 2025SEC
HHHHoward Hughes Holdings Inc.Apr 7, 20252:04 PM ET13D/A37.40%18.9M shares0.00 ppfrom 37.40%Apr 5, 2025SEC
HHHHoward Hughes Holdings Inc.Mar 12, 20254:04 PM ET13D/A37.40%18.9M shares0.00 ppfrom 37.40%Mar 12, 2025SEC
HHHHoward Hughes Holdings Inc.Mar 3, 20257:20 AM ET13D/A37.40%18.9M shares−0.20 ppfrom 37.60%Mar 2, 2025SEC
HHHHoward Hughes Holdings Inc.Feb 18, 20255:33 PM ET13D/A37.60%18.9M shares0.00 ppfrom 37.60%Feb 13, 2025SEC
HHHHoward Hughes Holdings Inc.Jan 13, 20251:19 PM ET13D/A37.60%18.9M shares–Jan 13, 2025SEC
SEGSeaport Entertainment Group Inc.Oct 22, 202413D/AOld format–––SEC
SEGSeaport Entertainment Group Inc.Sep 25, 202413D/AOld format–––SEC
SEGSeaport Entertainment Group Inc.Aug 7, 202413DOld format–New–SEC
HHHHoward Hughes Holdings Inc.Aug 6, 202413D/AOld format–––SEC
HHHHoward Hughes Holdings Inc.Jul 25, 202413D/AOld format–––SEC
QSRRestaurant Brands International Inc.Jul 18, 202413D/AOld format–––SEC