What Stocks Does Bill Ackman Own in 2026? Pershing Square's Latest 13F

Bill Ackman isn't your typical diversified investor. His firm, Pershing Square Capital Management, operates with a philosophy of concentrated conviction, meaning they place large bets on a small number of companies they believe are undervalued or have significant potential for improvement. As of their Q1 2026 13F filing, dated May 15, 2026, Pershing Square's portfolio held just 11 positions, with a total value of approximately $13.71 billion. This highly focused approach means that each investment carries substantial weight in the overall fund's performance.

Ackman is also well-known for his activist investing style. This isn't just about buying shares; it often involves taking a significant stake in a company and then actively pushing for strategic or operational changes to unlock shareholder value. He looks for companies trading at a discount to their intrinsic value and aims to catalyze improvements. This hands-on approach distinguishes Pershing Square from many other hedge funds and makes tracking their moves particularly insightful for retail investors interested in understanding high-conviction strategies.

As of the Q1 2026 13F filing, Pershing Square's portfolio remained heavily concentrated, with the top five holdings making up about 78% of the total disclosed assets. Let's take a closer look at some of these significant positions:

Brookfield Corp (BN): This Canadian investment giant remains Ackman's largest position, accounting for approximately 17.6% of the portfolio, valued at around $2.4 billion. Brookfield owns and operates a diverse range of assets, including infrastructure, renewable energy, real estate, and insurance businesses. In Q1 2026, Brookfield reported a 7% year-over-year increase in distributable earnings per share and had repurchased $470 million of its own shares, demonstrating its focus on returning capital to shareholders. Pershing Square did, however, marginally trim its stake in Brookfield during Q1 2026.

Amazon.com Inc. (AMZN): The e-commerce and cloud computing behemoth is another cornerstone of Ackman's portfolio, representing about 17.4% of the fund and valued at roughly $2.39 billion. Notably, Pershing Square increased its position in Amazon by 19% during Q1 2026, signaling continued confidence in the company's long-term growth prospects.

Uber Technologies Inc. (UBER): The ride-sharing and food delivery giant holds a substantial 15.7% of the portfolio. While still a core holding, Pershing Square marginally trimmed its Uber position in Q1 2026.

Microsoft Corp (MSFT): A significant new entry, Microsoft now stands as a top holding, comprising about 15.3% of the portfolio, with an initial value of approximately $2.09 billion. This substantial new position highlights Ackman's conviction in the tech giant's future.

Restaurant Brands International (QSR): This global quick-service restaurant company, parent to brands like Burger King and Tim Hortons, makes up about 12.2% of the portfolio. RBI recently reaffirmed its growth algorithm, including an 8%+ organic adjusted operating income growth and plans to return over $1.6 billion of capital to shareholders in 2026 through dividends and share repurchases. Despite these positive developments, Pershing Square slightly reduced its QSR stake in Q1 2026.

Howard Hughes Holdings Inc. (HHH): While not explicitly detailed in all top-five lists, Howard Hughes Holdings remains a key part of Ackman's strategy, with him serving as Executive Chairman. HHH, a diversified holding company focused on real estate and now specialty insurance through its acquisition of Vantage Group Holdings, announced its Q1 2026 earnings on May 7, 2026, and the closing of the Vantage acquisition in June 2026. A leadership transition at Vantage was also announced in July 2026.

Bill Ackman's portfolio isn't static, and the Q1 2026 filing revealed some notable shifts. The most significant new addition was a substantial position in Microsoft Corp (MSFT), which immediately became one of the fund's largest holdings. This move suggests a strong belief in Microsoft's continued dominance in software and cloud services.

On the other side of the ledger, Pershing Square completely exited several positions during Q1 2026. These include Hilton Worldwide Holdings (HLT), Chipotle Mexican Grill (CMG), and Canadian Pacific Kansas City (CP). While Ackman's exact reasons for these exits aren't always immediately public, we can look at recent company news for context.

For Hilton Worldwide, the exit came even as the company reported strong Q1 2026 results on April 28, 2026, with diluted EPS of $1.66 and a 3.6% increase in comparable RevPAR (revenue per available room). Hilton also raised its full-year 2026 outlook and announced plans for approximately $3.5 billion in capital return for 2026. Despite this positive performance, Ackman chose to move on.

Chipotle Mexican Grill, another exited position, has been busy expanding internationally, opening its first restaurant in Mexico in July 2026. However, its Q1 2026 results, announced on April 29, 2026, showed a 7.4% revenue increase but only a 0.5% rise in comparable restaurant sales and a decline in diluted earnings per share, leading to some investor caution ahead of its Q2 2026 earnings on July 29, 2026.

Canadian Pacific Kansas City (CP), the railway company, also saw a complete exit from Pershing Square's portfolio. CPKC reported its Q1 2026 earnings on April 29, 2026, and in June 2026, announced record Canadian grain movements.

Another significant reduction was in Alphabet (GOOG/GOOGL), where Pershing Square cut its position by over 95%. This dramatic reduction suggests a reallocation of capital towards other opportunities, such as the new Microsoft stake.

It might seem like only Wall Street insiders get to know what big investors are doing, but that's not true! Thanks to the U.S. Securities and Exchange Commission (SEC), you can track the public equity holdings of large institutional investment managers like Pershing Square. This is done through a document called a Form 13F.

What is a 13F? Every institutional investment manager that manages over $100 million in assets must file a Form 13F with the SEC every quarter. This filing discloses all of their equity positions – meaning common stocks – as of the end of the calendar quarter. It includes the name of the stock, the number of shares held, and the market value of that position.

Why is it useful? These filings offer a valuable glimpse into what some of the smartest money managers are buying and selling. While they are filed with a delay (within 45 days of the end of a calendar quarter), they can still provide insights into investment trends, high-conviction ideas, and how top funds are positioning themselves.

How to find them: You can access 13F filings for free through the SEC's EDGAR database (Electronic Data Gathering, Analysis, and Retrieval system). Just head to sec.gov/edgar and use the search function. You can search by the investment manager's name (e.g., "Pershing Square Capital Management") or by form type ("13F") to see recent filings. While the raw data can sometimes look a bit complex, many financial websites also aggregate and simplify this information, making it easier to digest. Remember, these filings only cover U.S.-listed equities, so they don't always show a complete picture of a global fund's entire strategy.