Bill Ackman

Pershing Square Capital Management

Pershing Square founder, activist investing through letters and presentations

Pershing Square is more transparent than most hedge funds because PSH annual reports, monthly and quarterly reports, presentations, and public letters explain the investment thesis, concentration, and event path. Bill Ackman's large positions can often be tied directly to public materials.

Sources Pershing Square Capital Management official site SEC EDGAR profile Pershing Square Holdings performance PSH 2025 annual report

Activist / concentrated quality CIK 1336528

2026-03-31 Latest 13F 10 Current holdings 22 Last 3 periods Change 13 Public materials

Latest 13F snapshot 2026-03-31 · 11 disclosed positions · $13.7B Top five 78.2%: BN, AMZN, UBER, MSFT, QSR

Public materials

View timeline

Shareholder letters / memos 0

Interview 0

Public video 0

Public Q&A / speeches / presentations 13

Current holdings

13F period 2026-03-31 · Filed 2026-05-15

Stocks	Shares	Value	Weight
BN	59,697,208	$2.4B	17.6%
AMZN	11,451,981	$2.4B	17.4%
UBER	29,958,771	$2.2B	15.7%
MSFT	5,654,078	$2.1B	15.3%
QSR	22,645,483	$1.7B	12.2%
META	2,660,861	$1.5B	11.1%
HHH	18,852,064	$1.2B	8.7%
SEG	5,023,780	$107.9M	0.8%
GOOG	311,726	$89.4M	0.7%
HTZ	15,241,127	$70.3M	0.5%

Last 3 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters

Stocks	Action	13F period	Current shares	Previous shares	Share change	13F value change
MSFT	New	2026-03-31 Filed 2026-05-15	5,654,078	0	-	+$2.1B
GOOG	Major reduction	2026-03-31 Filed 2026-05-15	311,726	6,163,871	-94.9%	-$1.8B
HLT	Sold out	2026-03-31 Filed 2026-05-15	0	3,028,664	-100.0%	-$870.0M
BN	Minor reduction	2026-03-31 Filed 2026-05-15	59,697,208	61,403,089	-2.8%	-$401.8M
UBER	Minor reduction	2026-03-31 Filed 2026-05-15	29,958,771	30,207,734	-0.8%	-$313.3M
META	Minor reduction	2026-03-31 Filed 2026-05-15	2,660,861	2,673,569	-0.5%	-$242.4M
GOOGL	Major reduction	2026-03-31 Filed 2026-05-15	32,376	678,297	-95.2%	-$203.0M
AMZN	Major increase	2026-03-31 Filed 2026-05-15	11,451,981	9,607,824	19.2%	+$167.4M
QSR	Minor reduction	2026-03-31 Filed 2026-05-15	22,645,483	22,866,773	-1.0%	+$113.3M
META	New	2025-12-31 Filed 2026-02-17	2,673,569	0	-	+$1.8B
GOOGL	Major reduction	2025-12-31 Filed 2026-02-17	678,297	4,843,973	-86.0%	-$965.3M
AMZN	Major increase	2025-12-31 Filed 2026-02-17	9,607,824	5,823,316	65.0%	+$939.1M
CMG	Sold out	2025-12-31 Filed 2026-02-17	0	21,541,177	-100.0%	-$844.2M
UBER	Minor reduction	2025-12-31 Filed 2026-02-17	30,207,734	30,270,518	-0.2%	-$497.3M
GOOG	Minor reduction	2025-12-31 Filed 2026-02-17	6,163,871	6,324,031	-2.5%	+$394.0M
QSR	Minor reduction	2025-12-31 Filed 2026-02-17	22,866,773	22,915,496	-0.2%	+$90.4M
HLT	Minor reduction	2025-12-31 Filed 2026-02-17	3,028,664	3,030,578	-0.1%	+$83.7M
BN	Major increase	2025-12-31 Filed 2026-02-17	61,403,089	41,020,231	49.7%	+$4.6M
BN	Minor reduction	2025-09-30 Filed 2025-11-14	41,020,231	41,160,397	-0.3%	+$267.4M
GOOGL	Minor reduction	2025-09-30 Filed 2025-11-14	4,843,973	5,362,980	-9.7%	+$232.5M
UBER	Minor reduction	2025-09-30 Filed 2025-11-14	30,270,518	30,301,161	-0.1%	+$138.5M
QSR	Minor reduction	2025-09-30 Filed 2025-11-14	22,915,496	23,000,914	-0.4%	-$54.9M

Public video / Interview / Shareholder letter / Public Q&A

Latest 10 + classics

2026-02-11 Investment presentation

PSCM 2026 Annual Investor Presentation

The Ackman team's 2026 annual investor presentation, reviewing 2025 PSH performance, debt and discount strategies, Howard Hughes strategic trades, and public position logic for Amazon, Meta, Uber, and more.

The information clearly places PSH's NAV growth, total share price return and discount narrowing in 2025 in the same framework, suitable for investors to understand the impact of closed-end fund structures on returns.
Pershing's continued emphasis on long-term, low-margin risk debt structures illustrates Ackman's view of matching funding terms and holding terms as a competitive advantage for PSH.
Howard Hughes trading is the strategic thread: Pershing is not just a passive holding, but pushing HHH into a long-term asset closer to a holding platform.
The demonstration brings together new ideas, portfolio updates, and business organization changes to see Pershing transform from a traditional activist to a more focused, longer-term capital compounder.
Most useful for the stock page is the position logic: Amazon, Meta, Uber, etc. are discussed in the context of AI, platform scale, operating leverage, and capital allocation.

2025-02-11 Investment presentation

PSCM 2025 Annual Investor Presentation

2025 Annual Presentation Review 2024 PSH performance, PSCM minority sale, PSUS plan, discount management and Howard Hughes transaction background.

PSH's NAV and share price performance are not exactly in sync in 2024, and the presentation focuses on explaining how discounts, buybacks, dividends and listing structures affect shareholder returns.
The PSCM minority stake sale is put into the context of platform expansion and fee deductions, indicating that Ackman is expanding Pershing from a single fund manager into a broader asset management platform.
Although the PSUS IPO plan has been postponed, its potential significance to PSH is to reduce some of the performance fee pressure and expand Pershing's permanent capital base for ordinary investors.
The Howard Hughes chapter is the key to understanding Ackman's long-term capital allocation ambitions: it is not a simple real estate position, but an attempt at platformization and insurance/holding companyization.
This material is suitable to be read in conjunction with the 2026 presentation to observe the advancement of HHH strategy from conception to execution.

2025-01-16 Investment presentation Classic

Fannie Mae and Freddie Mac: The Art of the Deal

Pershing's presentation on Fannie Mae and Freddie Mac's exit from conservatorship, systematizing the GSE restructuring framework, capital structure and potential paths for common/preferred stock holders.

This is one of Ackman's long-term public investment stories, not an ordinary annual summary; it focuses on how Pershing puts its policy, capital structure, and valuation models together.
Central to the demonstration is the path out of conservatorship: government, regulation, capital requirements and shareholder equity must be addressed simultaneously.
The information emphasizes restructuring framework rather than short-term catalysis. Such cases are highly dependent on policy windows and legal/regulatory outcomes.
Pershing's approach to analysis is typical: he first defines the stakeholders, then establishes possible transaction structures, and finally evaluates the risk-return of different security levels.
This classic example represents Ackman's public approach to complex financial/policy assets.

2024-02-07 Investment presentation

PSCM 2024 Annual Investor Presentation

2024 Annual Presentation Summary 2023 portfolio and PSH structure, highlighting London listings, discounts, buybacks, debt structure and core holdings updates.

The demonstration shows that Pershing's handling of the PSH discount issue is not a single buyback, but is driven by listing location, marketing, shareholder structure, dividends and performance.
The long-term debt structure was repeatedly emphasized, indicating Ackman's tendency to view PSH as a long-term capital vehicle rather than a high-turnover hedge fund.
The portfolio update emphasizes a small number of concentrated positions, and it can be clearly seen that Pershing's positions are not index replication, but a small number of high-conviction judgments.
As the market re-rewards some platform and consumer assets after 2023, this demonstration can be used to compare Pershing's style differences with other value/quality investors.
The information also demonstrates Pershing's high level of transparency in public communication: performance, structure, position logic and risks are put into the same document in a unified format every year.

2023-02-09 Investment presentation

PSCM 2023 Annual Investor Presentation

The 2023 annual presentation covers portfolio performance after 2022 interest rates and market stress, PSH discounts, concentrated holdings and Pershing's restatement of long-term compounding assets.

High interest rates and revaluation will put pressure on concentrated portfolios in 2022. The demonstration split the results into three levels: market environment, position performance and PSH discount.
The Ackman team emphasizes the long-term value of high-quality, predictable, capital-light or strong brand assets and does not equate short-term valuation compression with a broken investment logic.
The presentation goes on to reveal that PSH's long-term relative performance should be judged on a multi-year dimension rather than a single year's rise or fall.
A concentrated combination means that mistakes will be more obvious, but holding the position correctly will also significantly affect long-term compounding; this is the difference between Pershing and diversified quantification 13F.
This information is suitable for explaining why when Pershing repeatedly increases or decreases positions in a few companies on the stock page, it must be combined with the business logic in the annual presentation.

2022-02-11 Investment presentation

PSCM 2022 Annual Investor Presentation

2022 Annual Demo Review 2021 Portfolio, SPARC/PSTH related background, long holdings, and Pershing's build on the Permanent Capital platform.

Profile Pershing continues to build its business beyond 2021 around permanent capital, public position transparency, and a handful of high-conviction assets.
SPARC/PSTH RELATED CONTENT NOTES Ackman hopes to secure large-scale private company opportunities with a more flexible deal structure that also comes with regulatory and enforcement uncertainty.
The combination logic still revolves around high-quality business models, pricing power, brand, and management, suitable for explaining position patience along with 13F changes.
The demonstration compares PSH's long-term performance with the index and activist hedge fund index, and it can be seen that it pursues absolute and relative compound interest.
The significance of this information to ordinary investors is that Ackman's public information often includes investment, structural innovation and capital market engineering at the same time, and cannot be regarded as just a stock list.

2021-02-18 Investment presentation

PSCM 2021 Annual Investor Presentation

The 2021 annual presentation covers the 2020 epidemic shock, credit hedging, portfolio recovery, PSTH and PSH long-term capital structure, and is an important resource for understanding Ackman's post-epidemic phase.

The 2020 credit hedging is one of the most critical risk management cases in Ackman's public record, demonstrating that market shocks and portfolio protection are placed in the same framework.
Pershing's quick return to long-term holdings and corporate quality after the pandemic illustrates that hedging is not a shift toward macro trading, but rather a focus on protecting concentrated portfolios.
The content related to PSTH and SPAC reflects Ackman's desire to find long-term control or quasi-control investments with a larger and more transparent structure.
PSH's closed-end structure prevents managers from being forced to sell in times of panic, which, along with credit hedging gains, forms the core of the 2020 material.
This information would be appropriate for an investor page because it explains the relationship between Ackman's risk budget, hedging discipline, and concentrated holdings.

2020-02-05 Investment presentation

PSCM 2020 Annual Investor Presentation

The 2020 Annual Presentation showcases Pershing's post-recovery portfolio and structure in 2019, centered around a return to a high-quality, focused, long-term investment framework following setbacks in previous years.

2019 is an important year for Pershing to repair its performance and narrative after its controversial phase such as Valeant/Herbalife.
The demonstration emphasizes PSH's permanent capital structure, buybacks, and holder alignment, illustrating that Ackman is beginning to address discount and investor base issues more systematically.
The portfolio update focuses on brands, restaurants, hotels, railways and platform assets, reflecting Pershing's gradual move away from complex and controversial short positions and towards more explainable long-term businesses.
The unified disclosure format in the data facilitates comparisons between subsequent years: the same issues are tracked each year, and the position logic is updated with the facts.
This demonstration is suitable as a starting point for Ackman's second phase: moving from activist drama back to high-quality compounding and structural optimization.

2019-02-13 Investment presentation

PSCM 2019 Annual Investor Update Presentation

The 2019 annual update shows Pershing's mix and discount issues at the end of 2018, highlighting holdings such as Starbucks, Chipotle, Hilton, Restaurant Brands and Canadian Pacific.

This demonstration is on the eve of Pershing's performance recovery, and you can see how Ackman reorganized the portfolio, reduced the risk of disputes, and improved the understandability of positions.
Consumer and service assets such as Starbucks, Chipotle, and Hilton have become more important components of the portfolio, reflecting a return to predictable brands and capital-light models.
PSH discounts and buybacks are important themes, illustrating that capital allocation at the corporate level also affects actual returns to ordinary shareholders.
The demonstration also retains activist and operational improvement overtones, such as continuous tracking of profit margins, capital returns, and management execution for companies such as restaurants, hotels, and railroads.
This material is suitable to be read in conjunction with the 2020 and 2021 demos to observe the process of Ackman's portfolio from repair to growth.

2018-10-09 Investment presentation Classic

Doppio: Pershing Square's Starbucks Presentation

Ackman presented the Starbucks investment thesis at Grant's Fall 2018 Conference, titled Doppio, focusing on the brand, U.S. same-store sales recovery, international expansion, capital returns and management execution.

The presentation was part of Pershing's return to premium consumer brands after its controversial investment, with a style that was decidedly more skewed towards long-term corporate quality.
The core logic is not that Starbucks is cheap, but that the brand, store economy, digitalization, cold drink innovation and China/international expansion can support long-term compound interest.
The demonstration puts operating improvements and capital returns together, indicating that what Ackman values is not a single activist action, but management's ability to continuously increase per-share value.
The information also shows how Pershing uses a large amount of public data to analyze single-store economics, same-store sales, authorized stores and repurchases, rather than just telling the brand story.
This material is suitable for standard canon because it represents Ackman's second phase of more accessible, higher-quality asset-oriented investment cases.

2018-01-29 Investment presentation

PSCM 2018 Annual Investor Presentation

The 2018 annual presentation follows the most difficult phase of Pershing, with material discussing combination losses, Herbalife, ADP, Valeant follow-up and refocusing processes.

The value of this demonstration is not only to demonstrate success, but also to expose Pershing's pressure to engage in controversial investments and public battles.
Team Ackman needs to account for the Valeant blunder, the Herbalife short, and the ADP proxy post-war capital and reputation recovery.
The data illustrate the opposite of a centralized strategy: when a small number of high-conviction judgments go wrong, both performance and the public narrative are greatly affected.
It is precisely because of this that Pershing later turned to higher-quality, less controversial long-term compound interest assets, which can be tracked starting from this piece of information.
This demonstration should serve as risk education material: super investors' public holdings also experience severe drawdowns and style recalibrations.

2017-01-26 Investment presentation

PSCM 2017 Annual Investor Presentation

2017 Annual Demo Review of the Pershing portfolio and controversial investments in the post-2016 period is one of the key public sources for understanding the risks of Ackman's early concentrated activist style.

Data show that Pershing was still deeply affected by a few controversial positions at the time, indicating that the volatility of the concentrated activist strategy was much higher than that of the ordinary quality value portfolio.
Herbalife and Valeant content illustrates the complexities between short sellers' open battles, regulatory judgments, and fundamental judgments.
Demonstrates that ongoing disclosure of PSH structure and performance can help understand how closed-end fund discounts may amplify during periods of stress.
This piece of information, tied together with the 2018 presentation, is the backdrop for Ackman's transition from his old strategy to a subsequent high-quality long-term portfolio.
The average investor should look at this material not just for stock views, but for how high conviction, open battle, and risk control interact with each other.

2015-05-05 Investment presentation Classic

Ira Sohn 2015 Presentation

Ackman’s special presentation at the 2015 Sohn Investment Conference centered on Pershing’s Valeant/platform M&A logic at the time, and later became a classic negative case for studying its mistakes and risk control.

This material should not be viewed as a success story but as one of the most important risk education materials in Pershing's history.
The presentation demonstrated Ackman's then-high-conviction judgments on platform M&A, tax structures, cost synergies, and durable portfolios.
Subsequent Valeant results illustrate that complex business models, aggressive capital allocation, and management quality, if misjudged, can cause huge losses to concentrated portfolios.
The reason for putting it in the Classics section is the educational value: being able to see how public demonstrations may appear rigorous, but also make mistakes on key assumptions.
This information should be read in conjunction with the 2017 and 2018 annual presentations to understand Pershing's subsequent move to less controversial, higher quality, long-term assets.