Pershing Square Capital Q4 2025 13F Holdings and Activity R…

I. Institutional Overview

A portfolio of 11 stocks for a $15.5 billion fund implies an average position size of over $1.4 billion. This level of concentration requires an extraordinary degree of confidence in the underlying fundamentals of each holding. It suggests that Pershing Square does not view itself as a passive participant in the equity markets but as a quasi-owner of the businesses it backs. The investment style, though not explicitly labeled in the data, is clearly "Growth at a Reasonable Price (GARP)" combined with a "Value-Activist" overlay, focusing on companies with predictable cash flows, high barriers to entry, and strong management teams.

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II. Sector Allocation Analysis

The top three sectors— Consumer Discretionary, Communication Services, and Financials —account for a staggering 73.27% of the total portfolio. This level of concentration (well above the 70% threshold for "highly focused") indicates that Pershing Square is making massive thematic bets rather than broad market plays. The firm is essentially betting on three pillars: the resilience of the global consumer, the dominance of digital communication platforms, and the stability of diversified financial/asset management giants.

The allocation to Technology (15.90%) and Communication Services (25.19%) —totaling over 41%—indicates a decidedly "pro-growth" stance. This suggests that Pershing Square is not overly concerned about a deep recession that would crush high-multiple tech stocks. Instead, the firm seems to be betting on a "soft landing" or a "productivity boom" driven by AI and digital efficiency. The minimal exposure to defensive sectors like Utilities or Consumer Staples (0% in both) reinforces this offensive posture. Ackman is looking for capital appreciation through market dominance rather than hiding in low-volatility safe havens.

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III. Top 10 Holdings Deep Dive

With a weight of 18.15% , Brookfield Corporation is the cornerstone of Ackman’s current portfolio. This is a "conviction holding" that Pershing Square has built since mid-2024. Brookfield is a global powerhouse in alternative asset management, owning massive stakes in infrastructure, renewable power, real estate, and private equity.

The Top 10 reveal a portfolio that is barbelled between "Digital Platforms" (AMZN, UBER, GOOG, META) and "Real/Franchise Assets" (BN, QSR, HHH, HLT) . This construction provides a unique risk-return profile: the digital side captures high-growth, high-margin innovation, while the physical side provides a floor of tangible value and inflation protection. The market cap style is overwhelmingly Mega-Cap , reflecting a preference for liquidity and proven business models over speculative small-cap growth.

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IV. Major Buys/Additions

The fact that 100% of the major "new" capital went into AMZN and META is a powerful signal. It shows a total commitment to the "Big Tech Platform" theme. Ackman is moving away from "niche" winners (like Chipotle) to "global aggregators." These aggregators have the scale to outspend any competitor in R&D (especially in AI) and the data to maintain their dominance. This is a bet on the "Winner-Take-Most" dynamic of the modern digital economy.

Where did the money come from? As we will see in Section V, Ackman raised approximately $2.15 billion from exiting Chipotle (CMG) and slashing Alphabet (GOOGL) . This is a textbook "inventory reallocation." He is selling a high-multiple food retailer and a legacy search share class to fund a "cheaper" social media giant (Meta) and a "faster-growing" cloud/retail hybrid (Amazon). This rotation increases the overall "offensiveness" of the portfolio, moving it further up the growth curve.

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V. Major Sells and Exits

The "quality" of these exits is high. Ackman is selling at or near all-time highs for Chipotle and Alphabet. This is not "panic selling"; it is "disciplined profit-taking." He is harvesting the gains from a decade-long retail bet and a multi-year search bet to seed the next generation of platform bets. This "recycling of capital" is what allows a concentrated fund like Pershing Square to stay dynamic without increasing its total number of holdings.

The exit from Chipotle and the reduction in Alphabet suggest that Ackman is wary of "Valuation Exhaustion" in traditional winners. He is identifying a risk that these companies, while great, may face "multiple compression" if their growth slows even slightly. By moving into Meta and Amazon, he is seeking companies where he perceives a greater "valuation-to-growth" mismatch.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: 1. Sell the Mature : Exit legacy winners (CMG) where the turnaround is complete and valuation is full. 2. Consolidate the Core : Reduce exposure to "legacy search" (GOOGL) to avoid over-concentration in a single tech vertical. 3. Buy the "New" Infrastructure : Deploy billions into Meta and Amazon, betting that social media and cloud/e-commerce are the "essential utilities" of the next decade. 4. Maintain the "Real" Hedge : Keep Brookfield and Howard Hughes as a massive anchor in real assets to protect against macro volatility.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.