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Pershing Square Capital Management, L.P.
Bill Ackman · Hedge Fund · Activist
Founded in 2004 by Bill Ackman, Pershing Square Capital Management, L.P. is a New York-based investment firm specializing in concentrated activist strategies. The firm's history is marked by significant activist campaigns in large-cap companies, having evolved from Ackman's earlier hedge fund Gotham Partners. Pershing Square focuses on high-quality businesses with strong competitive moats and predictable cash flows, primarily in North America. The firm manages capital through various vehicles, including the publicly traded closed-end fund Pershing Square Holdings, Ltd., and maintains a high-conviction approach with a limited number of core positions.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +15.9% |
| YTD return | +10.7% |
| Sharpe ratio | 1.71 |
| Win rate | 50% |
| AUM | $26.5B |
| Inception | Oct 1, 2025 |
| Updated | Sep 21, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $26.5B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.pershingsquarecapital.com |
Current Holdings
Updated on Sep 21, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| PS | Pershing Square Inc. | 32.6% | +21.2% |
| MSFT | Microsoft Corporation | 11.5% | +11.4% |
| UBER | Uber Technologies Inc | 9.1% | -23.8% |
| AMZN | Amazon.com Inc | 8.2% | +19.0% |
| META | Meta Platforms Inc. | 8.1% | +20.8% |
| QSR | Restaurant Brands International Inc | 7.0% | +10.4% |
| HHH | Howard Hughes Holdings Inc. | 6.3% | -21.4% |
| V | Visa Inc. Class A | 4.6% | -3.0% |
| MA | Mastercard Inc | 4.5% | -4.5% |
| SPGI | S&P Global Inc | 4.0% | -8.4% |
| NFLX | Netflix Inc | 3.5% | -10.2% |
| SEG | Seaport Entertainment Group Inc. | 0.5% | +5.5% |
| HTZ | Hertz Global Holdings Inc | 0.1% | -68.8% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 21, 2026 | SELL | META | 6.9% → 8.1% |
| Sep 21, 2026 | BUY | MA | 4.8% → 4.5% |
| Sep 21, 2026 | BUY | SEG | 0.5% → 0.5% |
| Sep 21, 2026 | BUY | QSR | 7.6% → 7.0% |
| Sep 21, 2026 | SELL | AMZN | 8.6% → 8.2% |
Investment Style Analysis
Pershing Square Capital Management, L.P. is widely recognized for employing a Activist strategy. As of Sep 21, 2026, the firm oversees approximately $26.5B in assets under management (AUM). The portfolio demonstrates a clear preference for the Other and Software - Infrastructure sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 21, Pershing Square Capital Management, L.P. made a significant move by reducing the position in META. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Pershing Square follows a fundamental, value-based investment philosophy centered on 'concentrated activism.' The firm seeks to invest in high-quality, 'simple' businesses that generate robust free cash flow and possess dominant market positions with high barriers to entry. By maintaining a portfolio of only 8 to 12 core holdings, the firm focuses its resources on significant stakes where it can catalyze change. This activism often involves collaborating with or pressuring company leadership to improve governance, operations, or capital allocation, thereby narrowing the gap between a company's market price and its intrinsic value over a multi-year investment horizon.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Pershing Square Capital Management, L.P..
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Frequently asked questions
How is the simulated portfolio for Pershing Square Capital Management, L.P. constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Pershing Square Capital Management, L.P.'s largest holding?
As of the latest filing, Pershing Square Capital Management, L.P.'s top position is Pershing Square Inc. (PS), representing 32.6% of the portfolio. This reflects a high-conviction bet by the institution.
What is Pershing Square Capital Management, L.P.'s historical performance and risk profile?
Our simulation indicates a total return of +15.9% with a win rate of 50%. Notably, the portfolio maintains a Sharpe Ratio of 1.71, suggesting an strong level of risk-adjusted returns compared to the broader market.
What sectors does Pershing Square Capital Management, L.P. primarily invest in?
Pershing Square Capital Management, L.P. has a strong preference for the Other sector, which makes up 32.6% of their disclosed assets. The portfolio also has exposure to Software - Infrastructure, indicating a specific thematic focus.
Is Pershing Square Capital Management, L.P.'s portfolio concentrated or diversified?
Pershing Square Capital Management, L.P. runs a highly concentrated portfolio with 13 disclosed positions. The top 3 holdings alone account for 53.2% of the total portfolio weight, suggesting a strategy that favors deep research into a few key names.
How has Pershing Square Capital Management, L.P. performed in 2026?
Our AI-simulated model portfolio for Pershing Square Capital Management, L.P. tracks a Year-to-Date (YTD) return of +10.7%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Bill Ackman manage Pershing Square Capital Management, L.P. directly?
Yes, Bill Ackman serves as the key portfolio manager for Pershing Square Capital Management, L.P., overseeing the investment strategy and final capital allocation decisions.