Pershing Square 13F: Q2 2026 Portfolio — $19.47B Across 14 Positions

In Q2 2026, Pershing Square reported 13 new positions out of 14 holdings, with the quarter’s positioning concentrated among a small group of names: the top 10 accounts for 93.6% of the portfolio. The largest weights were Uber Technologies at 12.72%, Brookfield at 12.58%, and Microsoft at 11.89%, followed by Amazon at 10.49% and Howard Hughes Holdings at 10.23%. The repeated “new” designation across the heaviest weights underscores that the quarter’s moves were primarily about establishing new core exposures rather than rotating out of existing ones.

Beyond the headline concentration, the filing shows intent to spread risk across multiple mega-cap sectors while keeping exposure clustered. New positions include Meta Platforms at 9.25%, Restaurant Brands Intl at 9.62%, and the payments franchises Visa at 5.76% and Mastercard Incorporated at 5.61%, alongside S&P Global at 5.43% and Netflix at 4.8%. The only non-new activity in the top list was an added position in Howard Hughes Holdings, with the share count up 209.5%, reinforcing the portfolio’s already high concentration rather than diluting it.

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.