Bill Ackman’s Latest Portfolio: Microsoft Added, Alphabet Slashed

PERSHING SQUARE CAPITAL MANAGEMENT, L.P. reported an equity portfolio valued at approximately $13.71 billion in the latest reported quarter, reflecting Bill Ackman’s concentrated, high-conviction investment approach.

Consistent with Pershing Square’s long-standing strategy of owning a small number of businesses with durable competitive advantages and strong free cash flow generation, the portfolio remains heavily concentrated in a handful of core positions. The latest filing shows limited turnover, with only a few meaningful adjustments across the portfolio.

The portfolio remains exceptionally concentrated, with the top 10 holdings accounting for approximately 99.93% of total assets. While several positions experienced modest trimming, Pershing Square largely maintained its core investments, reinforcing its long-term ownership philosophy.

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Portfolio Snapshot

Total Portfolio Value: ~$13.71B
Top 10 Weight: 99.93% (extremely concentrated)
Turnover: Very Low — selective adjustments within core holdings

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Top Holdings & Weights

• Brookfield Corporation — ~$2.42B (17.62%)
• Amazon.com — ~$2.39B (17.39%)
• Uber Technologies — ~$2.15B (15.71%)
• Microsoft Corporation — ~$2.09B (15.26%)
• Restaurant Brands International — ~$1.67B (12.20%)
• Meta Platforms — ~$1.52B (11.10%)
• Howard Hughes Holdings — ~$1.19B (8.70%)
• Seaport Entertainment Group — ~$107.9M (0.79%)
• Alphabet Inc. — ~$89.4M (0.65%)
• Hertz Global Holdings — ~$70.3M (0.51%)

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Key Takeaways

Pershing Square’s portfolio continues to reflect Ackman’s preference for owning a limited number of large, high-quality businesses where management teams possess significant opportunities to compound value over time.

The portfolio remains diversified across several sectors while maintaining concentration in dominant platform businesses. Amazon, Microsoft, Meta, and Alphabet collectively represent a substantial portion of assets, highlighting Pershing Square’s continued confidence in businesses benefiting from cloud computing, artificial intelligence, digital advertising, and software infrastructure.

Consumer-facing businesses remain an important component of the portfolio through Restaurant Brands International, while Brookfield provides exposure to alternative assets, infrastructure, and global real assets. Howard Hughes Holdings remains a unique long-term real estate and development investment that Ackman has repeatedly highlighted as trading below intrinsic value.

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Biggest Changes Last Quarter

Microsoft (MSFT)

NEW POSITION +5.65M (+100.00%)

→ Pershing Square established a significant new position in Microsoft during the quarter, making it one of the firm’s largest holdings immediately. The investment reflects confidence in Microsoft’s leadership across enterprise software, cloud computing, and artificial intelligence.

Amazon (AMZN)

Shares increased by +1.84M (+19.19%)

→ Pershing Square meaningfully increased its Amazon position, suggesting growing conviction in the company’s ability to continue expanding earnings power through e-commerce, cloud services, advertising, and AI initiatives.

Brookfield Corporation (BN)

Shares reduced by -1.71M (-2.78%)

→ The reduction in Brookfield was relatively modest and appears more consistent with portfolio rebalancing than any significant change in long-term conviction.

Uber Technologies (UBER)

Shares reduced by -248,963 (-0.82%)

→ The adjustment to Uber was minor, indicating continued confidence in the company’s improving profitability and cash flow generation.

Alphabet (GOOG)

Shares reduced by -5.8M (-94.94%)

→ Pershing Square substantially reduced its Alphabet Class C position during the quarter, likely reflecting capital reallocation toward higher-conviction opportunities rather than a fundamental change in its view of the business,

Alphabet (GOOGL)

Shares reduced by -0.65M (-95.23%)

→ Ackman also significantly trimmed the Alphabet Class A position, continuing a broader reduction in Alphabet exposure.

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Full Exits Last Quarter Included

Hilton Worldwide Holdings

→ Pershing Square fully exited Hilton Worldwide Holdings during the quarter, closing a position that previously represented approximately 5.60% of portfolio assets. The sale likely reflects valuation considerations, capital reallocation toward higher-conviction opportunities, or funding for the newly established Microsoft position.

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Summary

Pershing Square Capital Management’s latest filing continues to reflect Bill Ackman’s concentrated, high-conviction investment approach.

The addition of Microsoft was the most notable portfolio change during the quarter, while Pershing Square also significantly reduced its Alphabet holdings.

Outside of those moves, activity remained limited, with modest adjustments across existing positions and the complete exit from Hilton Worldwide.

Overall, the filing reinforces Ackman’s disciplined strategy of concentrating capital in a select group of businesses with strong competitive positions and long-term value creation potential.