Great investors · Bill Ackman · Q4 2025
What Bill Ackman bought and sold in Q4 2025
Pershing Square 13F portfolio as of Dec 31, 2025: 11 positions worth $15.5 bn. Largest: BN, UBER, AMZN, GOOG. Filed with the SEC on Feb 17, 2026.
The 13F is filed by Pershing Square, not by Bill Ackman personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2025
- NewMeta PlatformsMETA+11.4 pp
- IncreasedAmazon.comAMZN+5.6 pp
Sells in Q4 2025
- ReducedAlphabetGOOGL−7.6 pp
- Sold outChipotle Mexican GrillCMG−5.4 pp
4 companies with material moves, out of 5 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Pershing Square's Q4 2025 13F lists 11 lines of US-listed securities worth $15.5 bn; the largest is BN at 18.1% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 4:08 PM ET.
Against the previous quarter, it opened 1 position (META), closed 1 (CMG), added to 1 (AMZN) and trimmed 2 (GOOGL and GOOG). 7 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Brookfield BN | 61.4 M | $2.8 bn | 18.1% | no change |
| 2 | UBER Technologies UBER | 30.2 M | $2.5 bn | 15.9% | no change |
| 3 | Amazon.com AMZN | 9.6 M | $2.2 bn | 14.3% | +65% |
| 4 | Alphabet GOOG | 6.2 M | $1.9 bn | 12.5% | −2.5% |
| 5 | Meta Platforms META | 2.7 M | $1.8 bn | 11.4% | new |
| 6 | Restaurant Brands International QSR | 22.9 M | $1.6 bn | 10.0% | no change |
| 7 | Howard Hughes Holdings HHH | 18.9 M | $1.5 bn | 9.69% | no change |
| 8 | Hilton Worldwide Holdings HLT | 3.0 M | $870M | 5.60% | no change |
| 9 | Alphabet GOOGL | 678,297 | $212M | 1.37% | −86% |
| 10 | Seaport Entertainment Group SEG | 5.0 M | $99.3M | 0.64% | no change |
| 11 | Hertz Global Holdings HTZ | 15.2 M | $78.3M | 0.50% | no change |
Positions it closed (1)
- Chipotle Mexican Grill CMGwas 5.77% · 21.5 M shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Pershing Square's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.