PaperPanda Fund Terminal
Bill Ackman
Pershing Square Capital Management, L.P. · CIK: 1336528 · Report Period: 2025-12-31 · Filed: 2026-02-17
Portfolio Concentration
Top 10 holdings by weight — hover for cross-investor insights
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Holdings
Total: $15,526,737,802 · 11 positions
| # | Ticker | Issuer | Class | % of Portfolio | Value ($) | Shares | Activity | Share Change |
|---|---|---|---|---|---|---|---|---|
| 1 |
 BN
|
BROOKFIELD CORP | COM | 18.1% | $2,817,787,754 | 61,403,089 | ADD | +20,382,858 |
| 2 |
 UBER
|
UBER TECHNOLOGIES INC | COM | 15.9% | $2,468,273,945 | 30,207,734 | REDUCE | -62,784 |
| 3 |
 AMZN
|
AMAZON COM INC | COM | 14.3% | $2,217,677,936 | 9,607,824 | ADD | +3,784,508 |
| 4 |
 GOOG
|
ALPHABET INC | COM | 12.5% | $1,934,222,720 | 6,163,871 | REDUCE | -160,160 |
| 5 |
 META
|
META PLATFORMS INC | COM | 11.4% | $1,764,796,161 | 2,673,569 | NEW BUY | +2,673,569 |
| 6 |
 QSR
|
RESTAURANT BRANDS INTL INC | COM | 10.1% | $1,560,199,922 | 22,866,773 | REDUCE | -48,723 |
| 7 |
 HHH
|
HOWARD HUGHES HOLDINGS INC | COM | 9.7% | $1,503,829,145 | 18,852,064 | - | - |
| 8 |
 HLT
|
HILTON WORLDWIDE HLDGS INC | COM | 5.6% | $869,983,734 | 3,028,664 | REDUCE | -1,914 |
| 9 |
 GOOGL
|
ALPHABET INC | COM | 1.4% | $212,306,961 | 678,297 | REDUCE | -4,165,676 |
| 10 |
 SEG
|
SEAPORT ENTMT GROUP INC | COM | 0.6% | $99,320,131 | 5,023,780 | - | - |
| 11 |
 HTZ
|
HERTZ GLOBAL HLDGS INC | COM | 0.5% | $78,339,393 | 15,241,127 | - | - |
Position Changes
8 quarters available
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | CHIPOTLE MEXICAN GRILL INC | SOLD | -21,541,177 | Exit | - | - |
| 2 | GOOGL | ALPHABET INC | REDUCE | -4,165,676 | -86.0% | 678,297 | $212,306,961 |
| 3 | AMZN | AMAZON COM INC | ADD | +3,784,508 | +65.0% | 9,607,824 | $2,217,677,936 |
| 4 | GOOG | ALPHABET INC | REDUCE | -160,160 | -2.5% | 6,163,871 | $1,934,222,720 |
| 5 | UBER | UBER TECHNOLOGIES INC | REDUCE | -62,784 | -0.2% | 30,207,734 | $2,468,273,945 |
| 6 | BN | BROOKFIELD CORP | ADD | +20,382,858 | +49.7% | 61,403,089 | $2,817,787,754 |
| 7 | META | META PLATFORMS INC | NEW BUY | +2,673,569 | New | 2,673,569 | $1,764,796,161 |
| 8 | QSR | RESTAURANT BRANDS INTL INC | REDUCE | -48,723 | -0.2% | 22,866,773 | $1,560,199,922 |
| 9 | HLT | HILTON WORLDWIDE HLDGS INC | REDUCE | -1,914 | -0.1% | 3,028,664 | $869,983,734 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | GOOGL | ALPHABET INC | REDUCE | -519,007 | -9.7% | 4,843,973 | $1,177,569,836 |
| 2 | UBER | UBER TECHNOLOGIES INC | REDUCE | -30,643 | -0.1% | 30,270,518 | $2,965,602,648 |
| 3 | BN | BROOKFIELD CORP | REDUCE | -140,166 | -0.3% | 41,020,231 | $2,813,167,442 |
| 4 | QSR | RESTAURANT BRANDS INTL INC | REDUCE | -85,418 | -0.4% | 22,915,496 | $1,469,799,913 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | GOOGL | ALPHABET INC | ADD | +925,000 | +20.8% | 5,362,980 | $945,117,965 |
| 2 | AMZN | AMAZON COM INC | NEW BUY | +5,823,316 | New | 5,823,316 | $1,277,577,297 |
| 3 | - | CANADIAN PACIFIC KANSAS CITY | SOLD | -14,799,796 | Exit | - | - |
| 4 | BN | BROOKFIELD CORP | ADD | +155,740 | +0.4% | 41,160,397 | $2,545,770,554 |
| 5 | HTZ | HERTZ GLOBAL HLDGS INC | ADD | +241,127 | +1.6% | 15,241,127 | $104,096,897 |
| 6 | HLT | HILTON WORLDWIDE HLDGS INC | ADD | +29,808 | +1.0% | 3,030,578 | $807,164,145 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | CHIPOTLE MEXICAN GRILL INC | REDUCE | -3,112,356 | -12.6% | 21,541,177 | $1,081,582,497 |
| 2 | GOOGL | ALPHABET INC | ADD | +451,492 | +11.3% | 4,437,980 | $686,289,227 |
| 3 | GOOG | ALPHABET INC | REDUCE | -1,223,551 | -16.2% | 6,324,031 | $988,003,363 |
| 4 | - | NIKE INC | SOLD | -18,768,946 | Exit | - | - |
| 5 | - | CANADIAN PACIFIC KANSAS CITY | REDUCE | -77,855 | -0.5% | 14,799,796 | $1,039,093,677 |
| 6 | UBER | UBER TECHNOLOGIES INC | NEW BUY | +30,301,161 | New | 30,301,161 | $2,207,742,590 |
| 7 | BN | BROOKFIELD CORP | ADD | +6,111,593 | +17.5% | 41,004,657 | $2,149,054,073 |
| 8 | HTZ | HERTZ GLOBAL HLDGS INC | NEW BUY | +15,000,000 | New | 15,000,000 | $59,100,000 |
| 9 | HLT | HILTON WORLDWIDE HLDGS INC | REDUCE | -2,439,776 | -44.8% | 3,000,770 | $682,825,214 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | CHIPOTLE MEXICAN GRILL INC | REDUCE | -4,161,632 | -14.4% | 24,653,533 | $1,486,608,040 |
| 2 | - | NIKE INC | ADD | +2,488,608 | +15.3% | 18,768,946 | $1,420,246,144 |
| 3 | BN | BROOKFIELD CORP | ADD | +2,157,181 | +6.6% | 34,893,064 | $2,004,606,527 |
| 4 | - | SEAPORT ENTMT GROUP INC | SOLD | -2,094,673 | Exit | - | - |
| 5 | SEG | SEAPORT ENTMT GROUP INC | ADD | +2,929,107 | +139.8% | 5,023,780 | $140,414,651 |
| 6 | HLT | HILTON WORLDWIDE HLDGS INC | REDUCE | -1,929,622 | -26.2% | 5,440,546 | $1,344,685,349 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | NIKE INC | ADD | +13,240,206 | +435.5% | 16,280,338 | $1,439,181,879 |
| 2 | - | CANADIAN PACIFIC KANSAS CITY | REDUCE | -87,990 | -0.6% | 14,877,651 | $1,272,634,267 |
| 3 | BN | BROOKFIELD CORP | ADD | +25,881,373 | +377.6% | 32,735,883 | $1,739,912,181 |
| 4 | - | SEAPORT ENTMT GROUP INC | NEW BUY | +2,094,673 | New | 2,094,673 | $6,179,285 |
| 5 | QSR | RESTAURANT BRANDS INTL INC | REDUCE | -141,628 | -0.6% | 23,000,914 | $1,658,825,918 |
| 6 | SEG | SEAPORT ENTMT GROUP INC | NEW BUY | +2,094,673 | New | 2,094,673 | $57,435,934 |
| 7 | HLT | HILTON WORLDWIDE HLDGS INC | REDUCE | -1,582,122 | -17.7% | 7,370,168 | $1,698,823,724 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | CHIPOTLE MEXICAN GRILL INC | ADD | +28,071,181 | +3773.1% | 28,815,165 | $1,805,270,087 |
| 2 | GOOGL | ALPHABET INC | REDUCE | -368,336 | -8.5% | 3,986,488 | $726,138,789 |
| 3 | GOOG | ALPHABET INC | REDUCE | -1,829,613 | -19.5% | 7,547,582 | $1,384,377,490 |
| 4 | - | NIKE INC | NEW BUY | +3,040,132 | New | 3,040,132 | $229,134,749 |
| 5 | - | CANADIAN PACIFIC KANSAS CITY | REDUCE | -129,887 | -0.9% | 14,965,641 | $1,178,244,916 |
| 6 | QSR | RESTAURANT BRANDS INTL INC | REDUCE | -205,593 | -0.9% | 23,142,542 | $1,628,540,681 |
| 7 | BN | BROOKFIELD CORP | NEW BUY | +6,854,510 | New | 6,854,510 | $284,736,345 |
| 8 | HLT | HILTON WORLDWIDE HLDGS INC | REDUCE | -228,890 | -2.5% | 8,952,290 | $1,953,389,678 |
| # | Ticker | Issuer | Action | Share Change | % Change | Shares Held | Value ($) |
|---|---|---|---|---|---|---|---|
| 1 | - | CHIPOTLE MEXICAN GRILL INC | REDUCE | -81,014 | -9.8% | 743,984 | $2,162,590,372 |
| 2 | - | LOWES COS INC | SOLD | -1,245,515 | Exit | - | - |
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