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Value GiantsValue investors’ 13F holdings, as a whole
Q2 2026 13FData as of Aug 18, 2026
Activist

Bill Ackman

Q2 2026 13F: 14 holdings worth about $19.5B; that quarter 5 new, 4 added, 3 trimmed, 2 sold out.

Firm: Pershing Square Inc
Filer: PERSHING SQUARE INC. CIK 2026053, Pershing Square Capital Management, L.P. CIK 1336528
Last filed: Aug 14, 2026 | Activist | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

  • Rule numbers (Q2 2026): 14 holdings, top 10 = 94%, stocks $19.5B, options 0%; all four rules met
  • Source for the value approach: Form ADV Part 2A (Firm Brochure) (Pershing Square Capital Management, L.P. (filed with the SEC), 2026-06-03, p. 27): “when acquired at a large discount to intrinsic value, provides a margin of safety” (checked 2026-10-11)

Full selection rules →

13F value
$19.5B
previous $14.3B (+36.3%)
Holdings
14
5 new / 2 sold out
Net deploymentest.
+32.7%
est. net buying ÷ last quarter’s portfolio
Top-10 concentration
94%
overlap with the composite 13%
Turnoverest.
5.0%
held 11 quarters on average
I

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

MoveCompanyChange in sharesChange %Position shift (pts)Start → end priceEst. trade price
NewVVisa Inc+3.27M—+5.76$302.24 → $343.09$322.66
NewMAMastercard Inc+2.12M—+5.61$499.66 → $513.60$506.63
NewSPGIS&P Global Inc+2.59M—+5.43$425.34 → $407.26$416.30
NewNFLXNetflix Inc+13.08M—+4.80$96.15 → $71.40$83.78
TrimmedAMZNAmazon.com Inc−2.89M−25%−3.54$208.27 → $238.34$223.31
AddedUBERUber Technologies, Inc+4.37M+15%+1.62$71.93 → $72.16$72.05
AddedMETAMeta Platforms, Inc+535.2K+20%+1.55$572.13 → $563.29$567.71
AddedQSRRestaurant Brands International Inc+3.18M+14%+1.18$73.90 → $72.51$73.20
AddedMSFTMicrosoft Corp+552.7K+10%+1.06$370.17 → $373.02$371.60
NewPSUSPershing Square USA Ltd+4.00M—+0.77— → $37.38—
Sold outGOOGLAlphabet Inc−311.7K—−0.63$287.56 → $357.37$322.47
TrimmedBNBrookfield Corp−2.22M−4%−0.48$40.47 → $42.59$41.53
TrimmedHTZHertz Global Holdings Inc−249.5K−2%−0.00$4.61 → $2.27$3.44
II

All Holdings (14 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

CompanySectorWeight (prev.)SharesValueThis quarterFirst boughtQuarters heldEst. avg costQuarter-end pricevs costHistory
UBERUber Technologies, IncIndustrials12.7%15.1%34.33M$2.5BAdded +15%Q1 20256$67.28est.$72.16+7%History
BNBrookfield CorpFinancials12.6%16.9%57.48M$2.4BTrimmed −4%Q2 20249$31.97est.$42.59+33%
MSFTMicrosoft CorpInformation technology11.9%14.7%6.21M$2.3BAdded +10%Q1 20262$421.97est.$373.02−12%History
AMZNAmazon.com IncConsumer discretionary10.5%16.7%8.56M$2.0BTrimmed −25%Q2 20255$213.93est.$238.34+11%History
HHHHoward Hughes Holdings IncReal estate10.2%12.3%27.85M$2.0BHeldQ4 201063$80.49est.$71.49−11%History
QSRRestaurant Brands International IncConsumer discretionary9.6%11.7%25.82M$1.9BAdded +14%Q4 201447$46.43est.$72.51+56%History
METAMeta Platforms, IncInformation technology9.2%10.7%3.20M$1.8BAdded +20%Q4 20253$675.55est.$563.29−17%History
VVisa IncFinancials5.8%—3.27M$1.1BNewQ2 20261$322.67est.$343.09+6%History
MAMastercard IncFinancials5.6%—2.12M$1.1BNewQ2 20261$506.63est.$513.60+1%History
SPGIS&P Global IncFinancials5.4%—2.59M$1.1BNewQ2 20261$416.30est.$407.26−2%History
NFLXNetflix IncCommunication & media4.8%—13.08M$934.0MNewQ2 20261$83.78est.$71.40−15%History
PSUSPershing Square USA LtdFunds & ETFs0.8%—4.00M$149.5MNewQ2 20261$37.38est.$37.380%History
SEGSeaport Entertainment Group IncConsumer discretionary0.7%0.8%5.02M$133.6MHeldQ3 20248$27.57est.$26.60−4%History
HTZHertz Global Holdings IncConsumer discretionary0.2%0.5%14.99M$34.0MTrimmed −2%Q4 20247$3.56est.$2.27−36%History
III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%
Portfolio MapUBERUber Technologies, IncBNBrookfield CorpMSFTMicrosoft CorpAMZNAmazon.com IncHHHHoward Hughes Holdings…QSRRestaurant Brands Inter…METAMeta Platforms, IncVVisa IncMAMastercard IncSPGIS&P Global IncNFLXNetflix IncPSUSSEG
IV

Over Time

From Q4 2005, 83 quarters (this giant’s electronic 13F filings).

13F Value

13F Value$0$5.0B$10.0B$15.0BQ4 2005Q1 2008Q2 2010Q3 2012Q4 2014Q1 2017Q2 2019Q3 2021Q4 2023Q2 2026

Holdings

Holdings0510Q4 2005Q1 2008Q2 2010Q3 2012Q4 2014Q1 2017Q2 2019Q3 2021Q4 2023Q2 2026

Top-10 Concentration

Top-10 Concentration0%25%50%75%100%Q4 2005Q1 2008Q2 2010Q3 2012Q4 2014Q1 2017Q2 2019Q3 2021Q4 2023Q2 2026

Turnover (Est.)

Turnover0%10%20%30%Q4 2005Q1 2008Q2 2010Q3 2012Q4 2014Q1 2017Q2 2019Q3 2021Q4 2023Q2 2026

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)
Sector Mix0%25%50%75%100%Q4 2005Q1 2008Q2 2010Q3 2012Q4 2014Q1 2017Q2 2019Q3 2021Q4 2023Q2 2026
V

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 83 Quarters
QuarterHoldingsNewSold out13F valueTurnoverNet deploymentSEC
Q2 20261452$19.5B5.0%+32.7%13F-HR
Q1 20261111$14.3B18.5%−0.8%13F-HR 13F-HR
Q4 20251111$16.2B12.8%+4.5%13F-HR 13F-HR
Q3 20251100$15.4B0.0%−0.8%13F-HR 13F-HR
Q2 20251111$14.3B8.4%+7.4%13F-HR 13F-HR
Q1 20251111$11.9B18.5%+1.3%13F-HR
Q4 20241111$12.7B3.5%−2.0%13F-HR 13F-HR/A
Q3 20241120$12.9B3.2%+19.2%13F-HR
Q2 2024920$10.4B5.1%−3.8%13F-HR
Q1 2024701$10.8B0.0%−4.9%13F-HR
Q4 2023800$10.4B1.6%−14.7%13F-HR
Q3 2023800$10.5B0.8%+3.2%13F-HR
Q2 2023800$10.8B1.8%−5.6%13F-HR
Q1 2023820$10.2B3.0%+8.1%13F-HR
Q4 2022600$8.8B0.0%+1.9%13F-HR
Q3 2022601$7.9B9.4%+2.4%13F-HR
Q2 2022701$7.5B0.0%−8.4%13F-HR
Q1 2022810$10.4B4.0%+10.3%13F-HR
Q4 2021710$10.8B0.4%+1.6%13F-HR 13F-HR/A
Q3 2021601$9.5B1.4%−15.4%13F-HR
Q2 2021700$10.7B0.0%−3.8%13F-HR
Q1 2021711$10.5B9.5%−4.8%13F-HR
Q4 2020700$10.0B0.0%−0.1%13F-HR
Q3 2020700$8.8B0.0%−1.5%13F-HR
Q2 2020703$7.8B7.3%−8.5%13F-HR
Q1 20201020$6.6B6.4%+39.1%13F-HR
Q4 2019800$6.6B2.4%−2.8%13F-HR
Q3 2019811$6.5B4.9%−7.3%13F-HR 13F-HR/A
Q2 2019811$6.7B10.8%−5.4%13F-HR
Q1 2019801$6.7B0.4%−11.2%13F-HR
Q4 2018920$6.0B3.9%+29.3%13F-HR
Q3 2018701$5.2B2.4%−16.5%13F-HR
Q2 2018810$5.8B12.5%+7.8%13F-HR
Q1 2018711$4.8B4.6%−17.0%13F-HR
Q4 2017710$5.9B0.0%+14.1%13F-HR
Q3 2017601$5.1B13.4%−9.2%13F-HR
Q2 2017711$6.0B5.3%−4.0%13F-HR
Q1 2017701$6.0B0.0%−9.9%13F-HR
Q4 2016801$5.9B4.5%+12.5%13F-HR
Q3 2016911$5.4B3.5%−34.6%13F-HR
Q2 2016900$7.5B0.0%−16.8%13F-HR
Q1 2016910$8.9B6.2%−15.9%13F-HR
Q4 2015800$12.5B0.0%−2.9%13F-HR
Q3 2015810$14.0B0.0%+12.5%13F-HR
Q2 2015701$14.4B0.0%−2.7%13F-HR
Q1 2015821$15.0B23.9%−12.2%13F-HR
Q4 2014711$16.0B10.7%+11.7%13F-HR
Q3 2014710$13.4B0.0%+1.5%13F-HR
Q2 2014603$12.6B15.7%+29.8%13F-HR
Q1 2014942$8.4B10.2%−5.9%13F-HR
Q4 2013700$8.2B0.0%−13.0%13F-HR
Q3 2013702$8.4B11.9%−8.3%13F-HR
Q2 2013911$9.0B9.5%−9.5%13F-HR
Q1 2013900$10.0B0.0%−0.2%13F-HR
Q4 2012911$9.0B0.5%+1.6%13F-HR 13F-HR/A
Q3 2012932$8.4B2.9%+12.2%13F-HR
Q2 2012813$7.1B18.6%−5.6%13F-HR
Q1 20121000$8.1B0.2%−8.9%13F-HR
Q4 20111022$7.8B27.7%+10.5%13F-HR
Q3 20111021$6.0B0.1%+16.6%13F-HR
Q2 2011912$6.4B12.3%+12.4%13F-HR
Q1 20111014$5.6B9.8%−4.6%13F-HR 13F-HR/A
Q4 20101342$5.7B29.7%+29.1%13F-HR 13F-HR/A
Q3 20101121$4.0B15.7%+3.9%13F-HR
Q2 20101020$3.5B15.1%+13.0%13F-HR
Q1 2010822$3.3B4.0%+67.1%13F-HR 13F-HR/A
Q4 2009832$1.9B26.9%−42.3%13F-HR 13F-HR/A
Q3 2009710$3.1B1.6%+22.3%13F-HR
Q2 2009627$2.2B18.9%+0.0%13F-HR
Q1 20091112$1.9B5.3%−20.3%13F-HR 13F-HR/A
Q4 20081245$2.4B19.3%−18.1%13F-HR 13F-HR/A 13F-HR/A
Q3 20081352$3.8B25.8%+39.8%13F-HR
Q2 20081041$3.0B8.0%+41.4%13F-HR 13F-HR/A
Q1 2008710$2.3B0.0%+78.7%13F-HR
Q4 2007602$1.4B16.7%−49.0%13F-HR
Q3 2007812$3.0B9.6%+24.2%13F-HR
Q2 2007 *941$2.5B8.0%+11.2%13F-HR 13F-HR/A
Q1 2007 *610$2.1B0.0%+20.9%13F-HR 13F-HR/A
Q4 2006 *523$1.7B35.8%+88.9%13F-HR 13F-HR/A
Q3 2006 *631$880.5M25.1%+168.6%13F-HR
Q2 2006 *414$312.9M19.0%−54.4%13F-HR
Q1 2006 *732$673.1M25.2%+66.3%13F-HR
Q4 2005 *600$365.5M——13F-HR
VI

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

CompanyHeldPeak weightCompany since
GOOGLAlphabet IncQ1 2023 – Q2 202613%—
GOOGLAlphabet IncQ1 2023 – Q2 20268%—
HLTHilton Worldwide Holdings IncQ4 2018 – Q1 202619%—
CMGChipotle Mexican Grill IncQ3 2016 – Q4 202522%Still filing with the SEC
CPCanadian Pacific Kansas City Ltd/cnQ4 2021 – Q2 202513%—
NKENike IncQ2 2024 – Q1 202511%—
LOWLowe’s Cos IncQ2 2018 – Q1 202425%—
DPZDomino’s Pizza IncQ1 2021 – Q3 202211%—
NFLXNetflix IncQ1 2022 – Q2 202211%—
AAgilent Technologies IncQ3 2019 – Q3 202116%—
SBUXStarbucks CorpQ4 2018 – Q1 202113%—
BRK.BBerkshire Hathaway IncQ2 2019 – Q2 202015%—
ADPAutomatic Data ProcessingQ2 2017 – Q3 201919%—
—RTX CorpQ1 2018 – Q2 201913%Still filing with the SEC
—Element Solutions IncQ1 2014 – Q1 201910%Still filing with the SEC
MDLZMondelez International, IncQ3 2015 – Q3 201819%—
NKENike IncQ4 2017 – Q1 20186%—
NOMDNomad Foods LtdQ1 2016 – Q3 20178%—
APDAir Products & Chemicals, IncQ2 2013 – Q2 201729%—
BHCBausch Health Companies IncQ1 2015 – Q1 201730%Still filing with the SEC
ZTSZoetis IncQ3 2014 – Q4 201621%—
CPCanadian Pacific Kansas City Ltd/cnQ3 2011 – Q3 201634%—
AGNAllergan Unltd CoQ1 2015 – Q2 20153%Acquired or delisted May 21, 2020
—Allergan Inc/united StatesQ1 2014 – Q1 201539%Acquired or delisted Apr 17, 2015
BKWBurger King Worldwide IncQ3 2012 – Q4 201412%Acquired or delisted Dec 29, 2014
—Beam Suntory IncQ4 2011 – Q2 201418%Acquired or delisted May 12, 2014
PGProcter & Gamble CoQ2 2012 – Q1 201423%—
—Brookfield Property REIT IncQ4 2010 – Q1 201420%Acquired or delisted Aug 30, 2021
—Old Copper Company, IncQ3 2010 – Q3 201323%Bankruptcy filing; the company kept filing Jan 28, 2014
CCitigroup IncQ2 2011 – Q3 201215%—
—Alexander & Baldwin Holdings Inc ComQ4 2010 – Q3 20123%No SEC record found
—Mondelez International, IncQ1 2010 – Q2 201230%Still filing with the SEC
FDOFamily Dollar Stores LLCQ1 2011 – Q2 201210%Acquired or delisted Jul 20, 2015
FBINFortune Brands Innovations, IncQ4 2011 – Q2 20125%—
—Beam Suntory IncQ3 2010 – Q4 201119%Acquired or delisted May 12, 2014
LOWLowe’s Cos IncQ3 2011 – Q4 20117%—
—Citigroup IncQ2 2010 – Q2 201116%Still filing with the SEC
—Corecivic, IncQ3 2009 – Q2 201114%Still filing with the SEC
TGTTarget CorpQ2 2007 – Q1 201153%—
BGPIQBorders Group IncQ3 2006 – Q1 201112%Bankruptcy filing while held or within 2 years of the sale Feb 17, 2011