Bill Ackman - Pershing Square Capital Management 13F Activity & Position Changes (Q4 2025)

As of Dec 31, 2025, the Pershing Square Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 17, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q4 2025, the filing reported:

New Buys - Meta Platforms, Inc.

Increases - Amazon.com, Inc., Brookfield Corporation

Reductions - Alphabet Inc., Alphabet Inc., Hilton Worldwide Holdings Inc., Restaurant Brands International, Uber Technologies, Inc.

Complete Exits - Chipotle Mexican Grill, Inc.

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q4 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+3,784,508	+65.0%	$2.22B	9,607,824
Q4 2025	BN Brookfield Corporation	Brookfield Corporation	Buy	+20,382,858	+49.7%	$2.82B	61,403,089
Q4 2025	CMG Chipotle Mexican Grill, Inc.	Chipotle Mexican Grill, Inc.	Sell - Position Exit	-21,541,177	-100.0%	$0.00	-
Q4 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-160,160	-2.5%	$1.93B	6,163,871
Q4 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-4,165,676	-86.0%	$212.31M	678,297
Q4 2025	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Sell	-1,914	-0.1%	$869.98M	3,028,664
Q4 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy - Position Entry	+2,673,569	-	$1.76B	2,673,569
Q4 2025	QSR Restaurant Brands International	Restaurant Brands International	Sell	-48,723	-0.2%	$1.56B	22,866,773
Q4 2025	UBER Uber Technologies, Inc.	Uber Technologies, Inc.	Sell	-62,784	-0.2%	$2.47B	30,207,734