Bill Ackman - Pershing Square Capital Management Investment Strategy & Portfolio Analysis

As of Mar 31, 2026, Bill Ackman's Pershing Square Capital Management portfolio reflects a highly concentrated, high-conviction approach across 11 reported 13F positions. Portfolio returns are primarily driven by a small set of mega-cap compounders, with the top five holdings accounting for approximately 78% of total exposure and Brookfield alone contributing ~18%. While the portfolio includes 11 positions, economic outcomes are highly concentrated in a narrow set of large-cap technology and growth-oriented names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments is elevated relative to peers, with performance anchored in growth-oriented names across technology, consumer discretionary, and financials. The portfolio exhibits low turnover, consistent with a buy-and-hold posture held through multiple reporting cycles. Distinctive traits include Moderate Turnover, Highly Concentrated, Economically Concentrated.