Bill Ackman's Portfolio: 55% in Top 3 Stocks

Portfolio Overview

As of March 31, 2026, Bill Ackman's Pershing Square Capital Management portfolio demonstrates a clear focus on a select group of large-cap stocks. The analysis reveals that the top three holdings by value significantly dominate the portfolio, representing approximately 55% of the total assets. Brookfield Corp (BN) leads with a substantial allocation of 17.62%, followed by Amazon (AMZN) at 17.39% and Microsoft (MSFT) at 15.26%. This concentration underscores a deliberate investment strategy centered on specific large-cap opportunities.

High Concentration in Key Sectors

The portfolio exhibits significant sector concentration, with Financial Services and Consumer Cyclical sectors combined accounting for nearly 30% of the total value. Brookfield Corp, the largest holding, is the primary driver in the Financial Services allocation. Consumer Cyclical is heavily represented by Amazon, which alone accounts for 17.39% of the portfolio. Technology is another major sector, driven by Microsoft's 15.26% allocation. Communication Services, represented by Meta (11.1%) and smaller allocations to Alphabet (GOOG/GOOGL), completes the picture of the portfolio's sector focus, highlighting a tilt towards large, established corporations across various growth and cyclical sectors.

Recent Changes in Holdings

The portfolio shows active management in certain positions during the reporting period. Amazon saw a significant increase in its share count by 19.19%, indicating strong confidence in the company's prospects. Conversely, UBER experienced a slight reduction in its position, with a 0.82% decrease in share count. Notably, Alphabet Inc. (GOOG/GOOGL) saw substantial reductions, with over 94% decreases in both holdings, suggesting a strategic shift away from these specific tech stocks. Other holdings like Brookfield Corp and QSR (Restaurant Brands International) showed modest decreases, while Microsoft saw a dramatic increase, effectively doubling its position from the previous period.

Strategic Focus and Diversification

The investment strategy appears to prioritize large, fundamentally strong companies across different economic cycles. The heavy weighting towards Financial Services (via Brookfield) and Consumer Cyclical (Amazon) suggests a belief in the resilience and growth potential of these sectors. The significant allocation to Technology (Microsoft) and Communication Services (Meta) indicates an appetite for growth and digital transformation themes. However, the portfolio's structure, with substantial allocations to just a few stocks, represents a high level of concentration. While Alphabet's small remaining allocations might offer some diversification within the tech space, the overall strategy remains focused on a core set of large-cap names, balancing cyclical and growth sectors but with significant exposure concentrated in a few key holdings.

Key Holdings Breakdown

• Brookfield Corp (BN): Largest holding at 17.62% of the portfolio, valued at approximately $2.4 billion. Holdings decreased slightly by 2.78%.
• Amazon (AMZN): Second-largest at 17.39% ($2.4 billion), saw a significant increase of 19.19% in shares.
• Microsoft (MSFT): Third-largest at 15.26% ($2.1 billion), experienced a doubling of its position.
• Meta Platforms (META): Fourth-largest at 11.1% ($1.5 billion), saw a small decrease.
• Restaurant Brands International (QSR): Fifth-largest at 12.2% ($1.7 billion), saw a slight decrease.
• Alphabet (GOOG/GOOGL): Small allocations totaling 0.72% ($100 million combined), saw massive reductions.
• UBER Technologies (UBER): Fifth-largest by value at 15.71% ($2.1 billion), saw a slight decrease.