Pershing Square Capital Management, L.P.

Bill Ackman's Pershing Square Capital Management entered Q1 2026 with a characteristically concentrated $13.7B portfolio spread across just eleven positions, down from $15.5B a quarter earlier. The defining move was a brand-new $2.1B Microsoft (MSFT) stake that immediately became a top-four holding at 15.3% of assets, established as the fund nearly liquidated its Alphabet (GOOG) position with an approximately 95% share-count cut (-$1.8B). The book remains anchored by Brookfield (BN) at 17.6% ($2.4B), Amazon (AMZN) at 17.4% ($2.4B, raised roughly 19%) and Uber (UBER) at 15.7% ($2.2B), with Restaurant Brands (QSR) and Meta Platforms (META) rounding out the core. With six positions trimmed against a single new buy and a single exit (Hilton), the filing shows Ackman rotating concentrated capital from Alphabet into Microsoft while leaving his highest-conviction anchors largely intact.