Pershing Square Q1 2026: Ackman Buys Microsoft, Exits Alphabet

Bill Ackman's Pershing Square Capital Management runs one of the most concentrated large books in the market — just 11 positions — and its filing for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001172661-26-002336, filed 2026-05-15) shows a notable reshuffle at the top of big tech. Pershing Square opened a major new position in Microsoft (MSFT) worth $2.09B, instantly making it a top-four holding at 15.26% of the book, while nearly eliminating its Alphabet stake — GOOG shares fell 95%.

The $13.71B book is anchored by Brookfield (BN) at 17.62% and Amazon (AMZN) at 17.39%, with Amazon increased 19% during the quarter. Together with Uber (UBER) at 15.71% and Microsoft, the top five positions are roughly 78% of the entire portfolio — conviction investing at its most concentrated.

The quarter's story is a big-tech rotation: into Microsoft and more Amazon, out of Alphabet.

An 11-stock conviction book

After Brookfield, Amazon, Uber, and Microsoft comes Restaurant Brands International (QSR) at 12.20%, then Meta (META) at 11.10% and Ackman's real-estate vehicle Howard Hughes Holdings (HHH) at 8.70%.

This is the Ackman model: a tiny number of large, deeply researched positions in businesses he can hold for years and, where relevant, engage with directly. With only 11 names, there is no long tail to dilute the book — every position is a major bet, and every change is a meaningful capital-allocation decision.

The big-tech rotation

The quarter's defining moves were the new Microsoft position and the near-exit from Alphabet. Building a stake to 15% of the book in a single quarter is a high-conviction entry, while cutting Alphabet by 95% effectively closes a position. Adding 19% to Amazon reinforces the tilt toward the megacap platforms Ackman favors.

The reported value fell 11.7% to $13.71B, reflecting both the Alphabet exit and market movement in a concentrated book. Pershing Square's value naturally swings more than a diversified fund's, because a handful of positions drive everything. The Microsoft entry and Alphabet exit are the signals that matter here.

What it means for 13F readers

Pershing Square is among the clearest examples of high-conviction, activist-style concentration in 13F data. Because it holds so few names, each move is pure signal: the new Microsoft position and the Alphabet exit are unambiguous statements of preference. Track the firm's quarter-over-quarter holdings on the Pershing Square filer page.

FAQ

What is Pershing Square Capital Management?

Pershing Square is the activist investment firm run by Bill Ackman. It reported a $13.71B U.S. equity 13F book for the quarter ended March 31, 2026, across just 11 highly concentrated positions.

What was Pershing Square's biggest move in Q1 2026?

It opened a major new Microsoft position worth $2.09B (15.26% of the book) and nearly exited Alphabet, cutting its GOOG shares by 95%, while adding 19% to Amazon.

What are Pershing Square's largest holdings?

Its five largest positions are Brookfield (17.62%), Amazon (17.39%), Uber (15.71%), Microsoft (15.26%), and Restaurant Brands (12.20%) — together about 78% of the book.

How concentrated is Pershing Square's portfolio?

Extremely. It holds only 11 positions, with the top five accounting for roughly 78% of the book — among the most concentrated of all large 13F filers.