Pershing Square's Q4 2025 Pivot: $2.22B in Amazon, $1.76B in Meta, and a 25.2% Portfolio Expansion

Q4 2025 Snapshot: Bigger, Broader, Still Concentrated

Pershing Square Capital Management's Q4 2025 13F shows a decisive expansion in risk budget. The reported U.S. equity portfolio rose from $12.41B in Q3 2025 to $15.53B in Q4 2025, a 25.2% quarter-over-quarter increase. Holdings count increased from 8 to 11 positions.

Even with three new additions, the portfolio remains concentrated: the top position (Brookfield) is 18.1480% of assets, and the top five names account for roughly 72% of disclosed value.

What Changed: Two Mega-Cap Internet Additions

The most consequential change was the creation of two large new positions in mega-cap internet platforms, immediately becoming core holdings.

• AMZN (AMAZON COM INC): $2.22B initial position, 14.2830% portfolio weight
• META (META PLATFORMS INC): $1.76B initial position, 11.3662% portfolio weight
• SEG (SEAPORT ENTMT GROUP INC): $99.3M initial position, 0.6397% portfolio weight

These additions, combined with a larger Brookfield stake, explain most of the quarter's AUM expansion and suggest a barbell approach: stable cash-flow compounders plus high-quality digital platforms.

Top Holdings Now

Pershing's five largest positions at quarter-end were:

• BN (BROOKFIELD CORP): 18.1480% ($2.82B)
• UBER (UBER TECHNOLOGIES INC): 15.8969% ($2.47B)
• AMZN (AMAZON COM INC): 14.2830% ($2.22B)
• GOOG (ALPHABET INC): 12.4574% ($1.93B)
• META (META PLATFORMS INC): 11.3662% ($1.76B)

Position Sizing Signals

Among continuing positions, the strongest increase was Brookfield, where share count rose sharply. The main reductions were concentrated in Alphabet share classes and small trims elsewhere.

• BN (BROOKFIELD CORP): shares increased 49.7% to a 18.15% portfolio weight

• GOOGL (ALPHABET INC): shares reduced 86.0% to a 1.37% portfolio weight
• GOOG (ALPHABET INC): shares reduced 2.5% to a 12.46% portfolio weight
• QSR (RESTAURANT BRANDS INTL INC): shares reduced 0.2% to a 10.05% portfolio weight
• UBER (UBER TECHNOLOGIES INC): shares reduced 0.2% to a 15.90% portfolio weight

Interpretation: the Google exposure appears to have shifted between share classes while keeping Alphabet as a double-digit combined weight, rather than a full thematic exit.

Bottom Line for Retail Investors

Q4 2025 indicates Pershing Square moved from a high-conviction concentrated book to a slightly broader but still concentrated portfolio. New allocations to Amazon and Meta were not small probes; they were immediate top-five weights. For signal-followers, this quarter's key message is not diversification for its own sake, but an expansion of core convictions into additional mega-cap quality names.