Pershing Square's Q4 2025 Pivot: $2.22B in Amazon, $1.76B in Meta, and a 25.2% Portfolio Expansion
Pershing Square expanded its 13F portfolio by 25.2% quarter-over-quarter in Q4 2025, adding Amazon and Meta as major new positions while Brookfield became the top holding.
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.
Pershing Square 13F Value: Q3 to Q4 2025
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)
Top 5 Portfolio Weights (Q4 2025)
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.
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