For information and research only. Not investment advice.
13F filings
Pershing Square
Bill Ackman
Performance
Assuming an initial $100,000 · Benchmark: S&P 500
Hypothetical
Replication modeTop 5Top 10>1%
YTD1Y5Y8YAll
CompoundFixed
Gains are reinvested — principal and returns grow together.
Backtest through 2026-07-28
After filingAt quarter endBenchmark · S&P 500
After filing — buys the holdings only once the filing is public — about 45 days after the quarter ends. The path someone could actually have taken.
At quarter end — pretends the same holdings were bought on the last day of the quarter, before anyone could have known them. Not possible in reality — shown dashed for comparison only.
Benchmark — S&P 500 (SPY) total return over the same window — what doing nothing but holding the market would earn.
Hypothetical backtest — not a real trading record. Simulated on public data from 2013-08: each position is bought only after the filing became public (using no information unavailable at the time), with trading costs deducted, on a total-return basis. Past performance does not predict future results.
All metrics below are computed on the After-filing curve.
Return?
15.9%
Compound annual return over the sample.
Risk?
21.4%
How much returns swing (annualized stdev); lower is steadier.
Return vs risk?
0.80
Return ÷ volatility; higher is better.
Beat SPX?
+1.8%
Annualized gain over the S&P.
Excess?
+2.6%
The strategy's own annual excess, apart from the market.
Significance?
t=0.72 · weak
t-value: how solid the excess is — higher is more reliable.
Max DD?
−49.7%
Largest peak-to-trough fall.
Leverage?
0.99×
How many times it rises and falls together with the market.
Longest recovery?
17 mo
Longest wait from a peak back to a new high.
About
Bill Ackman
Ackman's Pershing Square is built on high-conviction, highly concentrated positions and public activism—it usually holds only a handful of names and openly pushes its portfolio companies to change. His record includes a multi-year tug-of-war shorting Herbalife as well as his 2020 pre-pandemic credit hedge that turned a small outlay into an outsized payoff. This is a concentrated activist style; investors interested in event-driven and activist investing can track its filings over time.
Holdings & changes
Replication modeTop 5Top 10>1%
Current holdingsPosition changes
2026-Q1 filing · filed 2026-05-15
>1% · filed weights
Others 2.0%
Ticker
Name
Weight
vs last filing
BN
Brookfield Corporation
17.6%
−0.5 ▼
AMZN
Amazon.Com Inc
17.4%
+3.1 ▲
UBER
Uber Technologies, Inc.
15.7%
—
MSFT
Microsoft Corp
15.3%
New
QSR
Restaurant Brands International Inc.
12.2%
+2.1 ▲
META
Meta Platforms, Inc. Class A Common Stock
11.1%
−0.3 ▼
HHH
Howard Hughes Holdings Inc.
8.7%
−1.0 ▼
Risk
The replication is built from public filings: ~45-day lag, US long stock positions only; replication returns are not the fund’s real returns, and the manager may have traded since.
Past / backtested performance does not predict the future. Masterfolio is an information service / publisher, not an investment adviser.