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13F filings

Pershing Square

Bill Ackman
Performance
Assuming an initial $100,000 · Benchmark: S&P 500
Hypothetical
Replication modeTop 5Top 10Main holdings
YTD1Y5Y8YAll
CompoundFixed

Gains are reinvested — principal and returns grow together.

$200k$400k$600k2013/082017/122022/052026/09$578k$512k
Backtest through 2026-09-10
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?
13.1%
Compound annual return over the sample.
Risk?
21.1%
How much returns swing (annualized stdev); lower is steadier.
Return vs risk?
0.69
Return ÷ volatility; higher is better.
Beat SPX?
−1.1%
Annualized gain over the S&P.
Excess?
−0.2%
The strategy's own annual excess, apart from the market.
Significance?
t=−0.07 · very weak
t-value: how solid the excess is — higher is more reliable.
Max DD?
−45.3%
Largest peak-to-trough fall.
Leverage?
1.00×
How many times it rises and falls together with the market.
Longest recovery?
43 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 10Main holdings
Current holdingsPosition changes
2026-Q1 filing · filed 2026-05-15
Main holdings · filed weights
TickerNameWeightvs 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 ▼
SEG
Seaport Entmt Group Inc
0.8%—
GOOG
Alphabet Inc. Class C Capital Stock
0.7%−11.8 ▼
HTZ
Hertz Global Hldgs Inc
0.5%—
GOOGL
Alphabet Inc. Class A Common Stock
0.1%−1.3 ▼
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. Data and calculations may contain errors; we correct them when found. Masterfolio is an information service / publisher, not an investment adviser. Fund and manager names refer to their public filings only; no affiliation or endorsement.
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Bill Ackman Portfolio & 13F Holdings 2026 — Replication Backtest · Masterfolio