Bill Ackman’s Pershing Square in Q2 2026: 14 stocks, three new payment and data names, and Alphabet sold

Pershing Square Capital Management, the firm Bill Ackman founded and runs, filed its 13F for the second quarter of 2026 on August 14. It lists 14 U.S.-listed stocks worth $19.47 billion on June 30, 2026, up from 11 positions and $14.28 billion three months earlier. It is one of the most concentrated portfolios among the 38 managers this site tracks: the seven largest positions are 76.8% of the total. The full list is on Bill Ackman’s page.

What changed

Four companies entered the portfolio: Visa, Mastercard and S&P Global — around 5.5% each — and Netflix at 4.8%. None of Pershing Square’s 13F filings since 2016 had held Visa, Mastercard or S&P Global; Netflix is a return, since the firm held it in the first quarter of 2022. Ackman added to Meta (+20.1% in shares), Uber (+14.6%), Restaurant Brands (+14.0%) and Microsoft (+9.8%), and cut Amazon by a quarter. Alphabet, a small position of $98.7 million (0.7%) in March across its two share classes, was sold entirely.

A 13F shows holdings at the end of the quarter. It does not say on which day a position was opened, and a “new” line means the shares were held on June 30 — not necessarily that they were bought on the market.

A position in its own fund

One of the new lines is Pershing Square USA, Ltd. (PSUS), a closed-end fund managed by Pershing Square Capital Management that listed on the New York Stock Exchange in April 2026 at $50.00 a share. The 4,000,000 shares in the 13F are the manager’s own investment in the fund: according to the prospectus, an affiliate committed to an aggregate investment of $200 million at $50.00 a share in the private placement that accompanied the offering, and agreed not to sell $100 million of it for 25 years. At the June 30 price of $37.38 the stake was worth $149.5 million. It is not a purchase on the open market.

Companies with ties to the manager

Howard Hughes Holdings is more than a holding: the PSUS prospectus says Ackman has been executive chairman of its board since May 2025 and describes Howard Hughes as one of the manager’s permanent capital vehicles. Seaport Entertainment Group, the much smaller position, has a member of Pershing Square’s investment team, Anthony Massaro, on its board.

The S&P Global spin-off after quarter-end

One day after the 13F date, on July 1, 2026, S&P Global completed the spin-off of Mobility Global (ticker MBGL), distributing one MBGL share for every S&P Global share held on the June 15 record date. Two practical consequences follow. First, price histories adjusted for the spin-off show S&P Global’s June 30 close at $385.30, while the actual price — the one that matches the 13F value — was $407.26. Second, anyone valuing the position today has to add the Mobility Global shares that came with it.

The same shares at today’s prices

Repriced at the October 9, 2026 close — and assuming nothing changed since June 30, which the 13F cannot tell us — the 14 positions would be worth about $21.17 billion. The biggest moves since June 30 were in Microsoft (+43.4%) and Meta (+27.6%), while Brookfield (−12.9%), Seaport (−16.4%) and Hertz (−15.2%) fell. The next 13F, for the third quarter, is due by mid-November.

A 13F covers only U.S.-listed long positions: it does not show short positions, shares listed outside the United States, cash or other assets, so it is Pershing Square’s U.S. stock portfolio rather than everything the firm owns. None of this is investment advice.