Bill Ackman

Pershing Square Capital Management

Founder of Pershing Square, an activist fund that runs a highly concentrated portfolio of large-cap North American companies.

Pershing Square Capital Management reported 14 positions worth $19.47B in U.S.-listed equities as of Q2 2026. It opened 5 new positions that quarter. It exited 2 positions. The largest holding is Uber Technologies, Inc (UBER), at 12.7% of the portfolio. The biggest new position was Visa Inc (V), at $1.12B.

Photo: Senate Democrats / Wikimedia Commons (CC BY 2.0)

Portfolio value: $19.47B
Positions: 14
Dividends (est.): $100.69M; Estimated over 4 quarters, to Q2 2026

Positions as of Q2 2026, per the 13F filed on Aug 14, 2026. Current positions may differ.

What changed last quarter

Positions opened, added to, trimmed or closed in the Q2 2026 filing.

Bought: $5.41B
Sold: $882.04M
Net: $4.52B; Put money into stocks

A 13F does not report cash. It covers only U.S.-listed securities — cash, bonds, foreign stocks and private holdings are invisible in it, which is why Berkshire’s cash pile appears in its 10-Q and not here. What the filing does show is direction: selling more than buying means money left U.S. equities that quarter. Where it went — cash, fixed income, other markets — the form does not say.

Bought(9)

Composition

Positions (14)

Stock

Value

Weight

Estimated across every position in each quarter, so a single stock can be compared against the whole. Same caveat as elsewhere: a 13F reports the share count on the last day of the quarter, while dividends are paid throughout it.

Analysis

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Bill Ackman

What changed last quarter

Bought(9)

Composition

Positions (14)

Portfolio dividends

Analysis

Bill Ackman

What changed last quarter

Bought(9)

Composition

Positions (14)

Portfolio dividends

Analysis

Sold(4)