Pershing Square Capital · Bill Ackman
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $13.7B
- Holdings
- 11
- Top-10 weight
- 100%
- As of
- 2026-03-31
- Filed
- 2026-05-15
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-04-30 → 2026-03-31), modeled subset of holdings. Stock selection (residual return) detracted about 7% of the gross return over this window — the factor legs carried the book.
Gross
+9.4%
Market
+16.0%
Sector
-2.1%
Subsector
-3.4%
Stock selection
-0.7%
Top holdings
11 reported positions; top 11 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | BNBrookfield Corporation | 17.6% | $2.4B | 54% |
| 2 | AMZNAmazon.com, Inc. | 17.4% | $2.4B | 46% |
| 3 | UBERUber Technologies, Inc. | 15.7% | $2.2B | 82% |
| 4 | MSFTMicrosoft Corporation | 15.3% | $2.1B | 63% |
| 5 | QSRRestaurant Brands International, Inc. | 12.2% | $1.7B | 90% |
| 6 | METAMeta Platforms Inc Class A | 11.1% | $1.5B | 57% |
| 7 | HHHHoward Hughes Holdings Inc. | 8.7% | $1.2B | 74% |
| 8 | BBG01JND… | 0.8% | $108M | — |
| 9 | GOOGAlphabet Inc. Class C | 0.7% | $89M | 60% |
| 10 | HTZHertz Global Holdings Inc | 0.5% | $70M | — |
| 11 | GOOGLmodeled on GOOGAlphabet Inc. | 0.1% | $9M | 60% |
99% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-05-15.
How concentrated is this book?
Quarter-end concentration across 82 filings from 2005-12-31 to 2026-03-31, with the latest filing set against this manager's own median.
- Effective N
- 6.9
- median 3.7
- Top 5 weight
- —
- no median
- Top 10 weight
- 99.9%
- median 100.0%
- Weight HHI
- —
- no median
Effective N is inverse-Herfindahl breadth, not a holding count: it falls well below the number of positions when one name dominates, which is the case worth seeing. This book held 11 positions at 2026-03-31.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Bill Ackman's.