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
- $14M
- Holdings
- 8
- Top-10 weight
- 100%
- As of
- 2025-12-31
- Filed
- 2026-03-16
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-01-31 → 2025-12-31), modeled subset of holdings. Roughly 48% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+32.0%
Market
+13.6%
Sector
+8.6%
Subsector
-1.1%
Stock selection
+15.3%
Top holdings
8 reported positions; top 8 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 | BN | 19.6% | $3M | 51% |
| 2 | UBER | 17.2% | $2M | 86% |
| 3 | AMZN | 15.5% | $2M | 48% |
| 4 | GOOG | 13.5% | $2M | 63% |
| 5 | META | 12.3% | $2M | 60% |
| 6 | QSR | 10.9% | $2M | 93% |
| 7 | HHH | 10.5% | $2M | 71% |
| 8 | HTZ | 0.5% | $78339 | — |
100% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-03-16.
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