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
- $11.5B
- Holdings
- 7
- 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 40% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
+29.0%
Market
+9.5%
Sector
+9.5%
Subsector
-2.8%
Stock-specific
+11.7%
Top holdings
7 reported positions; top 7 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 | UBER | 21.4% | $2.5B | 85% |
| 2 | AMZN | 19.2% | $2.2B | 52% |
| 3 | GOOG | 16.8% | $1.9B | 67% |
| 4 | META | 15.3% | $1.8B | 58% |
| 5 | QSR | 13.5% | $1.6B | 94% |
| 6 | HHH | 13.0% | $1.5B | 73% |
| 7 | HTZ | 0.7% | $78M | 93% |
83% 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.
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.