Manager Skill Review
Pershing Square Capital Management, L.P.
Where is this manager's return actually coming from — replicable market and sector exposure, or stock selection? Pulled live from the latest 13F and decomposed through the ERM3 cascade. The stock-selection residual — the return remaining after the model's specified market, sector, and subsector exposures — is the component that persists out of sample.
- Modeled AUM
- $13.7B
- Holdings
- 11
- Top-10 weight
- 100%
Modeled AUM is the sum of disclosed long US equity positions that join the ERM3 universe — not firm-wide AUM. 13F books omit shorts, most derivatives, and non-US holdings.
- Evidence
- 13F · disclosed-long analysis
- Holdings as of
- 2026-03-31
- Filed
- 2026-06-14
- Model
- ERM3 v3.0
Form 13F discloses long US positions only, on a delayed filing schedule; short positions and most derivatives are not reported.
39% of Pershing Square Capital Management, L.P.'s risk is stock-specific over the full monthly history of the reported 13F book — the structural read. Stock selection added 49% of the trailing return (which swings with the window). The rest is buyable market, sector, and style exposure — a descriptive read, not a recommendation.
At a glance
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Live data from SEC Form 13F via the RiskModels ERM3 model, filed 2026-06-14. Figures are gross, holdings-derived, and within-mandate. Informational use only — not investment advice.