Bill Ackman Portfolio: Reading Pershing Square's 13F
The Bill Ackman portfolio that the public can verify is the Pershing Square 13F: the Form 13F-HR the firm files with the SEC each quarter. For the quarter ended 30 June 2026 it reported 14 US-listed positions worth $19.47B, with Uber Technologies the largest at $2.48B (12.72% of reported value). The filing is SEC accession 0001172661-26-003790, its EDGAR index page shows a Filing Date of 14 August 2026, and, for the first time, the filer is Pershing Square Inc. (CIK 0002026053), the public parent (read 19 September 2026). That filer change is the single most important thing to know before reading the quarter-over-quarter numbers below. Not investment advice.
Definition
The Pershing Square 13F
is the quarterly Form 13F-HR filed with the SEC for Bill Ackman's firm, listing its long US-listed positions at quarter-end with share counts and values. From the quarter ended 30 June 2026 it is filed by Pershing Square Inc. (CIK 0002026053); earlier quarters were filed by a different SEC filer. Source: SEC EDGAR, us.useflock.in.
What the Pershing Square 13F for Q2 2026 reported
The five largest positions by reported value, from the Q2 2026 filing as decoded on Flock's Pershing Square Capital 13F page, read 19 September 2026:
| # | Holding | Ticker | Shares | Value | % of reported | Shares vs Q1 2026 filing |
|---|---|---|---|---|---|---|
| 1 | Uber Technologies Inc | UBER | 34,326,200 | $2.48B | 12.72% | +4,367,429 |
| 2 | Brookfield Corp | BN | 57,481,047 | $2.45B | 12.58% | -2,216,161 |
| 3 | Microsoft Corp | MSFT | 6,206,730 | $2.32B | 11.89% | +552,652 |
| 4 | Amazon.com Inc | AMZN | 8,563,857 | $2.04B | 10.49% | -2,888,124 |
| 5 | Howard Hughes Holdings Inc | HHH | 27,852,064 | $1.99B | 10.23% | +9,000,000 |
Source: Pershing Square Inc. Form 13F-HR for the period ended 30 June 2026, SEC EDGAR. The stored filing history on the same page: Q1 2026, 11 positions, $13.71B; Q4 2025, 11 positions, $15.53B; Q3 2025, 11 positions, $14.64B; Q2 2025, 11 positions, $13.73B, all filed by the previous SEC filer.
$19.47B
Pershing Square's reported 13F value across 14 US-listed positions, quarter ended 30 June 2026
Source: SEC Form 13F-HR, accession 0001172661-26-003790, filed 14 August 2026 by Pershing Square Inc.
Why does the filer change matter for every comparison?
Flock's page states it plainly: quarters from 30 June 2026 onward are reported by Pershing Square Inc. (CIK 0002026053), and Q1 2026 and earlier are stored exactly as the previous SEC filer reported them, not restated. The Q2 filing has 14 lines against the Q1 filing's 11. Five positions are newly reported: Visa (3,270,470 shares, $1.12B), Mastercard (2,124,646 shares, $1.09B), S&P Global (2,593,155 shares, $1.06B), Netflix (13,081,465 shares, $934.0M) and Pershing Square USA Ltd (4,000,000 shares, $149.5M). Two are no longer reported: both Alphabet share classes (311,726 Class C shares and 32,376 Class A shares in the Q1 filing).
Because the two filings come from different SEC filers, each of those differences is the gap between what two entities reported, which includes the change of reporting entity as well as any trading. A tracker that silently stitches the two quarters together will present that gap as a set of purchases. Flock prints the boundary on the page and excludes Pershing Square from its consensus adds aggregate for exactly this reason: the page notes that one of the three excluded filers "had the two quarters reported by different SEC filers, so the change is a filer boundary rather than a trade".
Share-count changes in positions both filings carried
Where a position appears in both the Q1 and Q2 filings, the share-count change is at least a like-for-like comparison of two reported numbers, even if the filer differs:
- Increases: Howard Hughes Holdings (+9,000,000 shares), Uber Technologies (+4,367,429), Meta Platforms (+535,201), Microsoft (+552,652) and Restaurant Brands International (+3,175,801).
- Decreases: Amazon.com (-2,888,124 shares), Brookfield Corp (-2,216,161) and Hertz Global Holdings (-249,528).
Source: us.useflock.in/funds/pershing-square-capital/13f, "Changes vs Q1 2026", read 19 September 2026. Value deltas on that page include the quarter's price move, which is why the ranking keys on shares.
How to read a Pershing Square 13F
Long positions in 13F securities only. Exposure held through swaps, through options that are not on the SEC's official 13(f) list, or through short positions does not appear on the form. The 14 lines are the disclosed long US equity book, not necessarily the firm's full exposure.
Quarter-end, filed six weeks later. The positions are as of 30 June 2026 and became public on 14 August 2026. The Q3 2026 filing is due within 45 days of 30 September 2026.
The firm files, not the person. The form is filed by the institutional manager. Bill Ackman's personal accounts, if any, are outside it. Flock's Bill Ackman superinvestor page frames the same filing by the investor who leads the filer, and says so.
Pershing Square USA Ltd is a line like any other. It appears in the Q2 2026 table as a 4,000,000-share, $149.5M holding. The name suggests a relationship to the filer, but the 13F does not say what it is; read the issuer's own SEC filings before drawing one.
Where to go next
The Pershing Square Capital 13F page carries all 14 lines, the filer-boundary note, the stored history and the EDGAR link. For the background, read what a 13F filing is, how a 13F-HR differs from a 13F-NT notice and what 13F investment discretion means. For a different filer with a clean single-filer history, see the Berkshire Hathaway 13F. For tools that decode these filings, see the WhaleWisdom alternative comparison.
The Pershing Square 13F is one filer's quarter-end record, and in Q2 2026 the filer itself changed. Read the boundary before the numbers. What any of it means for you is your call to make.
Frequently asked questions
What did Pershing Square's latest 13F report?
Pershing Square's Form 13F-HR for the quarter ended 30 June 2026 (Q2 2026) reported 14 US-listed positions worth $19.47B. Uber Technologies was the largest at $2.48B, 12.72% of reported value. Source: SEC EDGAR accession 0001172661-26-003790, filed 14 August 2026 by Pershing Square Inc. (CIK 0002026053), as decoded on us.useflock.in, read 19 September 2026.
Why did the SEC filer for Pershing Square's 13F change?
From the quarter ended 30 June 2026, the 13F-HR is filed by Pershing Square Inc. (CIK 0002026053), the public parent. Earlier quarters on Flock were filed by the previous SEC filer and are stored exactly as filed. A position that appears for the first time in Q2 2026 can therefore reflect the change of reporting entity rather than a purchase. Source: us.useflock.in/funds/pershing-square-capital/13f, read 19 September 2026.
Is Bill Ackman's portfolio the same as Pershing Square's 13F?
Not exactly. The 13F is filed by the firm, not the person, and covers only long positions in Section 13(f) securities. It excludes short positions, swaps and other derivatives that are not 13F securities, non-US listings and any personal holdings outside the firm's reported book. Source: SEC Form 13F FAQ, Question 2, page last reviewed 13 March 2026.
How current is a Pershing Square 13F?
A 13F is due within 45 days after quarter-end. The Q2 2026 filing shows a Filing Date of 14 August 2026 on its EDGAR index page, so its positions were already six weeks old when they became public. Source: SEC Form 13F FAQ and the EDGAR filing index, read 19 September 2026.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.