Pershing Square (Bill Ackman)
activist, concentrated, active
Quarter Analysis
13F change notes for Pershing Square (Bill Ackman) in 2025-12-31.
Pershing Square's previous big rotation quarter: Meta enters new at 11.4%, Amazon scaled up +65% to become a top-three weight, and Chipotle is fully exited after 37 straight quarters — a long-tenured compounder cleared out. Alphabet trimmed -86% in GOOGL share class while the GOOG line was kept; this was Ackman cleaning up the GOOG/GOOGL dual-class redundancy. Restaurant Brands and Hilton continue their multi-year persistence.
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× EXIT
CHIPOTLE MEXICAN GRILL INC CMG
Full exit after 37 quarters held — one of Ackman's signature multi-bagger compounders since 2016, sold completely. Likely the funding source for the Amazon + Meta builds.
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+ NEW
META PLATFORMS INC META
Brand-new at 11.4% of book — a direct mega-cap AI/digital-ads bet entering near the top of the position list on day one.
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▲ ADDED
AMAZON COM INC AMZN
Scaled by +65% to 14.3% — his third quarter holding it and the first sign of the new mega-cap-AI playbook that culminates in the Q1-2026 MSFT entry.
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★ HELD
ALPHABET INC GOOG
The non-voting GOOG class stayed at 12.5%; the GOOGL voting class was trimmed -86% — a dual-class cleanup, not a thesis change.
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★ HELD
RESTAURANT BRANDS INTL INC QSR
45 quarters with weight steady at 10% — the consumer-franchise anchor.
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★ HELD
HILTON WORLDWIDE HLDGS INC HLT
29 quarters in the book at +236% unrealized — still intact this quarter; will be the surprise exit in Q1-2026.