Pershing Square (Bill Ackman)

Pershing Square turned over a quarter of the book in one filing: a $2.1B brand-new Microsoft position straight to the #1 weight (15.3%), Alphabet effectively zeroed out (-95% shares, residual 0.7%), and Hilton — held for 29 straight quarters — fully exited. Restaurant Brands remains the multi-year persistence anchor (10 → 12% weight, 46 quarters). For Ackman this is unusually large rotation in a single quarter, and reads as a clean swap from his prior 'GOOG + HLT + CMG' AI/consumer book into a Microsoft-as-AI-distribution thesis.

• + NEW
  MICROSOFT CORP MSFT

  Brand-new at 15.3% of book — Ackman's largest single-quarter initiation since the GOOG add in 2023. Slightly underwater (-11%) on the entry, classic Pershing way of sizing fast when conviction lands.

• × EXIT
  HILTON WORLDWIDE HLDGS INC HLT

  Full exit after 29 straight quarters and +236% unrealized. One of the longer-running compounders in the portfolio — capital recycled into MSFT.

• ▼ REDUCED
  ALPHABET INC GOOG

  Cut 95% of shares; what remains is a 0.7% rump. The +173% unrealized says he's taking a long-held winner off the table, not cutting losses.

• ★ HELD
  RESTAURANT BRANDS INTL INC QSR

  46 quarters in the book and Ackman added another ~1% of weight at +73% unrealized — the consumer-franchise core remains intact through every rotation.

• ◐ CONCENTRATION

  Top-3 weight ticked from 48% to 51% — the MSFT entry concentrated the book despite the rotation noise.