Pershing Square Capital managed a $13.71 trillion portfolio across just 11 holdings during Q1 2026. Concentration defines the firm’s strategy, with Brookfield Corp. (BN) representing 17.6% and Amazon (AMZN) 17.4% of assets; Uber (UBER) took 15.7%, Microsoft (MSFT) 15.3%, and Restaurant Brands International (QSR) 12.2%, completing the top five holdings, as one new stock entered the portfolio. Maintaining such a tight allocation suggests high conviction in established names, despite the single fresh allocation, rather than a broad hunt for new opportunities.

Pershing Square Capital made a substantial bet on Microsoft during Q1 2026. The $2.09 trillion market capitalization software giant represents a significant allocation for Bill Ackman’s concentrated fund. This investment signals Ackman sees substantial untapped value despite Microsoft’s scale, a departure from his usual smaller, activist targets. Pershing Square typically targets businesses ripe for operational or strategic intervention. The Microsoft purchase suggests Ackman’s thesis centers on unlocking further shareholder returns through focused engagement with management, distinct from traditional proxy battles.

Microsoft’s position fits Pershing Square’s pattern of identifying simple, predictable businesses. Its enterprise software dominance and cloud growth provide clear visibility into future earnings streams. Ackman consistently seeks companies generating strong cash flows with powerful competitive moats. The investment aligns with his firm’s long-term horizon, allowing time for compounding returns and for any strategic adjustments to fully mature. Ackman favors businesses with clear paths to increased profitability, even if achieving that requires sustained internal focus.

Bill Ackman signaled unwavering conviction in Amazon during Q1 2026. Pershing Square Capital Management expanded its Amazon stake by 19%, bringing the position’s valuation to $2.39 trillion. Such an increase in a concentrated portfolio of just 8 to 12 names demands a high-conviction thesis. Ackman identifies simple, predictable businesses, typically at a discount. He then works to unlock value through operational or strategic improvements.

Adding to any position in such a tightly managed fund signals deep belief in the underlying business fundamentals. Ackman’s strategy favors a select group of companies where he sees significant upside, often initiating operational changes. The substantial increase in Amazon reaffirms the investor’s long-term view and his conviction in the company’s future value creation.

Bill Ackman sharply cut exposure to Alphabet during Q1 2026, jettisoning 95% of both GOOG and GOOGL shares. Pershing Square Capital, known for its concentrated portfolio of 8-12 high-conviction positions, indicated a significant shift away from the tech giant. This near-complete divestment frees substantial capital for new opportunities within a strategy focused on identifying simple, predictable businesses ripe for operational or strategic change.

Smaller adjustments marked other holdings. Ackman trimmed Brookfield Corp. by 3%, while Uber Technologies Inc. and Restaurant Brands International each saw a 1% reduction. Meta Platforms Inc. remained untouched, experiencing a 0% reduction for the quarter. These minor sales contrast sharply with the decisive Alphabet exit, suggesting targeted optimization rather than a broad portfolio rebalancing.