A stunning portfolio overhaul materialized at Pershing Square Capital in Q2 2026. Its $13.71 billion 13F filing revealed 11 entirely new positions, replacing every prior investment. Ackman concentrated 78.2% of capital across his top five CUSIPs: 11271J107 (17.6%), 023135106 (17.4%), 90353T100 (15.7%), 594918104 (15.3%), and 76131D103 (12.2%).

Pershing Square Capital executed several high-conviction trades in Q2 2026, establishing significant new positions. Ackman committed $2.42 billion to Brookfield Corp., signaling a play on global real asset values and diversified infrastructure holdings. He also allocated $2.39 billion for Amazon.com shares, betting on the e-commerce giant’s cloud computing dominance through AWS and renewed consumer spending. Further demonstrating a focus on platform growth, Pershing Square bought $2.15 billion of Uber Technologies Inc., a direct wager on the ride-sharing and delivery service’s expanding network effects and operational scale.

These substantial investments reveal Ackman’s consistent strategy of backing entrenched market leaders. Each company acquired controls its segment, whether through proprietary technology, vast physical assets, or extensive customer networks. Pershing Square identifies businesses with formidable competitive advantages and clear avenues for sustained growth. The purchases collectively point to a belief in strong operational efficiency and the predictable generation of free cash flow from leading industry players.