Key Takeaways
- • Pershing Square's 13F for the quarter ended Sept. 30 is due Monday, Nov. 16, and will show how Bill Ackman's U.S. equity positions changed.
- • As of June 30, Uber (12.7%), Brookfield (12.6%), Microsoft (11.9%), Amazon (10.5%) and Howard Hughes (10.2%) made up the $19.47 billion, 14-position U.S. stock portfolio.
- • In the second quarter, Pershing added 15% to its Uber stake, reaching 34.33 million shares worth $2.48 billion, and cut its Amazon stake by 25% to 8.56 million shares.
- • Pershing began building an eighth new position of 2026 after the quarter ended, which will not appear until the next 13F, due in mid-February.
Summary
Pershing Square, which manages $25 billion, must file its 13F for the quarter ended Sept. 30 by Monday, Nov. 16. The filing will disclose how Bill Ackman's largest holdings moved since the last report, filed Aug. 14 for the quarter ended June 30. That filing showed $19.47 billion of U.S. stocks across 14 positions, with the top five holdings accounting for more than half of the 13F equities.
Uber remains the largest position. At June 30, Pershing held 34.33 million Uber shares worth $2.48 billion, 15% more than three months earlier. TIKR notes that the stock was down 2% from June 30 and 26% below its 52-week high. Uber's third-quarter report was mixed: Mobility bookings growth slowed to 17% and Mobility revenue fell 2%, while free cash flow rose to $2.5 billion from $2.2 billion a year earlier. Waymo also plans to run its own robotaxi service in Austin and Atlanta from 2028. TIKR calculates Uber trades at about 17x forward earnings against a three-year average of 25x, while the average analyst price target has moved down from $111 to $99. Uber CEO Dara Khosrowshahi bought $10 million of shares at $70.96 on Sept. 10, according to his Form 4.
Brookfield and Howard Hughes saw little change. Pershing held 57.48 million Brookfield shares worth $2.45 billion at June 30, 4% fewer than three months earlier, and Brookfield's third-quarter report is expected this week. Howard Hughes was untouched in the second quarter, with 27.85 million shares worth $1.99 billion. The stock, up 17% since June 30 to $83.85, is close to the $84 average target of the three analysts covering it.
Pershing moved in opposite directions on Microsoft and Amazon. The Microsoft stake rose 10% to 6.21 million shares at June 30, when the stock traded at about 20x forward earnings, its lowest quarter-end multiple in five years per TIKR's figures. Analysts now expect $32.7 billion of free cash flow for the year to June 2027, down from $67.0 billion for the year to June 2026, as AI infrastructure spending moves onto Microsoft's balance sheet. Amazon's stake fell 25% to 8.56 million shares, worth $2.04 billion at June 30. AWS grew 39% in its latest quarter, its fastest growth in five years, and the stock has risen 12% since quarter-end. Pershing said that investor enthusiasm for AI infrastructure suppliers has diverted attention from businesses with durable earnings growth, which it views as attractively priced. Note that the 13F shows holdings as of Sept. 30 only, without trade dates or prices.
Uber remains the largest position. At June 30, Pershing held 34.33 million Uber shares worth $2.48 billion, 15% more than three months earlier. TIKR notes that the stock was down 2% from June 30 and 26% below its 52-week high. Uber's third-quarter report was mixed: Mobility bookings growth slowed to 17% and Mobility revenue fell 2%, while free cash flow rose to $2.5 billion from $2.2 billion a year earlier. Waymo also plans to run its own robotaxi service in Austin and Atlanta from 2028. TIKR calculates Uber trades at about 17x forward earnings against a three-year average of 25x, while the average analyst price target has moved down from $111 to $99. Uber CEO Dara Khosrowshahi bought $10 million of shares at $70.96 on Sept. 10, according to his Form 4.
Brookfield and Howard Hughes saw little change. Pershing held 57.48 million Brookfield shares worth $2.45 billion at June 30, 4% fewer than three months earlier, and Brookfield's third-quarter report is expected this week. Howard Hughes was untouched in the second quarter, with 27.85 million shares worth $1.99 billion. The stock, up 17% since June 30 to $83.85, is close to the $84 average target of the three analysts covering it.
Pershing moved in opposite directions on Microsoft and Amazon. The Microsoft stake rose 10% to 6.21 million shares at June 30, when the stock traded at about 20x forward earnings, its lowest quarter-end multiple in five years per TIKR's figures. Analysts now expect $32.7 billion of free cash flow for the year to June 2027, down from $67.0 billion for the year to June 2026, as AI infrastructure spending moves onto Microsoft's balance sheet. Amazon's stake fell 25% to 8.56 million shares, worth $2.04 billion at June 30. AWS grew 39% in its latest quarter, its fastest growth in five years, and the stock has risen 12% since quarter-end. Pershing said that investor enthusiasm for AI infrastructure suppliers has diverted attention from businesses with durable earnings growth, which it views as attractively priced. Note that the 13F shows holdings as of Sept. 30 only, without trade dates or prices.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.