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Pershing Square Capital Management, L.P.

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13F filer, CIK 1336528, New York, NY

Pershing Square Capital Management, L.P. reported $11,930,893,008 across 11 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 99.5% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-002315

Period
2025-03-31
Reported value
$11.9B
Holdings
11
Top 10 weight
99.5%
New
1
Sold out
1

Part of the filer group PERSHING SQUARE INC.

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
UBERnew+30,301,161$2.21B
BNadded+6,111,593$320M
GOOGLadded+451,492$69.8M
HTZadded+2,286,037$9.01M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
NKEexited-18,768,946-$1.42B
HLTreduced-2,439,776-$555M
GOOGreduced-1,223,551-$191M
CMGreduced-3,112,356-$156M
CPreduced-77,855-$5.47M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001172661-25-002315, largest first. % of portfolio is the value over $11,930,893,008, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
UBERUBER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 30,301,161 shares 30,301,161$2.21B18.5%newTimeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,735,883 shares; 2024Q4: 34,893,064 shares; 2025Q1: 41,004,657 shares 41,004,657$2.15B18.01%+6,111,593Timeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,000,914 shares; 2024Q4: 23,000,914 shares; 2025Q1: 23,000,914 shares 23,000,914$1.53B12.85%0Timeline
HHHHOWARD HUGHES HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,852,064 shares; 2024Q4: 18,852,064 shares; 2025Q1: 18,852,064 shares 18,852,064$1.4B11.71%0Timeline
CMGCHIPOTLE MEXICAN GRILL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,815,165 shares; 2024Q4: 24,653,533 shares; 2025Q1: 21,541,177 shares 21,541,177$1.08B9.07%-3,112,356Timeline
CPCANADIAN PACIFIC KANSAS CITYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,877,651 shares; 2024Q4: 14,877,651 shares; 2025Q1: 14,799,796 shares 14,799,796$1.04B8.71%-77,855Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,547,582 shares; 2024Q4: 7,547,582 shares; 2025Q1: 6,324,031 shares 6,324,031$988M8.28%-1,223,551Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,986,488 shares; 2024Q4: 3,986,488 shares; 2025Q1: 4,437,980 shares 4,437,980$686M5.75%+451,492Timeline
HLTHILTON WORLDWIDE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,370,168 shares; 2024Q4: 5,440,546 shares; 2025Q1: 3,000,770 shares 3,000,770$683M5.72%-2,439,776Timeline
SEGSEAPORT ENTMT GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,094,673 shares; 2024Q4: 5,023,780 shares; 2025Q1: 5,023,780 shares 5,023,780$108M0.9%0Timeline
HTZHERTZ GLOBAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 12,713,963 shares; 2025Q1: 15,000,000 shares 15,000,000$59.1M0.5%+2,286,037Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
NKENIKE INC18,768,946$1.42Bshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-25-002315 base2025-05-15acceptance time not in the bulk data set