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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 $14,643,293,767 across 11 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 99.29% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-005039

Period
2025-09-30
Reported value
$14.6B
Holdings
11
Top 10 weight
99.29%
New
0
Sold out
0

Part of the filer group PERSHING SQUARE INC.

How groups are built

Largest buys vs the previous quarter

None.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
GOOGLreduced-519,007-$126M
BNreduced-140,166-$9.61M
QSRreduced-85,418-$5.48M
UBERreduced-30,643-$3M

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, Q3 2025

Share positions as resolved from 13F-HR 0001172661-25-005039, largest first. % of portfolio is the value over $14,643,293,767, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 30,301,161 shares; 2025Q2: 30,301,161 shares; 2025Q3: 30,270,518 shares 30,270,518$2.97B20.25%-30,643Timeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,735,883 shares; 2024Q4: 34,893,064 shares; 2025Q1: 41,004,657 shares; 2025Q2: 41,160,397 shares; 2025Q3: 41,020,231 shares 41,020,231$2.81B19.21%-140,166Timeline
HHHHOWARD HUGHES HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,852,064 shares; 2024Q4: 18,852,064 shares; 2025Q1: 18,852,064 shares; 2025Q2: 18,852,064 shares; 2025Q3: 18,852,064 shares 18,852,064$1.55B10.58%0Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,547,582 shares; 2024Q4: 7,547,582 shares; 2025Q1: 6,324,031 shares; 2025Q2: 6,324,031 shares; 2025Q3: 6,324,031 shares 6,324,031$1.54B10.52%0Timeline
QSRRESTAURANT BRANDS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,000,914 shares; 2024Q4: 23,000,914 shares; 2025Q1: 23,000,914 shares; 2025Q2: 23,000,914 shares; 2025Q3: 22,915,496 shares 22,915,496$1.47B10.04%-85,418Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,823,316 shares; 2025Q3: 5,823,316 shares 5,823,316$1.28B8.73%0Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,986,488 shares; 2024Q4: 3,986,488 shares; 2025Q1: 4,437,980 shares; 2025Q2: 5,362,980 shares; 2025Q3: 4,843,973 shares 4,843,973$1.18B8.04%-519,007Timeline
CMGCHIPOTLE MEXICAN GRILL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,815,165 shares; 2024Q4: 24,653,533 shares; 2025Q1: 21,541,177 shares; 2025Q2: 21,541,177 shares; 2025Q3: 21,541,177 shares 21,541,177$844M5.77%0Timeline
HLTHILTON WORLDWIDE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,370,168 shares; 2024Q4: 5,440,546 shares; 2025Q1: 3,000,770 shares; 2025Q2: 3,030,578 shares; 2025Q3: 3,030,578 shares 3,030,578$786M5.37%0Timeline
SEGSEAPORT ENTMT GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,094,673 shares; 2024Q4: 5,023,780 shares; 2025Q1: 5,023,780 shares; 2025Q2: 5,023,780 shares; 2025Q3: 5,023,780 shares 5,023,780$115M0.79%0Timeline
HTZHERTZ GLOBAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 12,713,963 shares; 2025Q1: 15,000,000 shares; 2025Q2: 15,241,127 shares; 2025Q3: 15,241,127 shares 15,241,127$104M0.71%0Timeline

How Q3 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 0001172661-25-005039 base2025-11-14acceptance time not in the bulk data set