Bill Ackman runs Pershing Square Capital Management. He’s one of the most visible hedge fund managers in the world, and his investing style is the opposite of diversification. Few positions, high conviction, big swings.
The latest 13F filing shows exactly that pattern — and some major portfolio moves.
Current portfolio
Here are Ackman’s positions from the latest 13F:
| Ticker | Weight | Company |
|---|---|---|
| AMZN | 26.2% | Amazon |
| META | 20.1% | Meta Platforms |
| UBER | 19.0% | Uber |
| HHH | 16.0% | Howard Hughes Holdings |
| QSR | 12.3% | Restaurant Brands Int’l |
| GOOG | 2.9% | Alphabet |
| HLT | 2.1% | Hilton |
| HTZ | 1.1% | Hertz |
| NKE | 0.4% | Nike |
Nine positions. The top 3 (AMZN, META, UBER) account for 65.3% of the portfolio. That’s extreme concentration even by Ackman’s standards.
The big moves
The latest filing (February 2026, reporting Q4 2025) shows a major portfolio reshuffling:
New position: META — $1.76B entry. This is a massive new bet, instantly becoming the second-largest position.
Closed: CMG (Chipotle) — sold $844M. After years as a core holding, Ackman exited completely.
Increased: AMZN — added $939M. He first entered Amazon in August 2025 ($1.28B) and has kept adding.
Reduced: UBER ($497M sold), GOOG ($394M sold), QSR ($90M sold), HLT ($84M sold).
The story: Ackman is rotating out of his older positions (Chipotle, Alphabet) and into mega-cap tech/platform plays (Amazon, Meta). The activist approach is giving way to platform-scale conviction bets.
Backtest performance
Copy-trade returns with the 45-day 13F disclosure delay:
| Period | PnL | CAGR |
|---|---|---|
| 1 month | -7.23% | -59.85% |
| 3 months | -5.56% | -20.49% |
| 6 months | +3.13% | +6.38% |
| 1 year | +3.09% | +3.09% |
| 3 years | +32.38% | +9.80% |
Risk score: 0.22 · Sharpe ratio: 0.63 · Total trades processed: 69
The 1-year return of +3.09% is underwhelming. Ackman ranks 8th out of 11 13F funds we track. The 3-year picture (+32.38%, 9.80% CAGR) is more respectable, but the Sharpe ratio of 0.63 tells you the returns come with significant volatility.
Why the delay matters here
Because Ackman’s portfolio is so concentrated, each new position moves the needle more. When Pershing Square files a new 13F showing a $1.76B Meta position, the market sometimes reacts to the 13F itself. That means if you’re buying after the filing comes out, you might be buying after a pop.
Compare to Buffett (risk 0.17, Sharpe 0.94) — lower returns but much smoother ride. Ackman’s concentrated style amplifies both gains and losses.
How he compares to other 13F funds
| Manager | 1Y CAGR | Sharpe | Trades |
|---|---|---|---|
| Mohnish Pabrai | +116.33% | 1.19 | 38 |
| Michael Burry | +28.50% | 0.79 | 216 |
| Pat Dorsey | +15.90% | 1.53 | 123 |
| Bryan Lawrence | +14.02% | 1.41 | 50 |
| Buffett | +7.14% | 0.94 | 179 |
| Ackman | +3.09% | 0.63 | 69 |
Ackman’s underperformance this year is partly timing — the Chipotle exit and large portfolio rotations meant he was in transition during a period when staying put would have paid off. The CMG → META/AMZN rotation will either look brilliant or painful depending on how the next few quarters play out.
Risk profile
Concentrated portfolios are volatile. Ackman’s portfolio can swing 20% in a quarter in either direction. His CAGR might look good over 5 years, but the drawdowns along the way test most investors’ patience.
If drawdowns bother you, this isn’t the wallet to follow. The risk score of 0.22 and Sharpe of 0.63 reflect strong absolute returns over time, but with the kind of volatility that makes index-fund investors uncomfortable.
For more context on reading 13F filings, see our 13F explainer. For the complete picture of tracking institutional and congressional investors, there’s the full guide.
