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, along with some major portfolio moves.
What stocks does Bill Ackman own?
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.
What changed in Ackman’s latest 13F?
The latest filing (February 2026, reporting Q4 2025) shows a major portfolio reshuffling:
New position: META, a $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 and platform plays (Amazon, Meta). The activist approach is giving way to platform-scale conviction bets.
How does copy-trading Ackman perform?
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 does the 13F delay matter more for Ackman?
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), who delivers lower returns but a much smoother ride. Ackman’s concentrated style amplifies both gains and losses.
How does Ackman compare 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 to META/AMZN rotation will either look brilliant or painful depending on how the next few quarters play out.
What is Ackman’s 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.
Can you copy Ackman’s trades?
Yes. Ackman’s Pershing Square is required to file 13F reports quarterly, which disclose every position. Apps like TrueWallet let you track those filings and copy his portfolio moves automatically.
The main limitation is the 45-day reporting delay. You’re always trading on information that is at least six weeks old. For a concentrated portfolio like Ackman’s, that delay can matter more than for a diversified fund.
If you’re interested in tracking other types of institutional and political investors, see our guide on copying politician trades or the best stock tracker apps.
Frequently asked questions
What stocks does Bill Ackman own in 2026? As of the latest 13F filing, Ackman’s top holdings are Amazon (26.2%), Meta Platforms (20.1%), Uber (19.0%), Howard Hughes Holdings (16.0%), and Restaurant Brands International (12.3%). He also holds smaller positions in Alphabet, Hilton, Hertz, and Nike.
What is Pershing Square’s investment strategy? Pershing Square runs a concentrated portfolio of 8-12 positions. Ackman takes large positions in companies he believes are undervalued and holds them for years, often pushing for operational changes.
Can you copy Bill Ackman’s trades? Yes. Ackman’s Pershing Square files 13F reports quarterly with the SEC. Apps like TrueWallet let you track and copy his portfolio moves automatically.
