13F filing recap · Q1 2025

What did Pershing Square Capital Management buy in Q1 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$11.93B

Positions

Estimated turnover

40.1%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Pershing Square Capital Management opened a new position in Uber Technologies and exited Nike entirely. The firm added to Brookfield Corporation and Hertz Global Holdings, while trimming Chipotle Mexican Grill, Alphabet, and Canadian Pacific Kansas City. It also substantially reduced its stake in Hilton Worldwide Holdings.

New positions

UBERUber Technologies, Inc.$2.21Breported value+30.30M shares

Increased positions

BNBrookfield Corporation$2.15Breported value+6.11M shares+17.5%GOOGLAlphabet Inc.$686.29Mreported value+451.5K shares+11.3%HTZHertz Global Holdings, Inc$59.10Mreported value+2.29M shares+18.0%

Reduced positions

CMGChipotle Mexican Grill, Inc.$1.08Breported value-3.11M shares-12.6%CPCanadian Pacific Kansas City Ltd/cn$1.04Breported value-77.9K shares-0.5%GOOGAlphabet Inc.$988.00Mreported value-1.22M shares-16.2%HLTHilton Worldwide Holdings Inc.$682.83Mreported value-2.44M shares

Exited positions

NKENike, Inc.$1.42Bprior reported value-18.77M shares-100.0%