13F filing recap · Q2 2025

What did Pershing Square Capital Management buy in Q2 2025?

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

Stock value

$13.73B

Positions

Estimated turnover

19.5%

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 Amazon.com and exited Canadian Pacific Kansas City entirely. It also added to Alphabet, while making smaller increases in Brookfield Corporation, Hilton Worldwide Holdings, and Hertz Global Holdings.

New positions

AMZNAmazon.com Inc$1.28Breported value+5.82M shares

Increased positions

BNBrookfield Corporation$2.55Breported value+155.7K shares+0.4%GOOGLAlphabet Inc.$945.12Mreported value+925.0K shares+20.8%HLTHilton Worldwide Holdings Inc.$807.16Mreported value+29.8K shares+1.0%HTZHertz Global Holdings, Inc$104.10Mreported value+241.1K shares

Exited positions

CPCanadian Pacific Kansas City Ltd/cn$1.04Bprior reported value-14.80M shares-100.0%