13F filing recap · Q4 2025

What did Pershing Square Capital Management buy in Q4 2025?

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

Stock value

$15.53B

Positions

Estimated turnover

38.3%

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 Meta Platforms and exited Chipotle Mexican Grill entirely. The firm substantially increased its stakes in Brookfield Corporation and Amazon.com, while slightly trimming Uber Technologies, Alphabet, Restaurant Brands International, and Hilton Worldwide Holdings. It also substantially reduced a separate Alphabet holding.

New positions

METAMeta Platforms, Inc.$1.76Breported value+2.67M shares

Increased positions

BNBrookfield Corporation$2.82Breported value+20.38M shares+49.7%AMZNAmazon.com Inc$2.22Breported value+3.78M shares+65.0%

Reduced positions

UBERUber Technologies, Inc.$2.47Breported value-62.8K shares-0.2%GOOGAlphabet Inc.$1.93Breported value-160.2K shares-2.5%QSRRestaurant Brands International Inc.$1.56Breported value-48.7K shares-0.2%HLTHilton Worldwide Holdings Inc.$869.98Mreported value-1.9K shares

Exited positions

CMGChipotle Mexican Grill, Inc.$844.20Mprior reported value-21.54M shares-100.0%