| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.9% | - | - |
Pershing Square delivered strong performance in 2025 with 20.9% net returns, driven by concentrated positions in high-quality megacap technology companies positioned for AI-driven growth. The portfolio benefited from Alphabet's AI leadership in search, Amazon's cloud infrastructure expansion, and Meta's digital advertising dominance. Key contributors included a 227% gain in Fannie Mae following Trump administration privatization commitments and strong performance from Uber despite autonomous vehicle concerns. The firm successfully navigated market volatility by opportunistically acquiring Amazon during tariff-related weakness and adding Meta at attractive valuations. Portfolio construction emphasizes companies with sustainable competitive moats, structural growth drivers, and reasonable valuations relative to earnings potential. Looking forward, Pershing Square sees continued opportunities from AI infrastructure buildout, autonomous vehicle deployment, and policy catalysts around GSE reform. The concentrated approach of typically 8-12 core investments allows for deep fundamental analysis and meaningful position sizing in the firm's highest conviction ideas.
Pershing Square focuses on high-quality businesses with sustainable competitive advantages, trading at attractive valuations relative to their long-term growth potential, with particular emphasis on companies positioned to benefit from secular technology trends including AI adoption.
Pershing Square maintains a constructive outlook supported by strong earnings growth across portfolio companies and attractive valuations relative to growth prospects. The firm expects continued benefits from AI adoption, autonomous vehicle deployment, and policy catalysts around GSE privatization.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 11 2026 | 2025 Q4 | AMZN, BN, CMG, FMCC, FNMA, GOOG, HHH, HLT, HTZ, META, NKE, QSR, UBER, UMG.AS | AI, Concentration, growth, megacaps, Performance, Quality, technology, valuation |
BN UBER AMZN GOOG META FNMA HTZ QSR HHH CMG |
AI is having a transformative impact across portfolio companies, particularly in search, cloud computing, and digital advertising. Google's AI Overviews reach over 2 billion users… |
| Aug 20 2025 | 2025 Q2 | AMZN, BN CN, CMG, FNMA, GOOG, HHH, HLT, HTZ, NKE, UBER, UMG NA | activism, Capital Allocation, Concentration, Governance, value creation | - | The commentary focuses on concentrated ownership in high-quality businesses where engagement can unlock operational and strategic value. Management emphasizes disciplined capital allocation, strong balance sheets,… |
| Feb 11 2025 | 2024 Q4 | BN, CMG, CPKC, FMCC, FNMA, GOOG, HHH, HLT, NKE, QSR, UBER, UMG | - | - | - |
| Sep 30 2024 | 2024 Q3 | - | - | - | - |
| Jul 1 2024 | 2024 Q2 | - | - | - | - |
| Apr 15 2024 | 2024 Q1 | - | - | - | - |
| Mar 22 2024 | 2023 Q4 | CMG, CPKC MM, GOOG, HHH, HLT, LOW, QSR, UMG | - | - | - |
| Sep 30 2023 | 2023 Q3 | - | - | - | - |
| Jun 30 2023 | 2023 Q2 | - | - | - | - |
| Mar 31 2023 | 2023 Q1 | - | - | - | - |
| Mar 28 2023 | 2022 Q4 | CMG, CP, FMCC, FNMA, HHC, HLT, LOW, NFLX, QSR, SVB, TWTR, UMG AV | - | - | - |
| Feb 11 2022 | 2022 Q3 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AdvertisingDigital advertising represents a secularly fast-growing space with Meta as the dominant leader serving over 3.5 billion daily active users. AI-driven content recommendation systems and granular consumer behavior visibility enable highly precise ad targeting, making these platforms essential for businesses. |
Digital Targeting Programmatic Social Search |
AIThe extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. |
Connectivity Semiconductors Infrastructure Capital Spending | |
CloudCloud computing remains a core portfolio theme with strong positioning in hyperscale providers and infrastructure companies. Microsoft Azure showed 39% growth while Google Cloud exceeded 30% growth, both supported by AI workload adoption. The fund sees continued multi-year demand for cloud infrastructure and services as enterprises accelerate digital transformation. |
Azure Infrastructure Hyperscale Enterprise Growth | |
E-commerceThe portfolio maintains exposure to e-commerce platforms and enablement technologies through holdings like Amazon and Shopify. The fund views e-commerce as benefiting from secular shifts in consumer behavior and continued digital commerce adoption across retail categories. |
Platforms Digital Retail Consumer Technology | |
MusicUniversal Music Group operates as a high-quality, capital-light business benefiting from greater music consumption. Streaming 2.0 deals incorporating wholesale price increases should drive higher subscription revenue growth, while AI partnerships with new platforms create additional monetization opportunities. |
Streaming Royalties Content Subscription Licensing | |
TravelRoyal Caribbean exemplifies the portfolio's focus on companies combining physical assets with technology innovation, using AI and technology for pricing optimization, packaging, promotions, and onboard customer experience delivery. |
Technology Pricing Experience Innovation Optimization | |
| 2025 Q2 |
ActivismShareholder activism continues to grow with 152 campaigns in North America in 2025, a 20.6% increase from 2024. The strategy has evolved from stigmatized to accepted and now necessary as passive investing increases. Non-activist managers are resorting to activism to realize intrinsic value as fewer investors buy and sell based on fundamentals. |
Shareholder activism Proxy contests Board representation Value creation Catalyst |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2026 | Fund Letters | Bill Ackman | BN | Brookfield Corporation | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternatives, carried_interest, compounding, infrastructure, Wealth | Login |
| Feb 11, 2026 | Fund Letters | Bill Ackman | UBER | Uber Technologies, Inc. | Industrials | Passenger Ground Transportation | Bull | New York Stock Exchange | Autonomous, Bookings, mobility, Operating_Leverage, platform | Login |
| Feb 11, 2026 | Fund Letters | Bill Ackman | AMZN | Amazon.com, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | advertising, AI, cloud, ecommerce, hyperscale | Login |
| Feb 11, 2026 | Fund Letters | Bill Ackman | GOOG | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, cloud, monetization, scale, Search | Login |
| Feb 11, 2026 | Fund Letters | Bill Ackman | META | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | advertising, AI, Engagement, monetization, scale | Login |
| Feb 11, 2026 | Fund Letters | Bill Ackman | FNMA | Federal National Mortgage Association | Financials | Mortgage Finance | Bull | Dubai Financial Market | Conservatorship, Housing, Privatization, recapitalization, warrants | Login |
| Feb 11, 2026 | Fund Letters | Bill Ackman | HTZ | Hertz Global Holdings, Inc. | Industrials | Passenger Ground Transportation | Bull | NASDAQ | Autonomous, EBITDA, Fleet, turnaround, Utilization | Login |
| Feb 11, 2026 | Fund Letters | Bill Ackman | QSR | Restaurant Brands International Inc. | Consumer Discretionary | Restaurants | Bull | New York Stock Exchange | Comps, Franchising, growth, Margins, valuation | Login |
| Feb 11, 2026 | Fund Letters | Bill Ackman | HHH | Howard Hughes Holdings Inc. | Real Estate | Real Estate Development | Bull | New York Stock Exchange | cashflow, diversification, holding_company, real_estate, transformation | Login |
| Feb 11, 2026 | Fund Letters | Bill Ackman | CMG | Chipotle Mexican Grill, Inc. | Consumer Discretionary | Restaurants | Bear | New York Stock Exchange | Comps, exit, leadership, Margins, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| AMZN | This quarter, we took profits in our hyperscaler portfolio companies (Amazon and Google) and increased our position in NVIDIA. |
| BN | Leading asset-rich alternative asset manager with deep domain expertise. Owns 73% of $84bn publicly-listed asset manager (Brookfield Asset Management) with significant value derived from asset-light, recurring management fee streams. We believe that deep domain expertise and best-in-class returns position Brookfield to benefit from multi-trillion-dollar wave of AI-related infrastructure investment. |
| CMG | The top-five detractors from returns were Fiserv, Chipotle, Constellation Software, Roper, and Floor & Décor. In the quarter, we exited Fiserv, Chipotle, and monday.com. |
| FMCC | Fannie and Freddie shares more than tripled in 2025 as the Trump administration reiterated its commitment to an eventual privatization. We believe YTD share price declines greatly underestimate how quickly President Trump can act to drive a re-rating of shares and unveil a taxpayer asset worth ~$300 billion. |
| FNMA | Fannie and Freddie shares more than tripled in 2025 as the Trump administration reiterated its commitment to an eventual privatization. The administration has repeatedly emphasized three key objectives: Enhance home affordability by compressing the spread of mortgages over Treasuries, Demonstrate a near-term mark to market for the taxpayers' ownership in the GSEs, Maximize long-term value of the taxpayers' interest in Fannie and Freddie. |
| GOOG | Alphabet's Q4 performance marks a significant triumph, characterized by a rare beat and raise narrative across all critical business segments. The company's recent earnings report was driven by a balanced contribution from its legacy Search and YouTube divisions, with Google Cloud emerging as the standout performer. Cloud's revenue growth reached an impressive 34%, and it boasts an extraordinary $155 billion backlog, a nearly double increase compared to the previous quarter. This remarkable transformation has propelled Cloud from a margin drag to a high-octane profit center. |
| HHH | 2025 marked a pivotal year for HHH as it began its transformation into a leading diversified holding company. Strong results across real estate subsidiary's high-quality portfolio of MPCs. 2025 MPC EBT guidance of $450 million reflects record-high land sale profitability. Completed transaction with Pershing Square in May 2025. |
| HLT | New position in global hospitality company Hilton. |
| HTZ | HTZ is a leading vehicle rental provider in the early stages of a turnaround with asymmetric upside. Fleet refresh now complete, with depreciation well below targets and strong fleet economics. Vehicle utilization is now 84%, best-in-class amongst peers and highest since 2018. Company reported first profitable quarter in two years. |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| NKE | Notable positive contributions from the Fund's short book in December include National Vision Holdings, Nike, and Starbucks. |
| QSR | QSR is a high-quality business with significant long-term growth potential that we believe trades at a highly discounted valuation. Tim Hortons comparable sales of 3% are outperforming the broader QSR industry in Canada. International business comparable sales of 5% are outperforming McDonald's. Consistent 8% operating profit growth. |
| UBER | UBER was a detractor in the fourth quarter following its third-quarter 2025 earnings report, which delivered strong operating performance but was met with a muted market reaction. Gross Bookings and adjusted EBITDA both came in near the high end of management's guidance, driven by accelerating demand across both Mobility and Delivery. However, investor focus shifted to commentary around reduced margin expansion as the company steps up investment in growth initiatives, including autonomous vehicle partnerships, platform innovation, and commerce expansion. |
| UMG.AS | UMG is a high-quality, capital-light, rapidly growing royalty on greater music consumption. 'Streaming 2.0' deals, which incorporate wholesale price increases, should lead to higher subscription revenue growth. New partners and product tiers should allow for better customer segmentation. AI can be a further tailwind to growth. |
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