Pershing Square Capital Management, L.P. Holdings - 4Q25

As of December 31, 2025, Pershing Square Capital Management, L.P. reported 11 positions comprising 11 stocks worth $15.5B. The top 5 holdings represented 72.2% of the portfolio. During the quarter, the fund entered 1 new position and exited 1. Explore portfolio value and concentration trends, quarterly position counts, and a detailed breakdown of each holding below.