AHNIM STUDIO · Guru · Institutional 13F · Q2 2026
Pershing Square’s Q2 filing adds reported positions in Visa, Mastercard, S&P Global and Netflix while Amazon’s share count falls. However, the reporting perimeter also changes. We rebuild Q1 from two complementary filings before comparing it with the consolidated Q2 report; without that step, Howard Hughes would misleadingly look like a new 9-million-share addition.
Research cut-off: October 17, 2026 (Korea). Holdings dates: March 31 and June 30, 2026. Q2 filing date: 2026-08-14. Values are USD as filed; tables display USD millions rounded to three decimals, while calculations retain whole-dollar values. No Q3 report for this manager was found in the filing-history check. The official Q3 deadline is November 16, 2026; that deadline is not a filed portfolio.
The manager and the reporting perimeter
Bill Ackman is Pershing Square Inc.’s chief executive and chairman. The Q2 reporting manager is Pershing Square Inc., CIK 2026053. Pershing Square Capital Management, L.P., CIK 1336528, filed a notice pointing to that parent report. The two entities are one coverage target here, not two independent investors.
Pershing’s disclosure is concentrated in a relatively small number of companies. That makes position-level comparisons useful, but legal-entity changes can have an outsized effect on a naïve data feed. The Q1 Pershing Square Inc. combination report identifies the separately reporting capital-management entity. Q2’s parent filing lists six included managers, and the capital-management entity files a 13F-NT notice.
| Measure | Q1 2026 | Q2 2026 |
|---|---|---|
| All reported line values* | $14,283.640m | $19,465.693m |
| Common operating equity | $14,283.640m | $19,316.173m |
| Original filing rows | 12 | 15 |
| Operating companies | 10 | 13 |
| Top 10 companies / equity value | 100.00% | 94.30% |
*The all-line total may include option-underlying values and other instruments. It is neither option premiums nor total assets/AUM, and its change is not investment performance. Pershing Q1 is a reconstructed reporting perimeter.
What changed in the disclosed positions
The Q1 parent table contains 9,000,000 Howard Hughes shares. The separate capital-management table contains 18,852,064 more. Together they equal 27,852,064, exactly the number in the Q2 consolidated filing. We add those disjoint slices once, and use the Q1 capital-management holdings for the other positions. The combined Q1 reported value is $14.284 billion, versus $19.466 billion in Q2, but this comparison remains subject to the broader Q2 perimeter. It is not a performance calculation.
Visa, Mastercard, S&P Global and Netflix are first reported within the reconstructed comparison. Uber, Microsoft, Restaurant Brands and Meta show larger share counts. Amazon falls from 11,451,981 to 8,563,857 shares, a 25.22% reduction; Brookfield falls 3.71%. Alphabet’s remaining Class A and Class C rows are absent in Q2. Those differences do not reveal an investment rationale or execution price.
Pershing Square USA appears as a separate investment-vehicle holding with $149.520 million reported value. We retain that row, but exclude it from the operating-company equity denominator rather than look through it or double count its underlying companies. Howard Hughes is included as its own corporate equity holding. The treatment is explicit so that concentration and overlap can be reproduced.
Largest disclosed common-equity positions
| Security / share class | Q2 shares | USD value | Equity weight |
|---|---|---|---|
| Uber Technologies Inc (UBER) · COM | 34,326,200 | $2,476.979m | 12.82% |
| Brookfield Corp (BN) · CL A LTD VT SH | 57,481,047 | $2,448.118m | 12.67% |
| Microsoft Corp (MSFT) · COM | 6,206,730 | $2,315.234m | 11.99% |
| Amazon Com Inc (AMZN) · COM | 8,563,857 | $2,041.110m | 10.57% |
| Howard Hughes Holdings Inc (HHH) · COM | 27,852,064 | $1,991.144m | 10.31% |
| Restaurant Brands Intl Inc (QSR) · COM | 25,821,284 | $1,872.301m | 9.69% |
| Meta Platforms Inc (META) · CL A | 3,196,062 | $1,800.310m | 9.32% |
| Visa Inc (V) · COM CL A | 3,270,470 | $1,122.066m | 5.81% |
| Mastercard Incorporated (MA) · CL A | 2,124,646 | $1,091.218m | 5.65% |
| S&P Global Inc (SPGI) · COM | 2,593,155 | $1,056.088m | 5.47% |
The table ranks security classes; the chart combines common classes belonging to the same issuer. Top-ten-company concentration uses the chart’s issuer basis. The denominator includes reported common/ordinary shares, ADRs, REITs and operating-partnership equity, and excludes options, funds, commodity trusts, preferred depositary shares, warrants and principal-unit instruments.
Share-count changes: additions, reductions and missing rows
| Security | Observed change | Q1 → Q2 shares, split-adjusted | Shares QoQ | Weight change |
|---|---|---|---|---|
| Visa Inc (V) · COM CL A | First reported | 0 → 3,270,470 | New | +5.81 pp |
| Mastercard Incorporated (MA) · CL A | First reported | 0 → 2,124,646 | New | +5.65 pp |
| S&P Global Inc (SPGI) · COM | First reported | 0 → 2,593,155 | New | +5.47 pp |
| Netflix Inc. (NFLX) · COM | First reported | 0 → 13,081,465 | New | +4.84 pp |
| Uber Technologies Inc (UBER) · COM | Increased | 29,958,771 → 34,326,200 | +14.58% | -2.26 pp |
| Microsoft Corp (MSFT) · COM | Increased | 5,654,078 → 6,206,730 | +9.77% | -2.67 pp |
| Restaurant Brands Intl Inc (QSR) · COM | Increased | 22,645,483 → 25,821,284 | +14.02% | -2.02 pp |
| Meta Platforms Inc (META) · CL A | Increased | 2,660,861 → 3,196,062 | +20.11% | -1.34 pp |
| Brookfield Corp (BN) · CL A LTD VT SH | Reduced | 59,697,208 → 57,481,047 | -3.71% | -4.24 pp |
| Amazon Com Inc (AMZN) · COM | Reduced | 11,451,981 → 8,563,857 | -25.22% | -6.13 pp |
| Hertz Global Hldgs Inc · COM NEW | Reduced | 15,241,127 → 14,991,599 | -1.64% | -0.32 pp |
| Alphabet Inc (GOOG) · CAP STK CL C | No longer reported | 311,726 → 0 | -100.00% | -0.63 pp |
| Alphabet Inc (GOOGL) · CAP STK CL A | No longer reported | 32,376 → 0 | -100.00% | -0.07 pp |
Rows shown are the largest within each change group by Q2 value, or Q1 value for missing rows. Changes compare matching CUSIP, share class and unit. No split factor is guessed. Corporate actions and reporting-scope issues identified in this report are discussed above; “first reported” is not proof of a discretionary purchase, and “no longer reported” is not proof of a complete economic exit. We do not estimate trade dates, cost basis or gross buying amounts from these differences.
Industry mix: a sourced, partial classification
| SEC SIC industry | Q1 weight | Q2 weight |
|---|---|---|
| SIC 7389 — SERVICES-BUSINESS SERVICES, NEC | 15.09% | 24.28% |
| SIC 6512 — OPERATORS OF NONRESIDENTIAL BUILDINGS | 16.91% | 12.67% |
| SIC 7372 — SERVICES-PREPACKAGED SOFTWARE | 14.65% | 11.99% |
| SIC 5961 — RETAIL-CATALOG & MAIL-ORDER HOUSES | 16.70% | 10.57% |
| SIC 6798 — REAL ESTATE INVESTMENT TRUSTS | 12.34% | 10.31% |
| SIC 5812 — RETAIL-EATING PLACES | 11.72% | 9.69% |
Industries use SEC SIC codes in issuer submission profiles retrieved October 17, with labels from the official SEC SIC dictionary, applied consistently to both quarters; these are not GICS sectors or historical classifications. Mapped Q2 value is 99.13%; the remaining 0.87% is explicitly unclassified. Additional categories outside this six-row view total 20.49% in Q2. The retained data include every industry bucket and issuer source.
What the filing suggests—and what it cannot establish
AHNIM interpretation: the economically interesting question is how payments, financial information and software fit alongside the older core holdings. The filing confirms their presence and size, but not whether the same underlying funds own each position. Calling every newly consolidated row a fresh purchase would overstate what the documents establish. Company-level evidence is needed before turning this holdings map into an investment thesis.
Next quarter, watch the persistence and scale of the newly reported positions, the Amazon reduction, and whether the filing perimeter remains consistent. Keep the parent and capital-management notices linked so that a later scope change does not create a false transaction history.
Methodology and limitations
Share change (%) = (Q2 shares ÷ Q1 shares − 1) × 100; a zero Q1 balance is labeled New. Weight = a security’s reported value ÷ same-quarter operating-equity value. Weight change is measured in percentage points. Top-ten-company concentration sums the ten largest issuer values after combining common share classes. Values are not inflation-adjusted or converted into a manager return. Market-value changes combine price effects, position differences and potentially changes in the filing perimeter.
We checked the current SEC submission histories for Q1/Q2 amendments and more recent 13F reports at this cut-off. No applicable amendments were found for the source filings used here. A future restatement would replace the affected quarter; an adds-new-holdings amendment would be joined to its original rather than treated as another independent portfolio. Confidential treatment, permissible small-position omissions and non-reportable securities can limit what a public table reveals.
This report is holdings research, not a price-target initiation. It does not change AHNIM’s company valuation targets, create a manager performance ranking or make a personalized investment recommendation. AHNIM uses AI to assist research and illustration; filing checks, explicit calculations and dated corrections govern publication. See our research and corrections policy.
Continue the research
Guru: verified reports, coverage status and quarterly statistics · All Pershing Square coverage
Microsoft’s AI infrastructure update — related company evidence; this 13F does not itself validate that company’s valuation.
This is the initial Q2 2026 report. The Q1 baseline is reproduced above and linked to its original filings below; no earlier AHNIM quarterly report exists for this manager at publication.
Sources and original documents
PERSHING SQUARE INC. · 13F-HR · period 2026-06-30 · filed 2026-08-14 · accession 0001172661-26-003790. EDGAR filing index; 13F-HR XML; INFORMATION TABLE XML.
PERSHING SQUARE INC. · 13F-HR · period 2026-03-31 · filed 2026-05-15 · accession 0001172661-26-002339. EDGAR filing index; 13F-HR XML; INFORMATION TABLE XML.
Pershing Square Capital Management, L.P. · 13F-NT · period 2026-06-30 · filed 2026-08-14 · accession 0001172661-26-003777. EDGAR filing index; 13F-NT XML.
Pershing Square Capital Management, L.P. · 13F-HR · period 2026-03-31 · filed 2026-05-15 · accession 0001172661-26-002336. EDGAR filing index; 13F-HR XML; INFORMATION TABLE XML.
Official manager/person biography or role notice. Portrait is an AI-generated editorial illustration checked against an official institutional reference, not a photograph or endorsement.
SEC Form 13F FAQ — reporting scope, current dollar units, amendments and Q3 2026 deadline. SEC company-ticker file and SEC issuer-submissions profiles — ticker and SIC identity mapping; individual issuer URLs are retained with calculations.
Publication record: initial analysis, October 17, 2026 (Korea). No prior version replaced.