Bill Ackman – Pershing Square Capital Management Portfolio Activity & Recent Trades (Sep 30, 2025)

As of Sep 30, 2025, the Pershing Square Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2025, the filing reported:

New Buys –

None reported

Increases –

None reported

Reductions – Brookfield Corporation, Alphabet Inc., Restaurant Brands International, Uber Technologies, Inc.

Complete Exits –

None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	BN Brookfield Corporation	Brookfield Corporation	Sell	-140,166	-0.3%	$2.81B	41,020,231
Q3 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-519,007	-9.7%	$1.18B	4,843,973
Q3 2025	QSR Restaurant Brands International	Restaurant Brands International	Sell	-85,418	-0.4%	$1.47B	22,915,496
Q3 2025	UBER Uber Technologies, Inc.	Uber Technologies, Inc.	Sell	-30,643	-0.1%	$2.97B	30,270,518
Q2 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+5,823,316	-	$1.28B	5,823,316
Q2 2025	BN Brookfield Corporation	Brookfield Corporation	Buy	+155,740	+0.4%	$2.55B	41,160,397
Q2 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Sell - Position Exit	-14,799,796	-100.0%	$0.00	-
Q2 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+925,000	+20.8%	$945.12M	5,362,980
Q2 2025	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Buy	+29,808	+1.0%	$807.16M	3,030,578
Q2 2025	HTZ Hertz Global Holdings, Inc	Hertz Global Holdings, Inc	Buy	+241,127	+1.6%	$104.10M	15,241,127
Q1 2025	BN Brookfield Corporation	Brookfield Corporation	Buy	+6,111,593	+17.5%	$2.15B	41,004,657
Q1 2025	CMG Chipotle Mexican Grill, Inc.	Chipotle Mexican Grill, Inc.	Sell	-3,112,356	-12.6%	$1.08B	21,541,177
Q1 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Sell	-77,855	-0.5%	$1.04B	14,799,796
Q1 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-1,223,551	-16.2%	$988.00M	6,324,031
Q1 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+451,492	+11.3%	$686.29M	4,437,980
Q1 2025	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Sell	-2,439,776	-44.8%	$682.83M	3,000,770
Q1 2025	HTZ Hertz Global Holdings, Inc	Hertz Global Holdings, Inc	Buy - Position Entry	+15,000,000	-	$59.10M	15,000,000
Q1 2025	NKE Nike, Inc.	Nike, Inc.	Sell - Position Exit	-18,768,946	-100.0%	$0.00	-
Q1 2025	UBER Uber Technologies, Inc.	Uber Technologies, Inc.	Buy - Position Entry	+30,301,161	-	$2.21B	30,301,161
Q4 2024	BN Brookfield Corporation	Brookfield Corporation	Buy	+2,157,181	+6.6%	$2.00B	34,893,064
Q4 2024	CMG Chipotle Mexican Grill, Inc.	Chipotle Mexican Grill, Inc.	Sell	-4,161,632	-14.4%	$1.49B	24,653,533
Q4 2024	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Sell	-1,929,622	-26.2%	$1.34B	5,440,546
Q4 2024	NKE Nike, Inc.	Nike, Inc.	Buy	+2,488,608	+15.3%	$1.42B	18,768,946
Q4 2024	SEG Seaport Entertainment	Seaport Entertainment	Buy	+2,929,107	+139.8%	$140.41M	5,023,780
Q3 2024	BN Brookfield Corporation	Brookfield Corporation	Buy	+25,881,373	+377.6%	$1.74B	32,735,883
Q3 2024	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Sell	-87,990	-0.6%	$1.27B	14,877,651
Q3 2024	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Sell	-1,582,122	-17.7%	$1.70B	7,370,168
Q3 2024	NKE Nike, Inc.	Nike, Inc.	Buy	+13,240,206	+435.5%	$1.44B	16,280,338
Q3 2024	QSR Restaurant Brands International	Restaurant Brands International	Sell	-141,628	-0.6%	$1.66B	23,000,914
Q3 2024	SEG Seaport Entertainment	Seaport Entertainment	Buy - Position Entry	+2,094,673	-	$57.44M	2,094,673