Bill Ackman's Pershing Square Capital Management revealed in its Q1 2026 13F filing that it initiated a new $2.1B position in MSFT while dramatically reducing GOOGL and GOOG by 95% each. The firm holds 11 positions with total AUM of $13.7B, and HLT ($870M) was fully exited from the portfolio.
Top 5 Holdings — Q1 2026
- BN: $2.4B (17.6%)
- AMZN: $2.4B (17.4%)
- UBER: $2.2B (15.7%)
- MSFT: $2.1B (15.3%)
- QSR: $1.7B (12.2%)
Key Trades in Q1 2026
The most notable move this quarter was the initiation of a MSFT position. Deploying $2.1B (15.3% of the portfolio) in a single quarter to make it the fund's fourth-largest holding reflects strong conviction in AI infrastructure and cloud growth. Combined with META ($1.5B, 11.1%), technology stocks now account for more than half of the portfolio.
- MSFT: New position $2.1B (15.3% weight) — Large-scale bet on AI and cloud themes; immediately becomes the #4 holding
- GOOGL/GOOG: Reduced -95% — Reflects concern over Google's AI competitiveness; effectively a near-full exit
- HLT: Full liquidation $870M → 0 — Complete exit from travel and hospitality; signals a shift toward a higher-conviction concentrated portfolio
- AMZN: Increased +19% to $2.4B — Sustained confidence in AWS cloud and e-commerce growth; maintains co-#1 position
Meanwhile, Ackman's view on Alphabet has turned sharply negative. Cutting both GOOGL and GOOG by 95%, leaving only a $89M residual in GOOG, reads as a skeptical signal on Google's positioning in the AI search competition. The full liquidation of HLT ($870M) reflects a deliberate reduction of travel and hospitality exposure, consistent with Ackman's broader shift toward a more concentrated, high-conviction portfolio. BN remains the top holding at $2.4B (17.6%), maintaining its role as a core pillar alongside AMZN ($2.4B, 17.4%).
Ackman's Portfolio Reshapes Around Big Tech Concentration
As of this quarter, MSFT, AMZN, and META — three AI-beneficiary mega-cap tech names — collectively account for approximately 44% of Pershing Square's portfolio. Within an already highly concentrated 11-stock portfolio, the near-full exit from Alphabet and simultaneous initiation of MSFT amounts to a strategic declaration that Ackman views Microsoft as the clear winner in the generative AI infrastructure race. Non-tech core holdings such as BN, UBER, and QSR continue to hold top positions, preserving the dual axis of growth and value. That said, the key things to watch next quarter will be whether Ackman fully exits the residual GOOGL stake and what becomes of smaller positions such as HTZ and SEG.
