Activist · CIK 0001336528

Bill Ackman

Pershing Square
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Bill Ackman runs Pershing Square, an activist overseeing $15.53B in disclosed equity holdings (SEC CIK 0001336528). The latest portfolio (2025Q4) discloses 11 positions across 6 sectors, with the largest positions in BN, UBER and AMZN. On a mark-to-market basis the tracked portfolio has returned 35.6% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.

Portfolio
$15.53B
Positions
11
Quarter
2025Q4
Filings tracked
40
1Y+35.6%3Y+23.9%5Y+33.2%10Y+153.3%Full performance →
1-Yearbacktest
+35.64%
since 2025-04-20
3-Yearactual
+23.85%
since 2022Q4
5-Yearactual
+33.15%
since 2020Q4
10-Yearbacktest
+153.25%
since 2016-04-20

Methodology: TWR tiles chain-link quarterly mark-to-market across consecutive filings (GIPS-compliant) · actual tiles use a real 13F snapshot marked to today · backtest tiles re-price the current book to historical prices.

Performance overview

We mark Bill Ackman (Pershing Square)'s disclosed portfolio to current market prices and compare its growth against the S&P 500 (SPY). Bill's portfolio is 35.6% over the last 12 months · 117.4% since 2016Q1.

Portfolio growth vs SPY
Rebased to 100 at 2021Q2 · through 2025Q4
Bill Ackman
+30.1%
SPY
+69.5%
Alpha
-39.4pp
1456981401822021Q22023Q32025Q4
Portfolio line is the GIPS-compliant time-weighted return chain-linked across the manager's quarterly 13F filings — unaffected by capital flows. Quarters with insufficient held-through coverage are skipped, which can briefly flatten the line.
Capital flow per quarter
BuysSellsNet
+$12.92B+$6.46B$0-$6.46B-$12.92B'22Q1'22Q2'22Q3'22Q4'23Q1'23Q2'23Q3'23Q4'24Q1'24Q2'24Q3'24Q4'25Q1'25Q2'25Q3'25Q4
Latest · 2025Q4
+$1.37B
Lifetime buys
$36.53B
Lifetime sells
$25.14B
Portfolio over time
AUMPositions
$0$5.12B$10.25B$15.53B111'22Q1'23Q4'25Q4
QoQ AUM
+6.0%
16Q lifetime AUM
+49.4%
QoQ positions
+0
16Q lifetime positions
+3
Position concentration
11 positions
Top 1
18%
of book