Bill Ackman portfolio against fair value
Activist investor with a concentrated portfolio of a few large positions. Holdings from Pershing Square's 13F filing for Q2 2026, filed Aug 14, 2026. Fair value and quality as of Nov 8, 2026.
Of the 12 stocks we value in Pershing Square' 13F filing for Q2 2026, 5 trade below our fair value (as of Nov 8, 2026).
Adds the largest valued positions, as many as fit on your watchlist: 5 without an account, 10 with a free account, all with Pro.
All Pershing Square stocks with fair value
more than 10% below fair value (cheap)near fair value (±10%)more than 10% above fair value (expensive)
| Holding | Weight | vs prior qtr | vs fair value | Quality |
|---|---|---|---|---|
| Uber Technologies Inc UBER+15 % vs prior qtr | 12.7 % | +15 % | 32.3 % below FV | 68 |
| Brookfield Corp BN−4 % vs prior qtr | 12.6 % | −4 % | FV 67.6 % lower | 43 |
| Microsoft Corporation MSFT+10 % vs prior qtr | 11.9 % | +10 % | 9.1 % below FV | 66 |
| Amazon.com Inc AMZN−25 % vs prior qtr | 10.5 % | −25 % | FV 46.0 % lower | 56 |
| Howard Hughes Holdings Inc. HHH+48 % vs prior qtr | 10.2 % | +48 % | 19.7 % below FV | 51 |
| Restaurant Brands International Inc QSR+14 % vs prior qtr | 9.6 % | +14 % | FV 6.8 % lower | 58 |
| Meta Platforms Inc. META+20 % vs prior qtr | 9.3 % | +20 % | 9.1 % below FV | 67 |
| Visa Inc. Class A Vnew | 5.8 % | new | FV 42.5 % lower | 88 |
| Mastercard Inc MAnew | 5.6 % | new | FV 44.8 % lower | 85 |
| S&P Global Inc SPGInew | 5.4 % | new | FV 55.6 % lower | 82 |
| Netflix Inc NFLXnew | 4.8 % | new | 13.2 % below FV | 88 |
| Pershing Square Usa Ltd PSUSnew | 0.8 % | new | fund | n/a |
| Seaport Entertainment Group Inc. SEGunchanged | 0.7 % | unchanged | FV 79.1 % lower | 44 |
| Hertz Global Hldgs Inc HTZ−2 % vs prior qtr | 0.2 % | −2 % | no fair value | n/a |
"Weight" is the share of the total reported value. "Vs prior qtr" compares the share count with the previous filing. "Not covered" means we could not match this position to one of our stocks with two independent sources, so we show no value.
Bought and sold in Q2 2026
New positions:
- Visa Inc. Class A (5.8 %), FV 42.5 % lower
- Mastercard Inc (5.6 %), FV 44.8 % lower
- S&P Global Inc (5.4 %), FV 55.6 % lower
- Netflix Inc (4.8 %), 13.2 % below FV
- Pershing Square Usa Ltd (0.8 %)
Sold out:
- Alphabet Inc
- Alphabet Inc
Frequently asked questions
What stocks does Bill Ackman own?
According to Pershing Square' 13F filing for Q2 2026 (filed Aug 14, 2026), the five largest positions are Uber Technologies Inc (12.7 %), Brookfield Corp (12.6 %), Microsoft Corporation (11.9 %), Amazon.com Inc (10.5 %), Howard Hughes Holdings Inc. (10.2 %). In total the filing lists 14 stocks worth $19.5 bn.
Which Bill Ackman stocks trade below fair value?
5 of the 12 stocks we value. The largest of them: Uber Technologies Inc: 32% below fair value; Microsoft Corporation: 9% below fair value; Howard Hughes Holdings Inc.: 20% below fair value; Meta Platforms Inc.: 9% below fair value; Netflix Inc: 13% below fair value. As of Nov 8, 2026, not financial advice.
How current is this list?
Large US investment managers report their US stock holdings to the SEC once a quarter (Form 13F), at the latest 45 days after quarter end. This list shows Q2 2026, filed Aug 14, 2026. Pershing Square may have bought or sold since. We recalculate our fair value daily, last on Nov 8, 2026.
Source of the holdings: 13F filing with the SEC (Pershing Square, CIK 2026053). A 13F covers only US-listed stocks, options and certain bonds, no short positions and no foreign shares. Fair value and quality are our valuation and do not account for your personal situation.