Bill Ackman · quarter digest

What Bill Ackman did in Q4 2025

Pershing Square Capital filed 8 moves in Q4 2025: 1 new, 4 add, 2 trim, 1 exit.

13F filed 2026-02-14. Manager quality score: q8. Philosophy: Concentrated bets on high-quality businesses with activist catalysts.

New positions · 1

Fresh money

METAMETA PLATFORMS INC

NEW·11.4% book·+5

Adds · 4

AMZNAMAZON COM INC

ADD +65%·14.3% book·+6

ADD +10%·10.4% book·+23

“Building Brookfield position.”

ADD +20%·6.4% book·+5

“Doubling down on the Nike turnaround thesis.”

ADD +35%·3.1% book·+19

“Heavy add on the autonomous vehicle optionality.”

Trims · 2

TRIM -4%·12.7% book·+6

“Small trim on Howard Hughes.”

GOOGLALPHABET INC

TRIM -86%·1.4% book·−9

Exits · 1

CMGCHIPOTLE MEXICAN GRILL INC

EXIT·0.0% book·+8

Current top holdings

#	Ticker	Weight	Conviction
1	CMG Chipotle Mexican Grill	21.4%	+8
2	QSR Restaurant Brands International	14.8%	+12
3	HHH Howard Hughes Holdings	13.2%	+6
4	GOOG Alphabet Class C	11.7%	0
5	BN Brookfield Corp	9.5%	+23
6	HLT Hilton Worldwide	9.1%	+1
7	CP Canadian Pacific Kansas City	6.8%	0
8	NKE Nike	5.3%	+5

Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.