Ackman concentrates 77% in five stocks

Bill Ackman’s latest U.S. stock disclosure shows just how concentrated Pershing Square has become. Pershing Square Capital Management’s first-quarter 2026 13F filing, submitted on May 15, listed 11 U.S. equity positions worth about $13.7 billion, with roughly 77% to 78% of that portfolio in five names. Amazon, Microsoft and Meta Platforms were among the biggest positions, alongside Brookfield and Uber. That concentration is not a social-media exaggeration, though the framing on X compressed some details. Filing-based portfolio trackers drawing from the SEC submission show Brookfield at 17.62% of the reported portfolio, Amazon at 17.39%, Uber at 15.71%, Microsoft at 15.26% and Restaurant Brands at 12.20%, for a combined 78.18%. Meta was the sixth-largest disclosed position at 11.10%. (giantsight.com) ### Which five stocks actually make up the 77%-plus concentration? The five largest disclosed U.S. holdings were Brookfield, Amazon, Uber, Microsoft and Restaurant Brands, not a basket made up entirely of AI platform companies. The numbers in the Q1 2026 filing-based breakdown were 17.62%, 17.39%, 15.71%, 15.26% and 12.20%, respectively. (giantsight.com) Meta’s 11.10% weight is still large, but it falls outside the top five on the disclosed 13F snapshot. That means the claim that Pershing Square had about 77% in five stocks is broadly right, while the suggestion that those five were all “AI-linked winners including Amazon, Meta and Microsoft” is only partly supported by the filing data. (giantsight.com) ### Where do Amazon, Microsoft and Meta fit in Ackman’s portfolio now? Amazon was Pershing Square’s second-largest disclosed U.S. holding at the end of the first quarter, at 17.39% of the portfolio. Microsoft, a new position, ranked fourth at 15.26%, and Meta ranked sixth at 11.10%. Microsoft is the clearest recent addition. (giantsight.com) CNBC reported on May 15 that Ackman said Pershing Square began buying Microsoft in February after a post-earnings decline, and he described the company as a “core holding.” Ackman also said Pershing Square used the sale of Alphabet shares to help fund the Microsoft purchase. ### Why are people describing this as an AI-heavy bet? Microsoft, Amazon and Meta are all central to the current AI buildout through cloud infrastructure, foundation-model spending and AI products. Ackman himself tied the Microsoft purchase to concerns he said investors had overdone around AI competition and Azure growth, according to CNBC’s report on his post. (cnbc.com) The broader portfolio, though, is more mixed than the shorthand suggests. Uber and Restaurant Brands are not usually grouped with hyperscale AI platforms, and Brookfield is an infrastructure and asset-management name rather than a pure AI software bet. The filing therefore supports the idea of a concentrated portfolio with several large technology and AI-adjacent holdings, but not a portfolio dominated exclusively by AI platform stocks. (cnbc.com) ### What changed in the quarter? Microsoft was the main new buy in the quarter. Pershing Square also increased Amazon, while sharply reducing Alphabet and exiting Hilton, according to filing-based portfolio summaries. Ackman said the Alphabet sale “was not a bet against the company” and that Pershing Square remained bullish on Alphabet long term, but used Google as a source of funds for Microsoft because of its “finite capital base,” CNBC reported from his post. (giantsight.com) ### What should readers watch next? The next hard data point will be Pershing Square’s second-quarter 2026 13F, which would typically be due by mid-August. (giantsight.com) That filing will show whether Microsoft remains a core holding, whether Amazon or Meta were increased, and whether Ackman makes further changes to Alphabet after the first-quarter reduction. (cnbc.com)