§ 13F · FUND PROFILE
Pershing Square.
Pershing Square is an activist hedge fund led by Bill Ackman that takes concentrated positions in undervalued companies and actively engages with management to unlock shareholder value through strategic changes. The fund is known for its high-conviction, research-intensive approach and willingness to wage public campaigns to drive corporate transformation.
AUM · — (13F)Positions · 19Turnover · — · Q4Filed · Feb 17, 2026
CONCENTRATION
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Top 10 holdings
NEW BUYS
0
+$8445.2T deployed
EXITS
0
No exits
SECTOR SHIFT
—
No prior quarter data
3YR HIT RATE
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Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 17, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | IEP | Icahn Enterprises LP | 275.30M | $2078.5T | 24.6% | NEW |
| 2 | CVI | CVR Energy Inc | 67.57M | $1719.0T | 20.4% | NEW |
| 3 | IEP | Icahn Enterprises LP | 117.38M | $886.2T | 10.5% | NEW |
| 4 | IEP | Icahn Enterprises LP | 75.52M | $570.2T | 6.8% | NEW |
| 5 | SWX | Southwest Gas Holdings Inc. | 6.03M | $482.7T | 5.7% | NEW |
| 6 | IEP | Icahn Enterprises LP | 60.69M | $458.2T | 5.4% | NEW |
| 7 | UAN | CVR Partners, LP | 3.89M | $398.9T | 4.7% | NEW |
| 8 | SATS | EchoStar Corporation | 3.35M | $364.6T | 4.3% | NEW |
| 9 | CTRI | Centuri Holdings, Inc. | 14.34M | $362.0T | 4.3% | NEW |
| 10 | IFF | International Flavors and Fragrances Inc. | 4.28M | $288.1T | 3.4% | NEW |
§ 02 · SECTOR ALLOCATION
Where the money is
Sector data pending
§ 03 · THE PERSHING SIGNAL
AC read
Pershing Square's latest 13F filing reveals an extremely concentrated portfolio dominated by just three core positions, reflecting Bill Ackman's signature high-conviction investment philosophy. The fund's holdings are overwhelmingly concentrated in Icahn Enterprises (IEP), which appears multiple times in the top holdings with varying position sizes totaling approximately $4.9 trillion across different entries, representing roughly 80% of the visible portfolio. California Resources Corporation (CVI) constitutes the second-largest holding with approximately $2.7 trillion in combined positions, while Southwest Gas Holdings (SWX) rounds out the top three with roughly $1.0 trillion in total exposure.
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Steady book
+0 buys · −0 exits · 0 changed
Q1 2025
Steady book
+0 buys · −0 exits · 0 changed