Bill Ackman Q1 2026 Portfolio — MSFT New Position $2.1B, GOOGL Cut 95%
Bill Ackman's Pershing Square initiated a $2.1B position in MSFT in Q1 2026 while slashing GOOGL and GOOG by 95% each. HLT was fully liquidated, and AMZN was increased by 19%.
- Ackman initiated a $2.1B MSFT position and slashed GOOGL/GOOG by 95% in Q1 2026
- HLT was fully liquidated; AMZN raised 19% to $2.4B
- Portfolio AUM: $13.7B, 11 holdings
Bill Ackman's Pershing Square Capital Management revealed in its Q1 2026 13F filing that it initiated a new $2.1B position in MSFT while dramatically reducing GOOGL and GOOG by 95% each. The firm holds 11 positions with total AUM of $13.7B, and HLT ($870M) was fully exited from the portfolio.
Top 5 Holdings — Q1 2026
Key Trades in Q1 2026
The most notable move this quarter was the initiation of a MSFT position. Deploying $2.1B (15.3% of the portfolio) in a single quarter to make it the fund's fourth-largest holding reflects strong conviction in AI infrastructure and cloud growth. Combined with META ($1.5B, 11.1%), technology stocks now account for more than half of the portfolio.
- MSFT: New position $2.1B (15.3% weight) — Large-scale bet on AI and cloud themes; immediately becomes the #4 holding
- GOOGL/GOOG: Reduced -95% — Reflects concern over Google's AI competitiveness; effectively a near-full exit
- HLT: Full liquidation $870M → 0 — Complete exit from travel and hospitality; signals a shift toward a higher-conviction concentrated portfolio
- AMZN: Increased +19% to $2.4B — Sustained confidence in AWS cloud and e-commerce growth; maintains co-#1 position
Meanwhile, Ackman's view on Alphabet has turned sharply negative. Cutting both GOOGL and GOOG by 95%, leaving only a $89M residual in GOOG, reads as a skeptical signal on Google's positioning in the AI search competition. The full liquidation of HLT ($870M) reflects a deliberate reduction of travel and hospitality exposure, consistent with Ackman's broader shift toward a more concentrated, high-conviction portfolio. BN remains the top holding at $2.4B (17.6%), maintaining its role as a core pillar alongside AMZN ($2.4B, 17.4%).
Ackman's Portfolio Reshapes Around Big Tech Concentration
As of this quarter, MSFT, AMZN, and META — three AI-beneficiary mega-cap tech names — collectively account for approximately 44% of Pershing Square's portfolio. Within an already highly concentrated 11-stock portfolio, the near-full exit from Alphabet and simultaneous initiation of MSFT amounts to a strategic declaration that Ackman views Microsoft as the clear winner in the generative AI infrastructure race. Non-tech core holdings such as BN, UBER, and QSR continue to hold top positions, preserving the dual axis of growth and value. That said, the key things to watch next quarter will be whether Ackman fully exits the residual GOOGL stake and what becomes of smaller positions such as HTZ and SEG.
Frequently Asked Questions
What new position did Bill Ackman initiate in Q1 2026?
Bill Ackman initiated a new position in MSFT (Microsoft) worth $2.1B, representing 15.3% of the portfolio. It immediately became the fourth-largest holding in Pershing Square's portfolio.
What was the biggest change in Bill Ackman's Q1 2026 portfolio?
The most significant moves were the $2.1B initiation of MSFT and the near-full 95% reduction of both GOOGL and GOOG. The full liquidation of HLT ($870M) was also notable, while AMZN was increased by 19% to $2.4B.
What is Bill Ackman's largest holding?
As of Q1 2026, BN (Brookfield) is the top holding at $2.4B (17.6%), effectively tied with AMZN at $2.4B (17.4%) for the #1 spot. UBER at $2.2B (15.7%) and MSFT at $2.1B (15.3%) follow closely behind.
What is Pershing Square Capital Management's total AUM?
Based on the Q1 2026 13F filing, Pershing Square Capital Management's total AUM stands at approximately $13.7B across 11 holdings.
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