As of Q1 2026, Bill Ackman's Pershing Square portfolio has decreased to approximately $13.71 billion, maintaining a concentrated investment strategy with Brookfield Corp., Amazon.com, and Uber Technologies comprising about 51% of the total assets. Notably, Ackman initiated a significant new position in Microsoft, making it approximately 15% of the portfolio, while exiting Hilton Worldwide. The adjustments also included increasing stakes in Amazon and trimming positions in Brookfield and Uber. Both Pershing Square Holdings and Pershing Square USA are currently trading at significant discounts to their net asset value (NAV), indicating potential undervaluation. Furthermore, Ackman has made strategic moves, including a $64 billion unsolicited offer for Universal Music Group (UMG) and continued confidence in legacy positions such as Fannie Mae and Freddie Mac, which may offer opportunities for re-rating. These developments reflect Ackman's ongoing commitment to his investment philosophy and market strategies.