Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Pershing Square (Ackman)
activist
B
Reliability stable可靠性稳定
leaderboard rank榜单排名 #18WATCH观察
Book持仓规模
$13.7B
long US listed only仅美股多头
Positions持仓数
11
100% resolved已解析
Top-10 concentration前十集中度
100%
% of book占组合%
Turnover换手
LOW
13.8% per quarter每季
Median excess中位超额
-7%
buys vs SPY, since filing买入相对SPY，自申报起 · n 16
Hit rate胜率
38%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Magnificent Seven — added AMZN, MSFT (+32.6pp of book this quarter)核心倾向：七巨头 — 本季度加仓 AMZN、MSFT（占组合 +32.6pp）
Magnificent Seven七巨头
+32.6pp
43.8% of book held占组合持有
· 4 names标的
· AI & Technology
AMZN
MSFT
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+17.4pp
17.4% of book held占组合持有
· 1 names标的
· US Sectors (EW)
AMZN
AI Software & PlatformsAI 软件与平台
+15.3pp
26.4% of book held占组合持有
· 3 names标的
· AI & Technology
MSFT
Quantum Computing量子计算
+15.3pp
15.3% of book held占组合持有
· 2 names标的
· AI & Technology
MSFT
Technology (Equal-Weight)信息技术（等权）
+15.3pp
15.3% of book held占组合持有
· 1 names标的
· US Sectors (EW)
MSFT
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: stable稳定 · 6 scored quarters已评分季度 · 50% positive为正 · recent-4 median近4季中位 -1% vs all-time对全期 -1%
Median excess by quarter各季度中位超额: █▁▂▆▅▄ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-09-30 | 2 | +60% | 100% | -0% |
| 2024-06-30 | 2 | -78% | 0% | -3% |
| 2025-03-31 | 3 | -47% | 33% | -7% |
| 2025-06-30 | 2 | +25% | 50% | +17% |
| 2025-12-31 | 2 | +4% | 50% | +5% |
| 2026-03-31 | 2 | -5% | 0% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Technology
31.0%
▲ +15.1pp
Consumer Cyclical
29.6%
▼ -0.3pp
Financial
17.6%
▼ -0.5pp
Communication Services
11.8%
▼ -13.4pp
Real Estate
9.5%
▼ -0.8pp
Industrials
0.5%
▲ +0.0pp
Theme categories主题类别
AI & Technology 43.8%
US Sectors (EW) 16.4%
Rotating into (QoQ)轮入（环比）
Technology +15.1pp
Industrials +0.0pp
Rotating out of (QoQ)轮出（环比）
Communication Services -13.4pp
Real Estate -0.8pp
Financial -0.5pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Technology 31% · Consumer Cyclical 30% · Financial 18% |
| 2025-12-31 | Consumer Cyclical 30% · Communication Services 25% · Financial 18% |
| 2025-09-30 | Consumer Cyclical 30% · Technology 20% · Financial 19% |
| 2025-06-30 | Consumer Cyclical 35% · Technology 21% · Financial 19% |
| 2025-03-31 | Consumer Cyclical 28% · Technology 18% · Financial 18% |
| 2024-12-31 | Consumer Cyclical 46% · Communication Services 17% · Financial 16% |
| 2024-09-30 | Consumer Cyclical 50% · Communication Services 15% · Financial 13% |
| 2024-06-30 | Consumer Cyclical 54% · Communication Services 20% · Real Estate 12% |
| 2024-03-31 | Consumer Cyclical 56% · Communication Services 19% · Real Estate 13% |
| 2023-12-31 | Consumer Cyclical 54% · Communication Services 19% · Real Estate 16% |
| 2023-09-30 | Consumer Cyclical 60% · Communication Services 17% · Real Estate 12% |
| 2023-06-30 | Consumer Cyclical 64% · Communication Services 13% · Unclassified 12% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。11 positions shown项持仓 · resolved已解析 11/11 (100%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  BN |
Brookfield Corp | 17.6% | $2.4B | hold | -3% | — | 70 · HIGH | Financial | — | — |
| 2 | AMZN |
Amazon Com Inc | 17.4% | $2.4B | add | +19% | 2q | 77 · HIGH | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -6% |
| 3 |  UBER |
Uber Technologies Inc | 15.7% | $2.2B | hold | -1% | — | 64 · MODERATE | Technology | Industrials (Equal-Weight) | -4% |
| 4 | MSFT |
Microsoft Corp | 15.3% | $2.1B | new | — | 1q | 66 · MODERATE | Technology | Magnificent Seven, AI Software & Platforms, Quantum Computing | -5% |
| 5 |  QSR |
Restaurant Brands Intl Inc | 12.2% | $1.7B | hold | -1% | — | 57 · MODERATE | Consumer Cyclical | — | — |
| 6 |  META |
Meta Platforms Inc | 11.1% | $1.5B | hold | -0% | — | 54 · MODERATE | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +5% |
| 7 |  HHH |
Howard Hughes Holdings Inc | 8.7% | $1.2B | hold | +0% | — | 41 · LOW | Real Estate | — | — |
| 8 |  SEG |
Seaport Entmt Group Inc | 0.8% | $108M | hold | +0% | — | 38 · LOW | Real Estate | — | — |
| 9 |  GOOG |
Alphabet Inc | 0.7% | $89M | trim | -95% | — | 34 · LOW | Communication Services | Communication Services (Equal-Weight) | -11% |
| 10 |  HTZ |
Hertz Global Hldgs Inc | 0.5% | $70M | hold | +0% | — | 31 · LOW | Industrials | — | -69% |
| 11 |  GOOGL |
Alphabet Inc | 0.1% | $9M | trim | -95% | — | 13 · LOW | Communication Services | Magnificent Seven, AI Software & Platforms, Quantum Computing | -12% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (2)
| AMZN add |
17.4% | -6% |
| MSFT new |
15.3% | -5% |
Rotated out of轮出 (3)
| GOOG trim |
-95% | -11% |
| GOOGL trim |
-95% | -12% |
 HLT exit |
-100% | +2% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。