Pershing Square Capital Management, L.P. 13F holdings and portfolio analysis

Directly following the baseline means accepting an extremely top-heavy 13F clone with meaningful stock-specific risk. In the baseline strategy artifact, the top 5 holdings account for 89.03% of assets and the top 4 alone are Uber 21.48%, Howard Hughes 19.32%, Amazon 19.29%, and Meta 15.36%. Sector exposure is concentrated in Consumer Discretionary at 40.44%, Industrials at 22.17%, Real Estate at 20.19%, and Communication Services at 17.20%. The payoff is a 10.46% annualized return and 160.1% total return with beta 0.75, but the trade-off is a -37.16% max drawdown and dependence on a small number of names after a reporting lag.

The recent baseline periods that best explain the trade-off are the strong but uneven quarters in 2024 and the weaker, high-turnover stretch in 2025. The best recent period was 2024-06-30, when optimizedReturn was 12.87% versus benchmarkReturn 9.83% for 3.04% excess with only 8.41 turnover. But that strength was followed by 2024-09-30 at -0.44% versus 2.76% and 2024-12-31 at -7.10% versus -3.63%, showing how concentrated exposures can reverse. In 2025-03-31, turnover jumped to 56.39 with six trades, yet return was only 1.60% versus SPY at 9.22%, which highlights the lag and execution risk of trying to track a concentrated 13F.

Before accepting the baseline, a user should inspect three things: concentration, period-level consistency, and execution friction. First, the baseline top 5 concentration is 89.03%, so investors need comfort with a few names dominating outcomes. Second, periodPerformance shows a mixed pattern, with strong quarters like 2024-06-30 (+12.87%, 3.04% excess) but weak ones like 2025-03-31 (+1.60%, -7.62% excess) and 2024-12-31 (-7.10%, -3.47% excess). Third, the strategy uses 227 historical transactions and totalEstimatedCost of 2.1957, so users should ask whether delayed filing-based implementation still fits their horizon and trading tolerance.