Pershing Square initiates $2.09B Microsoft stake, slashes Alphabet by 95%, and exits Hilton

During the quarter ending March 31, 2026, Pershing Square Capital Management executed substantial shifts across its concentrated portfolio, highlighted by a major new entry into Microsoft Corp (MSFT) and an aggressive unwinding of its Alphabet Inc positions. The fund reported a total 13F portfolio value of $13.71 billion.

The most prominent portfolio addition was the initiation of a $2.09 billion position in Microsoft Corp, which immediately accounted for approximately 15.3% of the fund's reported holdings. Concurrently, Pershing Square drastically scaled back its exposure to Alphabet Inc. Its Class C holding (GOOG) was reduced by 95% from $1.93 billion to $89.42 million, while its Class A holding (GOOGL) was similarly reduced by 95% from $212.31 million to $9.31 million.

In addition, Pershing Square completely exited its position in Hilton Worldwide Holdings Inc (HLT), which was valued at $869.98 million in the previous quarter. Offsetting some of these exits and reductions, the firm increased its stake in Amazon.com Inc (AMZN) by 19%, bringing the total position value to $2.39 billion compared to $2.22 billion in the prior period.

Position changes