Pershing Square Capital Management, L.P. 13F holdings and portfolio analysis
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Baseline
Analysis messagesPre-generated Q&A about this fund. Use as reference context for your own analysis.
The baseline is a direct read-through of the disclosed fund portfolio. It is led by UBER (Uber Technologies, Inc.) 21.48%, HHH (Howard Hughes Holdings Inc.) 19.32%, and AMZN (Amazon.com, Inc.) 19.29%, with sector exposure of Consumer Discretionary 40.44%, Industrials 22.17%, and Real Estate 20.19%. The baseline metrics show return 12.10%, alpha 0.43%, beta 0.89, Sharpe 0.68, Sortino 0.85, and max drawdown -45.53%, so this should be treated as an equity exposure with its own concentration and timing risk rather than a neutral benchmark clone.
The strongest recent period was 2024-06-30 (12.06% strategy return, 9.83% benchmark, 2.23% excess, 10.64% turnover), while the weakest was 2025-03-31 (0.26% strategy return, 9.22% benchmark, -8.96% excess, 56.53% turnover). Those periods should be read alongside baseline metrics of return 12.10%, alpha 0.43%, beta 0.89, Sharpe 0.68, Sortino 0.85, and max drawdown -45.53% to judge whether returns came from persistent exposure or a narrow timing window.
Concentration is the first item to inspect: top 5 89.03%, top 10 100.00%, top 20 100.00%. The largest names are UBER (Uber Technologies, Inc.) 21.48%, HHH (Howard Hughes Holdings Inc.) 19.32%, AMZN (Amazon.com, Inc.) 19.29%, META (Meta Platforms, Inc.) 15.36%, and QSR (Restaurant Brands International Inc.) 13.58%, and the largest sector exposures are Consumer Discretionary 40.44%, Industrials 22.17%, and Real Estate 20.19%. If those exposures reverse, baseline performance can diverge sharply from a broad index.