集中长期Concentrated long-term · famous
Pershing Square
潘兴广场
研究可用度高High research usability
13F-RS 研究可用度13F-RS research usability
84.0
覆盖coverage 75% · 置信confidence B
结论先行Answer first
前五大占57.9%，最值得继续核验的动作是减持AMAZON COM INCTop five represent 57.9%; reduction in AMAZON COM INC is the clearest next diligence lead
最大可见普通证券持仓为UBER TECHNOLOGIES INC（12.7%）；季度快照换手代理为22.4%，前十大延续率为82.0%。该机构归入“集中长期”，13F只能解释公开的美国可报告证券多头。
The largest visible non-option holding is UBER TECHNOLOGIES INC (12.7%). The quarterly snapshot turnover proxy is 22.4%, and top-ten persistence is 82.0%. The manager is classified as Concentrated long-term; 13F covers only visible reportable U.S. long securities.
下一步Next diligence
把减持AMAZON COM INC作为研究线索，结合公司基本面、估值、催化剂及13D/G核验；不要直接跟单。
Treat the reduction in AMAZON COM INC as a research lead and verify fundamentals, valuation, catalysts and any 13D/G filings; do not copy mechanically.
CIK · accession · accepted date
本季申报链Current filing chain
先展示 13F-NT 关系通知，再展示解析到的 13F-HR / HR-A。价值单位说明保留检测结果和归一化倍数。
Relationship notices appear before resolved 13F-HR / HR-A filings. Unit notes preserve the detection result and normalization multiplier.
| 法律申报人Legal filer | CIK | Form | Accession | 申报日Filed | 解析 / 单位说明Resolution / unit note |
|---|---|---|---|---|---|
| Pershing Square Capital Management, L.P. | CIK 0001336528 | 13F-NT | 0001172661-26-003777 | 2026-08-14 | 关系通知；继续追踪 Other ManagerRelationship notice; follow Other Manager |
| PERSHING SQUARE INC. | CIK 0002026053 | 13F-HR | 0001172661-26-003790 | 2026-08-14 | usd_consistent_with_implied_prices |
2026-03-31 → 2026-06-30
持仓与季度变化Holdings and quarterly change
前十大可见普通证券Top visible non-option holdings 10
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| UBER TECHNOLOGIES INCCOM · CUSIP 90353T100 | — | $2.48bn | 12.72% | 34,326,200 | 14.6% |
| BROOKFIELD CORPCL A LTD VT SH · CUSIP 11271J107 | — | $2.45bn | 12.58% | 57,481,047 | -3.7% |
| MICROSOFT CORPCOM · CUSIP 594918104 | — | $2.32bn | 11.89% | 6,206,730 | 9.8% |
| AMAZON COM INCCOM · CUSIP 023135106 | — | $2.04bn | 10.49% | 8,563,857 | -25.2% |
| HOWARD HUGHES HOLDINGS INCCOM · CUSIP 44267T102 | — | $1.99bn | 10.23% | 27,852,064 | 0.0% |
| RESTAURANT BRANDS INTL INCCOM · CUSIP 76131D103 | — | $1.87bn | 9.62% | 25,821,284 | 14.0% |
| META PLATFORMS INCCL A · CUSIP 30303M102 | — | $1.80bn | 9.25% | 3,196,062 | 20.1% |
| VISA INCCOM CL A · CUSIP 92826C839 | — | $1.12bn | 5.76% | 3,270,470 | — |
| MASTERCARD INCORPORATEDCL A · CUSIP 57636Q104 | — | $1.09bn | 5.61% | 2,124,646 | — |
| S&P GLOBAL INCCOM · CUSIP 78409V104 | — | $1.06bn | 5.42% | 2,593,155 | — |
新建仓位New positions 5
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| VISA INCCOM CL A · CUSIP 92826C839 | — | $1.12bn | 5.76% | 3,270,470 | — |
| MASTERCARD INCORPORATEDCL A · CUSIP 57636Q104 | — | $1.09bn | 5.61% | 2,124,646 | — |
| S&P GLOBAL INCCOM · CUSIP 78409V104 | — | $1.06bn | 5.42% | 2,593,155 | — |
| NETFLIX INC.COM · CUSIP 64110L106 | — | $934.0m | 4.80% | 13,081,465 | — |
| PERSHING SQUARE USA LTDCOM SHS · CUSIP 71531T105 | — | $149.5m | 0.77% | 4,000,000 | — |
增持仓位Added positions 4
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| MICROSOFT CORPCOM · CUSIP 594918104 | — | $2.32bn | 11.89% | 6,206,730 | 9.8% |
| UBER TECHNOLOGIES INCCOM · CUSIP 90353T100 | — | $2.48bn | 12.72% | 34,326,200 | 14.6% |
| RESTAURANT BRANDS INTL INCCOM · CUSIP 76131D103 | — | $1.87bn | 9.62% | 25,821,284 | 14.0% |
| META PLATFORMS INCCL A · CUSIP 30303M102 | — | $1.80bn | 9.25% | 3,196,062 | 20.1% |
减持仓位Reduced positions 2
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| AMAZON COM INCCOM · CUSIP 023135106 | — | $2.04bn | 10.49% | 8,563,857 | -25.2% |
| BROOKFIELD CORPCL A LTD VT SH · CUSIP 11271J107 | — | $2.45bn | 12.58% | 57,481,047 | -3.7% |
退出仓位Exited positions 2
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| ALPHABET INCCAP STK CL C · CUSIP 02079K107 | — | $89.4m | 0.63% | 311,726 | -100.0% |
| ALPHABET INCCAP STK CL A · CUSIP 02079K305 | — | $9.3m | 0.07% | 32,376 | -100.0% |
期权切片Options slice 0
Put/Call 股数是标的股数；13F 没有执行价、到期日、权利金或净方向。Put/call shares are underlying shares; 13F omits strike, expiry, premium and net direction.
| 证券Security | Put / Call | 申报价值Filed value | 权重Weight | 股数 / 标的股数Shares / underlying shares | 股数变化Share change |
|---|---|---|---|---|---|
| 无可展示记录No records to display | |||||
13F-RS-v1.0
评分拆解Score breakdown
| 维度Dimension | 得分Score | 相对满分Relative to max | 比例Ratio |
|---|---|---|---|
| 申报完整性Filing integrity | 15.0 / 15 | 100% | |
| 实体映射Entity mapping | 8.5 / 10 | 85% | |
| 策略适配度Strategy fit | 13.5 / 15 | 90% | |
| 集中度信息密度Concentration signal | 10.0 / 10 | 100% | |
| 高确信度可识别性Conviction identifiability | 15.0 / 15 | 100% | |
| 延续性 / 换手Persistence / turnover | 7.9 / 10 | 79% | |
| 申报时滞Filing lag | 0.0 / 10 | 0% | |
| 不可见风险Opacity risk | 9.6 / 10 | 96% | |
| 独立共识Independent consensus | 4.5 / 5 | 90% |
策略分类：集中长期。分数衡量公开13F的研究可用度，不评价未来收益。Strategy classification: Concentrated long-term. The score measures public-13F research usability, not future returns.
H（高确信度可识别性）当前以单仓≥2%为有限代理，尚未接入风格基准主动权重，因此该分项覆盖度只有50%。H (conviction identifiability) currently uses positions ≥2% as a limited proxy; style-benchmark active weights are not yet available, so this component has only 50% coverage.