集中长期Concentrated long-term · famous

Pershing Square

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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

最大可见非期权证券持仓为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 security 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.

最重要的可比减持Most material comparable reductionAMAZON COM INCCOM · CUSIP 023135106股数 -25.2%；上季 16.70% → 本季 10.49%Shares -25.2%; prior 16.70% → current 10.49%减仓影响代理 ≈ 4.21 个百分点Sale-impact proxy ≈ 4.21 pp

最大退出候选Largest apparent exit组合或关系申报使缺席含义不完整；2 项本季未见仅列为未分类缺席。Combination or notice scope makes absences incomplete; 2 current absences remain unclassified.

按上季可见权重 × 股数降幅排序；完整非期权证券变化见下方。Ranked by prior visible weight × share decline; the full non-option security changes appear below.

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.

可见总值Visible value$19.47bn前期 2026-03-31: $14.28bn（仅作规模对照）Prior 2026-03-31: $14.28bn (scale context only)

经济持仓数Economic positions14按 CUSIP / 证券类型规范化normalized by CUSIP / security type

前五集中度Top-five concentration57.9%集中度不是能力评分concentration is not skill

季度换手代理Quarterly turnover proxy22.4%范围变化时不估算not estimated when scope changes

前十大延续Top-ten persistence82.0%范围变化时不估算not estimated when scope changes

最新申报日Latest filing date2026-08-14报告期report date 2026-06-30

阅读警告Reading warnings

本期或上期含组合申报、关系通知或其他范围歧义；部分减持仍按可见切片展示，但证券缺席不归类为退出，也不进入退出共识。The current or prior period contains a combination report, relationship notice or other scope ambiguity; visible-slice reductions may remain, but absences are not classified as exits or counted in exit consensus.
本季通过13F-NT的Other Manager关系解析到实际持仓主体；不要把NT误称为保密申请。The holdings filer was resolved through an Other Manager chain in Form 13F-NT; the notice is not a confidential-treatment request.
该快照在季末后45天才公开，不能视为机构当前仍持有的实时组合。This snapshot became public 45 days after quarter-end and is not evidence of the manager's current portfolio.

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

前十大可见非期权证券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

用公司行动调整后的股数判断，按上季可见权重 × 股数降幅排序；报告权重变化不是交易量。Classified from corporate-action-adjusted shares and ranked by prior visible weight × share decline; reported weight change is not trading volume.

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%

本季未见｜不分类为退出Current absences | not classified as exits 2

组合、关系通知或保密口径使缺席含义不完整；这些证券不进入退出候选或跨机构卖出共识。Combination, notice or confidential scope makes absence incomplete; these securities do not enter apparent exits or cross-manager sell consensus.

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	—
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$9.3m	0.07%	32,376	—

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

完整方法Full methodology

维度Dimension	得分Score	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.