13F.
← Pershing Square Capital Management, L.P.
Backtest

Pershing Square Capital Management, L.P.

What you'd have made by mirroring Pershing Square Capital Management, L.P.'s public 13F filings, starting with $10,000 on Aug 14, 2013 and rebalancing at every disclosure through May 18, 2026.

52 filings replayed32 of 44 CUSIPs mapped to tickers57 closed trades11 still open

Equity curve

$10,000 mirrored · vs SPY
$10k$20k$30k$40k2015201720192021202320252026
Mirror portfolio$10k in SPY
Mirror — final
$16.04K
SPY — final
$43.81K
Mirror return
+60.4%
Alpha vs SPY
-277.6%

Realized P&L · closed trades

Cumulative profit from positions opened and later sold
$0$100.0B$200.0B$300.0BGOOG +$276.5BGOOGL +$71.6BCMG +$1.5BHLT +$866.7M2015201720192021202320252026
Realized P&L
+$355.18B
Closed trades
57
Win rate
46%
Avg return / closed
+14.3%

Biggest closed trades

IssuerEntryExitHeldReturnP&L
ALPHABET INC
GOOG
Q2 2023Q2 20258Q+33%+$276.55B
ALPHABET INC
GOOGL
Q2 2023Q2 20258Q+32%+$71.63B
CHIPOTLE MEXICAN GRILL INC
CMG
Q2 2022Q2 202512Q+85%+$1.5B
HILTON WORLDWIDE HLDGS INC
HLT
Q2 2022Q2 202512Q+57%+$866.65M
RESTAURANT BRANDS INTL INC
QSR
Q1 2015Q4 201920Q+57%+$840.47M
LOWES COS INC
LOW
Q1 2020Q1 20228Q+77%+$796.46M
CHIPOTLE MEXICAN GRILL INC
CMG
Q1 2020Q1 20228Q+44%+$629.42M
AIR PRODS & CHEMS INC
APD
Q3 2013Q3 201716Q+54%+$501.34M
LOWES COS INC
LOW
Q2 2022Q2 20248Q+21%+$438.24M
NETFLIX INC
NFLX
Q2 2022Q3 20221Q+34%+$391.01M

Every trade · entry date × return

Bubble = position size at entry
-25%0%+25%+50%+100%GOOGL · +142%GOOG · +138%CMG · +100%2015201720192021202320252026
PositiveNegativeStill open (marked to market)
Best closed pick
CMG +100%
Worst closed pick
SEG -36%
Total trades
68
Open trades
11