What if you had copied Pershing Square Capital?
Bill Ackman
The verdict
Copying Pershing Square Capital's 13F filings from Feb 2020 would have turned $10,000 into $25,939, more than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +15.2% a year against +14.4% for the S&P 500, 0.9 points a year ahead. Its worst fall was 44.5%, from Feb 19, 2020 to Mar 18, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Pershing Square Capital$25,939
- S&P 500$24,639
- Bought their first portfolio and never traded$22,296
If you had bought their first portfolio and never traded, you would have ended at $22,296, so following every move earned $3,643 more.
- $10,000 copied
- $25,939
- +159.4%, +15.2% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $22,296
- Bought their first portfolio and never traded
- Worst fall
- −44.5%
- Feb 19, 2020 to Mar 18, 2020
- Trades
- 42
- 28 buys, 14 sales over 29 filings; about 49% of the copy traded a year
The moves that made the most
- HLTHilton Worldwide+$2,919
Held from Feb 2020 to May 2026, the stock up 188%
- GOOGAlphabet+$2,838
Held from May 2023 to Aug 2026, the stock up 187%
- CMGChipotle Mexican Grill+$2,427
Held from Feb 2020 to Feb 2026, the stock up 109%
- LOWLowe's Cos+$1,770
Held from Feb 2020 to May 2024, the stock up 103%
- GOOGLAlphabet+$1,399
Held from May 2023 to Aug 2026, the stock up 190%
- AAgilent Technologies+$1,278
Held from Feb 2020 to Nov 2021, the stock up 93%
The moves that cost the most
Held since May 2025, the stock down 23%
- DPZDomino's Pizza−$447
Held from May 2021 to Nov 2022, the stock down 14%
- NKENike−$402
Held from Aug 2024 to May 2025, the stock down 22%
- HTZHertz Global−$115
Held since Apr 2025, the stock down 80%
Held from Aug 2023 to Aug 2025, the stock down 5%
Held from Feb 2020 to Aug 2020, the stock down 9%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +20.2% | +13.1% | +7.1 |
| 2021 | +36.8% | +28.7% | +8.1 |
| 2022 | −15.4% | −18.2% | +2.8 |
| 2023 | +35.8% | +26.2% | +9.6 |
| 2024 | +14.1% | +24.9% | −10.7 |
| 2025 | +6.2% | +17.7% | −11.5 |
| 2026to Nov 2026 | +13.3% | +11.5% | +1.8 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.