Bill Ackman’s Next 13F Is Due Monday. Here’s What to Watch Roxanna Maglangit Thu, November 12, 2026 at 8:18 AM EST 6 min read UBER -0.77% PS +2.20% MSFT +0.36% AMZN +1.45% BAM -0.68% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Pershing Square's 13F for the quarter ended Sept. 30 is due Monday, Nov. 16, and it will show how Bill Ackman's biggest positions changed.
As of June 30, Uber, Brookfield, Microsoft, Amazon and Howard Hughes made up more than half of Pershing Square's 13F stocks.
In the second quarter, Pershing added to Uber and Microsoft and cut its Amazon stake by a quarter, and Microsoft has climbed 40% since.
Uber is the line to read first: it's the biggest position, it trades well below its usual multiple, and the numbers back adding more.
Bill Ackman doesn't spread his bets around, which makes his quarterly 13F one of the more useful filings to read. Pershing Square, which manages $25 billion, owes the SEC its filing for the quarter ended Sept. 30 by Monday, Nov. 16.
Its last one, for the quarter ended June 30 and filed Aug. 14, held $19.47 billion of US stocks in 14 positions. Uber (UBER:NYSE) led at 12.7% of those 13F stocks, just ahead of Brookfield (BN) at 12.6%. Microsoft (MSFT:NASDAQ) was at 11.9%, Amazon (AMZN:NASDAQ) at 10.5% and Howard Hughes (HHH:NYSE) at 10.2%.
At June 30, Pershing held 34.33 million Uber shares worth $2.48 billion, 15% more than three months earlier. The stock is down 2% since June 30 and sits 26% below its 52-week high.
Uber's third-quarter report this month was mixed. Mobility bookings growth slowed to 17% and Mobility revenue fell 2%, but free cash flow grew to $2.5 billion from $2.2 billion a year earlier. Plus, Waymo will run its own robotaxi service in Austin and Atlanta from 2028. Today it sells rides through Uber's app in both cities.
Analysts have trimmed their average price target over the past year, from $111 to $99:
That's still 40% above the last close. Uber also trades at about 17x forward earnings, against a three-year average of 25x.
TIKR tracks 51 analysts on Uber. How many say "Buy"?
See the full breakdown of Buy, Hold, and Sell ratings on Uber, along with Wall Street's revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See Uber's Analyst Ratings
At June 30, Pershing held 57.48 million Brookfield shares worth $2.45 billion, 4% fewer than three months earlier. The stock is down 1% since June 30 and sits 15% below its 52-week high.
Analysts have gone the other way, nudging their average target up from $51 to $55 over the past year:
That target is 30% above the last close. Brookfield's third-quarter report, expected this week, is its next chance to close some of that gap.
Howard Hughes is the one top-five stock Pershing didn't touch at all in the second quarter. It held 27.85 million shares worth $1.99 billion. It's also the one where Wall Street sees no upside left. The stock is up 17% since June 30, to $83.85, right at the $84 average target of the three analysts who cover it, and it trades at about 35x forward earnings. If Pershing held every share again, it's looking well past the Street.
At June 30, Pershing held 6.21 million Microsoft shares, 10% more than three months earlier. Microsoft ended that quarter at about 20x forward earnings, its lowest quarter-end multiple in five years on TIKR's figures, and it's up 40% since. Pershing said with its third-quarter results this month that Microsoft and Meta Platforms led its performance in the quarter.
Analysts' average target has barely moved over the past year, from $626 to $636:
At about 25x forward earnings, Microsoft is still below its five-year average of 29x, and that target sits 22% above the last close. But analysts now expect just $32.7 billion of free cash flow in the year to June 2027 as more of its AI build moves onto its own books. That's down from $67.0 billion in the year to June 2026. After a 40% run, I'd watch for a trim.
Amazon went the other way. At June 30, Pershing held 8.56 million shares worth $2.04 billion, 25% fewer than three months earlier. Since then the stock is up 12%, and AWS grew 39% in its latest quarter, its fastest growth in five years. The $327 average target is 23% above the last close.
Even so, Pershing said this month that the market's excitement over AI infrastructure suppliers has drawn attention away from other businesses with durable earnings growth. It says those are the stocks it can buy at attractive prices. Amazon is spending heavily to be one of those suppliers, so I wouldn't be surprised to see another cut.
Uber is the line I'd read first on Monday. Its CEO, Dara Khosrowshahi, bought $10 million of shares at $70.96 apiece on Sept. 10, according to his Form 4. I think the numbers back Ackman adding again: a multiple well below its three-year average, free cash flow still growing, and a 40% gap to the Street's average target.
The risk is the one Waymo just highlighted. If the best robotaxi fleets sell rides on their own apps, Uber's biggest profit pool shrinks.
Of course, Monday's filing shows only what Pershing held on Sept. 30, with no trade dates or prices. Pershing also said it started building an eighth new position of 2026 after the quarter ended, so that one won't show up until the next 13F, due in mid-February.
TIKR lets you forecast the future price of any stock in less than a minute. Just enter a few assumptions into TIKR's valuation model and see what Uber could be worth. Start from Wall Street consensus estimates, or adjust the inputs to reflect your own view of the business. It's free to use.
