Bill Ackman’s Pershing Square divested its entire stake in Hilton Worldwide Holdings (HLT) during the first quarter of 2026. The firm originally established its position in the hotel giant in October 2018.
A Q1 2026 13F filing revealed the exit and the initiation of a large new position in Microsoft. The firm also trimmed several other holdings as part of a broader portfolio reshuffle.
The Hilton sale concludes a multi-year investment that saw various stake adjustments over time. Pershing Square continues to operate as a highly concentrated fund.