Pershing Square Capital Management, L.P.

Quarter-over-quarter position changes

Action	Company	Quarter ↓	Δ shares	Δ %	Held after	Flow	Impact
New	MICROSOFT CORP	Mar 31, 2026	+5,654,078	New	5,654,078	$2.09B	high
Trimmed	Alphabet Inc.	Mar 31, 2026	-5,852,145	-95%	311,726	$1.68B	high
Exited	Hilton Worldwide Holdings Inc.	Mar 31, 2026	-3,028,664	-100%	0	$869.98M	high
Added	Amazon.com Inc	Mar 31, 2026	+1,844,157	+19%	11,451,981	$384.08M	high
Trimmed	Alphabet Inc.	Mar 31, 2026	-645,921	-95%	32,376	$185.74M	high
Trimmed	11271J107	Mar 31, 2026	-1,705,881	-2.8%	59,697,208	$69.04M	high
Trimmed	Uber Technologies, Inc	Mar 31, 2026	-248,963	-0.8%	29,958,771	$17.91M	medium
Trimmed	Restaurant Brands International Inc.QSR	Mar 31, 2026	-221,290	-1.0%	22,645,483	$16.35M	medium
Trimmed	Meta Platforms Inc	Mar 31, 2026	-12,708	-0.5%	2,660,861	$7.27M	medium