Pershing Square Capital Management Q1 2026 Holdings Overview
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 18 2026
0mins
Source: seekingalpha
- Portfolio Value: Pershing Square Capital Management's Q1 2026 portfolio is valued at approximately $13.71 billion, underscoring its significant market presence and influence.
- Big Tech Positioning: The fund initiated a substantial new stake in Microsoft with 5.65 million shares valued at $2.09 billion and increased its Amazon position by 19% to 11.45 million shares, indicating strong confidence in the tech sector.
- Long-Term Holdings Liquidation: The fund completely eliminated its remaining 3.03 million shares of Hilton Worldwide and fully liquidated positions in Chipotle and Canadian Pacific, reflecting a major strategic shift in its investment focus.
- Performance Metrics: Despite achieving a 7.12% gain over the past year, the fund significantly underperformed the S&P 500's 25.12% return, highlighting pressures and challenges in its competitive positioning.
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Analyst Views on QSR
Wall Street analysts forecast QSR stock price to rise
15 Analyst Rating
10 Buy
4 Hold
1 Sell
Moderate Buy
Current: 74.310
Low
64.00
Averages
78.53
High
86.00
Current: 74.310
Low
64.00
Averages
78.53
High
86.00
About QSR
Restaurant Brands International Inc. is a quick-service restaurant company. It franchises and operates quick-service restaurants serving coffee and other beverage and food products. Its segments include Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), Firehouse Subs (FHS), International (INTL) and Restaurant Holdings. Tim Hortons is a coffee and baked goods restaurant chain in North America. Tim Hortons restaurants also serve a variety of hot and cold specialty beverages alongside breakfast, lunch and dinner offerings, including sandwiches, wraps, flatbread pizzas, and more. Burger King is a quick-service hamburger restaurant chain and is Home of the Whopper. Burger King restaurants feature flame-grilled hamburgers, chicken and other specialty sandwiches. Popeyes is a quick-service chicken concept, and delivers guests a Louisiana-style menu featuring fried bone-in chicken, chicken sandwiches, chicken tenders, wings, fried shrimp and regional items.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Restaurant Brands International to Participate in Strategic Conference
- Executive Participation: Restaurant Brands International's Executive Chairman Patrick Doyle and CEO Josh Kobza will participate in a fireside chat at the Bernstein 42nd Annual Strategic Decisions Conference in New York City on May 28, 2026, showcasing the company's strategic direction.
- Webcast Arrangement: The event will feature a live audio webcast available on the company's investor relations website, with a replay accessible for a limited time post-event, ensuring investors can stay informed.
- Company Overview: Restaurant Brands International is one of the world's largest quick-service restaurant companies, with nearly $48 billion in annual system-wide sales and approximately 33,000 restaurants across more than 120 countries, highlighting its extensive global market presence.
- Brand Portfolio Strength: The company owns four iconic quick-service restaurant brands, including TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®, each with a strong customer base and brand loyalty in their respective markets.
See More
Pershing Square Capital Management Q1 2026 Holdings Overview
- Portfolio Value: Pershing Square Capital Management's Q1 2026 portfolio is valued at approximately $13.71 billion, underscoring its significant market presence and influence.
- Big Tech Positioning: The fund initiated a substantial new stake in Microsoft with 5.65 million shares valued at $2.09 billion and increased its Amazon position by 19% to 11.45 million shares, indicating strong confidence in the tech sector.
- Long-Term Holdings Liquidation: The fund completely eliminated its remaining 3.03 million shares of Hilton Worldwide and fully liquidated positions in Chipotle and Canadian Pacific, reflecting a major strategic shift in its investment focus.
- Performance Metrics: Despite achieving a 7.12% gain over the past year, the fund significantly underperformed the S&P 500's 25.12% return, highlighting pressures and challenges in its competitive positioning.
See More
Baupost Group Increases Amazon Stake Amid AI Rally
- Increased Amazon Stake: Baupost Group raised its stake in Amazon by 47% in Q1, making it the hedge fund's largest disclosed U.S. equity holding by the end of March, reflecting strong confidence in the e-commerce and cloud giant.
- New Investment Positions: The fund initiated significant new positions in emerging sectors, including insurance broker Aon, payments giant Visa, and medical device maker Teleflex, showcasing its proactive strategy in diversifying investments.
- Holding Value Analysis: By the end of the quarter, Baupost's stake in Amazon was valued at approximately $650 million, surpassing long-held positions in Restaurant Brands, Wesco International, and Union Pacific, indicating expectations for Amazon's future growth.
- Philosophy Continuation: As a follower of value investing philosophy, Klarman is known for his patience and contrarian strategies, with his 1991 book 'Margin of Safety' becoming a cult classic among investors, further solidifying his influence in the investment community.
See More
Dunkin' to Return to Canada with New Franchise Agreement
- Brand Return to Canada: Dunkin' has signed a franchising agreement with Foodtastic, granting exclusive rights to develop the brand nationally, with the first location expected to open in late 2026 or early 2027, marking its return to the Canadian market.
- Market Development Strategy: Foodtastic will oversee market development, franchisee recruitment, and operations, ensuring that Dunkin's product offerings, including hot and iced coffees, donuts, and sandwiches, can successfully penetrate the Canadian market and enhance brand presence.
- Competitive Landscape Shift: Dunkin's expansion will directly compete with Tim Hortons, and while analysts believe it won't pose an immediate threat, Dunkin's trendy image could force Tim Hortons to make tactical adjustments to cater to younger consumer preferences.
- IPO Prospects: This expansion aligns with Inspire Brands' plans for a high-profile IPO, having filed confidential documents with the SEC, potentially positioning Dunkin' for one of the largest IPOs in the restaurant sector, further enhancing its market potential.
See More
Restaurant Chains Face Sales Slowdown Due to Rising Gas Prices
- Gas Price Impact: The U.S. conflict with Iran has driven gas prices above $4.50 per gallon, resulting in a record low for consumer sentiment, with 43% of surveyed drivers cutting back on dining out and takeout, directly affecting restaurant sales performance.
- Industry Traffic Decline: According to Black Box Intelligence, restaurant traffic fell 2.3% in March compared to the previous year, indicating that consumers are opting for lower-cost dining options in a high gas price environment, posing ongoing risks for many restaurant chains.
- Applebee's Strategy: To attract budget-conscious consumers, Applebee's is accelerating its rollout of an All-You-Can-Eat special priced at $15.99, aiming to boost traffic and enhance its competitive position in the market amidst rising costs.
- Market Share Shifts: Despite the overall decline in restaurant spending, brands like Chili's and Burger King have seen market share gains, with Chili's CEO noting that strong brands will become stronger, reflecting the dynamic changes in the market under economic pressure.
See More
Restaurant Sales Slow as Gas Prices Rise
- Sales Slowdown: According to Black Box Intelligence, restaurant traffic fell 2.3% in March compared to the previous year, primarily due to rising gas prices, which have led consumers, especially low-income groups, to cut back on dining out.
- Applebee's Strategy: To attract budget-conscious diners, Applebee's is accelerating its rollout of an All-You-Can-Eat special for $15.99, aiming to boost traffic and enhance its competitive position in the market amid rising costs.
- Market Share Competition: Some restaurant CEOs see the rise in gas prices as an opportunity to capture market share from weaker competitors, with Chili's CEO noting an acceleration in their market share as overall restaurant spending declines.
- Diverse Fast-Food Performance: Despite the overall sales slowdown, McDonald's reported a 3.7% same-store sales growth in Q1, driven by increased spending from higher-income consumers, while Burger King achieved a 5.8% growth, highlighting significant performance disparities among brands.
See More
Restaurant Brands International to Participate in Strategic Conference
- Executive Participation: Restaurant Brands International's Executive Chairman Patrick Doyle and CEO Josh Kobza will participate in a fireside chat at the Bernstein 42nd Annual Strategic Decisions Conference in New York City on May 28, 2026, showcasing the company's strategic direction.
- Webcast Arrangement: The event will feature a live audio webcast available on the company's investor relations website, with a replay accessible for a limited time post-event, ensuring investors can stay informed.
- Company Overview: Restaurant Brands International is one of the world's largest quick-service restaurant companies, with nearly $48 billion in annual system-wide sales and approximately 33,000 restaurants across more than 120 countries, highlighting its extensive global market presence.
- Brand Portfolio Strength: The company owns four iconic quick-service restaurant brands, including TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®, each with a strong customer base and brand loyalty in their respective markets.
See More
Pershing Square Capital Management Q1 2026 Holdings Overview
- Portfolio Value: Pershing Square Capital Management's Q1 2026 portfolio is valued at approximately $13.71 billion, underscoring its significant market presence and influence.
- Big Tech Positioning: The fund initiated a substantial new stake in Microsoft with 5.65 million shares valued at $2.09 billion and increased its Amazon position by 19% to 11.45 million shares, indicating strong confidence in the tech sector.
- Long-Term Holdings Liquidation: The fund completely eliminated its remaining 3.03 million shares of Hilton Worldwide and fully liquidated positions in Chipotle and Canadian Pacific, reflecting a major strategic shift in its investment focus.
- Performance Metrics: Despite achieving a 7.12% gain over the past year, the fund significantly underperformed the S&P 500's 25.12% return, highlighting pressures and challenges in its competitive positioning.
See More
Baupost Group Increases Amazon Stake Amid AI Rally
- Increased Amazon Stake: Baupost Group raised its stake in Amazon by 47% in Q1, making it the hedge fund's largest disclosed U.S. equity holding by the end of March, reflecting strong confidence in the e-commerce and cloud giant.
- New Investment Positions: The fund initiated significant new positions in emerging sectors, including insurance broker Aon, payments giant Visa, and medical device maker Teleflex, showcasing its proactive strategy in diversifying investments.
- Holding Value Analysis: By the end of the quarter, Baupost's stake in Amazon was valued at approximately $650 million, surpassing long-held positions in Restaurant Brands, Wesco International, and Union Pacific, indicating expectations for Amazon's future growth.
- Philosophy Continuation: As a follower of value investing philosophy, Klarman is known for his patience and contrarian strategies, with his 1991 book 'Margin of Safety' becoming a cult classic among investors, further solidifying his influence in the investment community.
See More
Dunkin' to Return to Canada with New Franchise Agreement
- Brand Return to Canada: Dunkin' has signed a franchising agreement with Foodtastic, granting exclusive rights to develop the brand nationally, with the first location expected to open in late 2026 or early 2027, marking its return to the Canadian market.
- Market Development Strategy: Foodtastic will oversee market development, franchisee recruitment, and operations, ensuring that Dunkin's product offerings, including hot and iced coffees, donuts, and sandwiches, can successfully penetrate the Canadian market and enhance brand presence.
- Competitive Landscape Shift: Dunkin's expansion will directly compete with Tim Hortons, and while analysts believe it won't pose an immediate threat, Dunkin's trendy image could force Tim Hortons to make tactical adjustments to cater to younger consumer preferences.
- IPO Prospects: This expansion aligns with Inspire Brands' plans for a high-profile IPO, having filed confidential documents with the SEC, potentially positioning Dunkin' for one of the largest IPOs in the restaurant sector, further enhancing its market potential.
See More
Restaurant Chains Face Sales Slowdown Due to Rising Gas Prices
- Gas Price Impact: The U.S. conflict with Iran has driven gas prices above $4.50 per gallon, resulting in a record low for consumer sentiment, with 43% of surveyed drivers cutting back on dining out and takeout, directly affecting restaurant sales performance.
- Industry Traffic Decline: According to Black Box Intelligence, restaurant traffic fell 2.3% in March compared to the previous year, indicating that consumers are opting for lower-cost dining options in a high gas price environment, posing ongoing risks for many restaurant chains.
- Applebee's Strategy: To attract budget-conscious consumers, Applebee's is accelerating its rollout of an All-You-Can-Eat special priced at $15.99, aiming to boost traffic and enhance its competitive position in the market amidst rising costs.
- Market Share Shifts: Despite the overall decline in restaurant spending, brands like Chili's and Burger King have seen market share gains, with Chili's CEO noting that strong brands will become stronger, reflecting the dynamic changes in the market under economic pressure.
See More
Restaurant Sales Slow as Gas Prices Rise
- Sales Slowdown: According to Black Box Intelligence, restaurant traffic fell 2.3% in March compared to the previous year, primarily due to rising gas prices, which have led consumers, especially low-income groups, to cut back on dining out.
- Applebee's Strategy: To attract budget-conscious diners, Applebee's is accelerating its rollout of an All-You-Can-Eat special for $15.99, aiming to boost traffic and enhance its competitive position in the market amid rising costs.
- Market Share Competition: Some restaurant CEOs see the rise in gas prices as an opportunity to capture market share from weaker competitors, with Chili's CEO noting an acceleration in their market share as overall restaurant spending declines.
- Diverse Fast-Food Performance: Despite the overall sales slowdown, McDonald's reported a 3.7% same-store sales growth in Q1, driven by increased spending from higher-income consumers, while Burger King achieved a 5.8% growth, highlighting significant performance disparities among brands.
See More
