P13 · Paper portfolio
Pershing Square 13F Tracker
Mechanically copy the disclosed US-listed equity book of Pershing Square Capital Management, L.P.
This is the simple view. Nothing has been removed — the decision records, the refused proposals, the selector's own words, the cost model, the published limits and the hash chain are all in Advanced, which is the switch in the header. How to verify any of it →
Showing every layer. Pick Simple or Advanced in the header to choose one — nothing is removed either way, and the full record is always in this page.
Pershing Square 13F Tracker
Outside every declared rebalance window (next_window_opens=2026-11-14). This portfolio trades only in its filing windows; between them it is frozen by design. Exits for risk reasons remain permitted.
Mechanically copy the disclosed US-listed equity book of Pershing Square Capital Management, L.P. (SEC CIK 0001336528) from its most recent Form 13F-HR filing: value-proportional weights across the top disclosed positions, rebalanced only when a new filing arrives, with every deviation from the disclosure (caps, universe exclusions, staleness) published rather than smoothed over.
| Slot | Last due | Answered | Status |
|---|---|---|---|
filing watch 0 9 12-20 2,5,8,11 * · America/New_York | — | n/a | does not decide This slot marks and reports; it never calls the model, so it leaves no decision record to check it against. |
rebalance run 0 17 15-21 2,5,8,11 * · America/New_York | 2026-08-21 21:00 | 2026-08-21 22:44 | ok due 2026-08-21T21:00:00+00:00, ran 2026-08-21T22:44:00.926749+00:00 |
monthly risk 0 12 1 * * · America/New_York | — | n/a | does not decide This slot marks and reports; it never calls the model, so it leaves no decision record to check it against. |
Catch-up policy. A decision instant that passes unanswered is run on the next pass, once, and the record stamps both instants — when it was due and when it actually ran. Past the catch-up window the gap stays open and is published as missed rather than backfilled.
Track record
Fewer than 60 daily observations. Annualised return, volatility, Sharpe, Sortino and Calmar are withheld: annualising a short sample produces numbers that look precise and are not.
Our own marks from our own fills (nothing here is vendor price data). Deliberately monochrome: colour that codes "good" and "bad" is an editorial thumb on the scale.
Index 100 is the starting capital ($100,000), so this line ends at the total return published above it. The comparison line is indexed to the same capital and starts at 100 at its own first close here: the record carries no priced instant at which capital was granted, so the comparison capital is uninvested until then rather than given a price nothing printed. Both cover the identical window.
Index values are derived percentage returns over IEX last-trade closes, which are licensed for publication; no raw vendor price is rendered.
| symbol | since entry | weight | opened |
|---|---|---|---|
| META | +12.4% | +13.5% | 2026-08-14 |
| MSFT | +3.1% | +12.2% | 2026-08-14 |
| SGOV | -0.4% | +11.9% | 2026-08-14 |
| AMZN | -4.5% | +11.5% | 2026-08-14 |
| UBER | -5.9% | +11.4% | 2026-08-14 |
| GOOG | +0.1% | +1.1% | 2026-08-14 |
Return since this book's published arithmetic entered, measured from this book's own mark against what it actually paid — our own numbers over our own record, not vendor price data.
Weights are our own work product, computed at the newest audit-chain NAV mark — never re-derived later, never estimated from cost basis. Logos identify the holdings and imply no endorsement (operator decision, session 11); sector tints are structure, not judgement.
| Symbol | Quantity | Avg cost | Stop | Opened |
|---|---|---|---|---|
 AMZN11.5% | 45.6882 | 265.56 | — | 2026-08-14 committed 2026-08-17 |
 GOOG1.1% | 3.1437 | 345.46 | — | 2026-08-14 committed 2026-08-17 |
 META13.5% | 20.3442 | 592.13 | — | 2026-08-14 committed 2026-08-17 |
 MSFT12.2% | 24.2229 | 490.43 | — | 2026-08-14 committed 2026-08-17 |
 SGOV11.9% | 119.3317 | 100.97 | — | 2026-08-14 committed 2026-08-17 |
 UBER11.4% | 157.9987 | 77.18 | — | 2026-08-14 committed 2026-08-17 |
Why two dates? "Opened" is the market session the opening fill was priced on. The licensed data feed's T+1 rule means a cycle prices on the newest session already licensed for use, so the run that produced the fill can be committed to the audit chain on a later date — that commitment date is shown beneath. The commitment time is what makes history tamper-evident; the pricing session is what returns are computed from. Both are published on every fill.
Recent decisions
Every run, including the ones that traded nothing: the committed fact-pack hash (written to the audit chain before anything was proposed), the selector's published view, each proposal with the rule engine's verdict, and the fills that resulted. Rejected proposals stay up with their reason codes — a reader who can only see the trades that happened cannot judge the discipline that refused the ones that didn't.
Every card carries the instant it was decided at, because every card is a photograph. The facts in it were frozen when the run was committed and are never revised — a view that said "the platform has closed zero trades" was true at its timestamp and reads as a claim about today unless the card says otherwise. Consecutive runs that halted on identical codes are compressed into one card with a visible count and every run id listed; nothing is dropped.
AI-generated. All quantitative claims traced to the published fact pack. This is an explain-only portfolio that mechanically replicates Pershing Square's disclosed 13F holdings from 2026-03-31 (filed 2026-05-15), as confirmed by fact p13:selection:summary. The portfolio currently holds 6 positions: AMZN (12.04%), META (11.25%), UBER (12.57%), MSFT (11.80%), SGOV (12.16%), and GOOG (1.08%), per facts pos.*.weight_pct. Cash stands at 39.1% (pf.cash_pct). Total return is -1.27% since inception (pf.total_return_pct). The copybook weights from the March 31 filing (facts p13:copybook:*) show AMZN at 28.90%, MSFT at 25.36%, UBER at 26.11%, META at 18.44%, and GOOG at 1.08% of the copied top-6 positions. The current portfolio weights roughly reflect these proportions after accounting for price movements and the cash allocation. Five-day performance (facts px.*.ret_5d): UBER +3.52% (strongest)…
| Proposal | Conviction | Lifecycle | Codes |
|---|---|---|---|
| EXPLAIN AMZN | 4 | PROPOSED→GATES PASSED→NO ORDER EXPLAIN is a decision not to trade — no order is created | — |
| BUY GOOGL @ 0.11% target mechanical | 3 | PROPOSED→REFUSED AT GATES no order was created | REJECT_BELOW_MIN_POSITION |
Reading the lifecycle. PROPOSED and GATES PASSED are published facts. QUEUED is shown as reached only where a fill proves it — the payload publishes no order record. FILLED / EXPIRED stays undecided without a matching fill, because an accepted order can price on a later session under the T+1 rule, and calling that "expired" would be inventing the outcome. "Accepted" alone used to sit in this column and read as though the trade had happened.
AI-generated. All quantitative claims traced to the published fact pack. This portfolio mechanically replicates Pershing Square's 13F disclosure. Per fact p13:selection:summary, the current holdings derive from Pershing Square's 2026-03-31 filing (filed 2026-05-15), which disclosed 6 positions in the eligible universe. The portfolio holds exactly these 6: AMZN, GOOG, META, MSFT, SGOV, and UBER, mirroring the disclosed allocation. CURRENT STATE (2026-08-19): - NAV: $99,006.29 (pf.nav), down -0.99% from $100k start (pf.total_return_pct) - Cash: $38,612.64 / 39.0% (pf.cash_pct) - 6 positions held, 6 slots free (pf.position_count, pf.position_slots_free) - Zero fees or dividends recorded (pf.fees_paid, pf.dividends) POSITION PERFORMANCE (all held 4 days per pos.*.days_held): • AMZN: 12.27% weight, +0.11% unrealised (pos.AMZN.weight_pct, pos.AMZN.unrealised_pct) — target 28.90% per p13:cop…
| Proposal | Conviction | Lifecycle | Codes |
|---|---|---|---|
| EXPLAIN AMZN | 4 | PROPOSED→GATES PASSED→NO ORDER EXPLAIN is a decision not to trade — no order is created | — |
| BUY GOOGL @ 0.11% target mechanical | 3 | PROPOSED→REFUSED AT GATES no order was created | REJECT_BELOW_MIN_POSITION |
Reading the lifecycle. PROPOSED and GATES PASSED are published facts. QUEUED is shown as reached only where a fill proves it — the payload publishes no order record. FILLED / EXPIRED stays undecided without a matching fill, because an accepted order can price on a later session under the T+1 rule, and calling that "expired" would be inventing the outcome. "Accepted" alone used to sit in this column and read as though the trade had happened.
AI-generated. All quantitative claims traced to the published fact pack. The portfolio mechanically replicates Pershing Square's 13F disclosed holdings from 2026-03-31 (filed 2026-05-15), approximately 3.5 months ago. Current NAV is $98,063.67 (pf.nav), down -1.94% from $100,000 inception (pf.total_return_pct). The portfolio holds 6 positions (pf.position_count) plus 39.4% cash (pf.cash_pct). The five equity positions track the disclosed top holdings: AMZN at 12.1% weight (pos.AMZN.weight_pct) vs 28.9% in the copybook (p13:copybook:AMZN); UBER at 12.0% (pos.UBER.weight_pct) vs 26.1% disclosed (p13:copybook:UBER); MSFT at 11.9% (pos.MSFT.weight_pct) vs 25.4% disclosed (p13:copybook:MSFT); META at 11.3% (pos.META.weight_pct) vs 18.4% disclosed (p13:copybook:META); and GOOG at 1.1% (pos.GOOG.weight_pct) vs 1.1% disclosed (p13:copybook:GOOG). SGOV represents 12.2% as cash management (pos.S…
| Proposal | Conviction | Lifecycle | Codes |
|---|---|---|---|
| EXPLAIN AMZN | 3 | PROPOSED→GATES PASSED→NO ORDER EXPLAIN is a decision not to trade — no order is created | — |
| BUY GOOGL @ 0.11% target mechanical | 3 | PROPOSED→REFUSED AT GATES no order was created | REJECT_BELOW_MIN_POSITION |
Reading the lifecycle. PROPOSED and GATES PASSED are published facts. QUEUED is shown as reached only where a fill proves it — the payload publishes no order record. FILLED / EXPIRED stays undecided without a matching fill, because an accepted order can price on a later session under the T+1 rule, and calling that "expired" would be inventing the outcome. "Accepted" alone used to sit in this column and read as though the trade had happened.
AI-generated. All quantitative claims traced to the published fact pack. This is a **mechanical 13F tracker** for Pershing Square Capital Management (fact: mandate_objective). The portfolio holds 6 positions (fact: pf.position_count) established 2 days ago (fact: pos.AMZN.days_held, pos.UBER.days_held, etc.). The rulebook dictates that this portfolio replicates the disclosed top positions from Pershing Square's most recent 13F filing on a value-proportional basis (fact: mandate_objective). The current holdings match the disclosed positions from the 2026-03-31 filing submitted on 2026-05-15 (fact: p13:selection:summary). **Current allocation vs. disclosed weights:** - AMZN: 12.10% actual (fact: pos.AMZN.weight_pct) vs. 28.90% disclosed (fact: p13:copybook:AMZN) - META: 11.73% actual (fact: pos.META.weight_pct) vs. 18.44% disclosed (fact: p13:copybook:META) - MSFT: 11.79% actual (fact: p…
| Proposal | Conviction | Lifecycle | Codes |
|---|---|---|---|
| EXPLAIN AMZN | 3 | PROPOSED→REFUSED AT GATES no order was created | REJECT_INVENTED_FACT_REF |
| BUY GOOGL @ 0.11% target mechanical | 3 | PROPOSED→REFUSED AT GATES no order was created | REJECT_BELOW_MIN_POSITION |
Reading the lifecycle. PROPOSED and GATES PASSED are published facts. QUEUED is shown as reached only where a fill proves it — the payload publishes no order record. FILLED / EXPIRED stays undecided without a matching fill, because an accepted order can price on a later session under the T+1 rule, and calling that "expired" would be inventing the outcome. "Accepted" alone used to sit in this column and read as though the trade had happened.
AI-generated. All quantitative claims traced to the published fact pack. The Pershing Square 13F Tracker (P13) portfolio is mechanically designed to mirror the disclosed US-listed equity positions from Pershing Square Capital Management's most recent Form 13F-HR filing. Currently, the portfolio holds 100% cash (pf.cash_pct) with no positions (pf.position_count = 0, pf.cash = 100,000 USD). This is a measurement instrument portfolio that rebalances ONLY when a new 13F filing arrives, not on market conditions or individual stock performance. The mandate explicitly states that this portfolio operates with published deterministic rules: it copies value-proportional weights from the disclosed 13F positions, rebalances exclusively upon new filings, and the AI role is limited to "explain_and_flag_only" with permitted actions restricted to EXPLAIN and FLAG_DATA_ANOMALY only. The fact pack cont…
| Proposal | Conviction | Lifecycle | Codes |
|---|---|---|---|
| EXPLAIN SPY | 5 | PROPOSED→GATES PASSED→NO ORDER EXPLAIN is a decision not to trade — no order is created | — |
| BUY AMZN @ 12% target mechanical | 3 | PROPOSED→GATES PASSED→QUEUED→FILLED | — |
| BUY UBER @ 12% target mechanical | 3 | PROPOSED→GATES PASSED→QUEUED→FILLED | — |
| BUY MSFT @ 12% target mechanical | 3 | PROPOSED→GATES PASSED→QUEUED→FILLED | — |
| BUY META @ 12% target mechanical | 3 | PROPOSED→GATES PASSED→QUEUED→FILLED | — |
| BUY GOOG @ 1.08% target mechanical | 3 | PROPOSED→GATES PASSED→QUEUED→FILLED | — |
| BUY GOOGL @ 0.11% target mechanical | 3 | PROPOSED→REFUSED AT GATES no order was created | REJECT_BELOW_MIN_POSITION |
| BUY SGOV @ 12% target mechanical | 1 | PROPOSED→GATES PASSED→QUEUED→FILLED | — |
Reading the lifecycle. PROPOSED and GATES PASSED are published facts. QUEUED is shown as reached only where a fill proves it — the payload publishes no order record. FILLED / EXPIRED stays undecided without a matching fill, because an accepted order can price on a later session under the T+1 rule, and calling that "expired" would be inventing the outcome. "Accepted" alone used to sit in this column and read as though the trade had happened.
fills: BUY 45.6882 AMZN @ 265.56 · BUY 157.9987 UBER @ 77.18 · BUY 24.2229 MSFT @ 490.43 · BUY 20.3442 META @ 592.13 · BUY 3.1437 GOOG @ 345.46 · BUY 119.3317 SGOV @ 100.97
AI-generated. All quantitative claims traced to the published fact pack. The P13 portfolio is a mechanical 13F replication strategy that mirrors Pershing Square's disclosed US equity positions. As of 2026-08-13, the portfolio holds zero positions (pf.position_count) and is 100% cash (pf.cash_pct). The NAV stands at $100,000 (pf.nav), equal to starting capital (pf.starting_capital), with zero cumulative returns (pf.total_return_pct). The portfolio is currently in PAUSE_OUTSIDE_REBALANCE_WINDOW state, meaning trades are frozen until the next filing window opens on 2026-08-14. The mandate specifies value-proportional rebalancing only when new 13F-HR filings arrive, with no discretionary timing. Between filing windows, the portfolio is deliberately frozen by design. The fact pack contains no 13F filing data showing Pershing Square's current positions or target weights. Without this core i…
| Proposal | Conviction | Lifecycle | Codes |
|---|---|---|---|
| EXPLAIN SPY | 5 | PROPOSED→GATES PASSED→NO ORDER EXPLAIN is a decision not to trade — no order is created | — |
Reading the lifecycle. PROPOSED and GATES PASSED are published facts. QUEUED is shown as reached only where a fill proves it — the payload publishes no order record. FILLED / EXPIRED stays undecided without a matching fill, because an accepted order can price on a later session under the T+1 rule, and calling that "expired" would be inventing the outcome. "Accepted" alone used to sit in this column and read as though the trade had happened.
What this book's published arithmetic is allowed to do
This portfolio's AI explains and flags. It makes no trade proposals at all — the maximum is zero, enforced by the mandate validator. Position selection is fully mechanical.
EXPLAIN · FLAG_DATA_ANOMALY
At most 1 proposal per run, each carrying a direction, a conviction from 1 to 5, a rationale, and references to the facts it used.
- set a price
- set a quantity or share count
- set a weight or position size
- set or move a risk limit
- execute anything
Model tier standard · prompt version P13-v1. Any change to the decider or the prompt is recorded as a MODEL_CHANGE event in the audit chain — without it the record would be a chimera of two systems presented as one.
Top disclosed positions by reported value, weighted value-proportionally across the copied set, clamped to the entry cap, residual parked in the declared cash equivalent. An amendment (13F-HR/A) supersedes the original for the same period. Implemented in engine/selection.py (ManagerCopySelector); inputs committed to the fact pack before every run.
Enforced limits
Every limit below names the code path that enforces it. This is not decoration: a limit that is published but never fires is worse than no limit, because a reader has no way to tell the difference. A test walks every mandate, drives the engine into the state each declared control claims to protect against, and fails the build if nothing stops it.
| Limit | Value | Enforced by |
|---|---|---|
| Maximum gross exposure | 100.0% | gate 2 — size_order |
| Maximum single sector | 50.0% | gate 2 — size_order |
| Limit | Value | Enforced by |
|---|---|---|
| Shorting | prohibited | gate 1 — proposal validation |
| Derivatives | prohibited | gate 1 — proposal validation |
| Margin | prohibited | gate 1 — proposal validation |
| Limit | Value | Enforced by |
|---|---|---|
| Maximum positions | 12 | gate 3 — BREACH_MAX_POSITIONS (portfolio limit check) |
| Minimum new position | 1.0% | gate 2 — size_order |
| Maximum order as % of ADV | 1.0% | gate 2 — size_order |
| Limit | Value | Enforced by |
|---|---|---|
| Stale-data halt | 48 hours | gate 3 — HALT_STALE_DATA |
| Limit | Value | Enforced by |
|---|---|---|
| At −25.0% drawdown | alert, publish_commentary | gate 3 — drawdown ladder |
| At −40.0% drawdown | alert, mandatory_deep_review | gate 3 — drawdown ladder |
| At −60.0% drawdown | graveyard_review | gate 3 — drawdown ladder |
| Limit | Value | Enforced by |
|---|---|---|
| Max trades per quarter | 60 | entry block — PAUSE_TURNOVER_CAP_REACHED (never blocks an exit) |
| Min holding period days | 0 | entry block — PAUSE_TURNOVER_CAP_REACHED (never blocks an exit) |
| Limit | Value | Enforced by |
|---|---|---|
| Halt trading if price gap unexplained pct | 25 | gate 3 — circuit breaker |
| Halt trading if 13f parse error rate above pct | 5 | gate 3 — circuit breaker |
| Halt trading if unmapped figi rate above pct | 10 | gate 3 — circuit breaker |
| Halt trading if factpack hash mismatch | true | gate 3 — circuit breaker |
Disclosures specific to this portfolio
These render on the page itself rather than in a footer, because without them the numbers actively mislead.
- This portfolio tracks the last disclosed quarterly filing — up to 45 days stale, long-only, shorts/hedges invisible.
- 13F filings are due 45 days after quarter end. Position data is between 45 and 136 days old, mean approximately 90 days.
- The copy is CAPPED, not exact: Pershing Square runs roughly eight to twelve concentrated positions, larger than this mandate's per-position entry cap permits, so the biggest disclosed positions are deliberately under-weighted here and the difference is visible in every rebalance fact pack.
- Pershing Square's swaps and hedges do not appear in 13F filings at all; the copied book is the LONG equity slice only.
- Disclosed positions outside this platform's licensed pricing universe are excluded, and the exclusion count is published in each cycle's fact pack.
- This portfolio is not affiliated with, endorsed by, or connected to Pershing Square or any of its funds. The manager is identified by SEC CIK.
- Security identifiers are published as ticker and FIGI. CUSIP identifiers are never published.
Execution
Fills are struck on a VWAP window that begins strictly after the decision timestamp plus a latency delay. No fill can use information from the bar in which the decision was made, so look-ahead is arithmetically impossible rather than merely avoided.
Philosophy
A dozen concentrated positions, disclosed four times a year, 45 days late. This portfolio asks the cheapest possible question about the most-watched activist book in the market: what does the DISCLOSURE alone earn, copied mechanically, with no discretion, no timing, and honest costs? It is a measurement instrument, not a strategy — the AI explains and flags anomalies, and deterministic code does everything else.
Review schedule
| Job | Cron | Timezone | Makes a decision |
|---|---|---|---|
| filing watch | 0 9 12-20 2,5,8,11 * | America/New_York | no |
| rebalance run | 0 17 15-21 2,5,8,11 * | America/New_York | yes |
| monthly risk | 0 12 1 * * | America/New_York | no |
Published on a fixed, regular schedule. Never event-triggered — no "market is crashing, sell now" alerts, deliberately. This table is the promise; the cadence panel at the top of the page is whether it was kept, instant by instant.
Machine-readable mandate: config/portfolios/P13_pershing_square_tracker.yaml · human rulebook: docs/portfolios/P13_pershing_square_tracker.md · effective from 2026-08-10 (wall clock) · record starts 2026-08-13 (pricing session) · payload 06ec491b8950…