The Ackman Tracker: what it follows, what a 13F can and can't tell you about Pershing Square, and how following works

I'm Chris, co-founder of Autopilot. The Ackman Tracker follows Pershing Square Capital Management's quarterly 13F filing. When the filing posts, up to 45 days after quarter end, the Portfolio updates and your account follows it. Bill Ackman has nothing to do with it. Of all the filings on our list, this is the easiest one to read and the closest to the real book, and I'll explain why that's true and where it still isn't.

One thing first, because we're an SEC-registered investment adviser and I have to say it. Autopilot is the app. The actual investment advice comes from Autopilot Advisers, LLC. If you want the full legal version of anything in here, it's on our legal page.

1) Who Ackman is and what the tracker actually follows

Ackman doesn't run this. We read what Pershing Square files and follow it after the filing becomes public. A 13F can be filed any time after quarter end, but the deadline is 45 days.

Bill Ackman runs Pershing Square, an activist fund with a book of about ten companies. His bio on our app says it in five words: high-conviction investments in underperforming companies. He buys a big stake, argues publicly for changes, and holds for years. He also talks about his positions on X more than any manager on this list, which means you often know his thesis before the filing confirms the position. Like every institutional investment manager that meets the SEC's $100 million threshold for Section 13(f) securities, Pershing Square files a Form 13F within 45 days after each quarter end. The filer of record is Pershing Square Capital Management, L.P..

The Ackman Tracker is a Portfolio that Autopilot Advisers built and runs from that filing. It launched on Autopilot on February 3, 2023. Pershing Square isn't paid by it, doesn't know about it, and hasn't endorsed anything.

2) What a 13F shows for Pershing Square, and what it hides

Ten names, held for years, with the manager explaining himself in public. That's about as good as a 13F gets. When a position shows up on Pershing Square's filing, it's probably still there when you read it, and you can probably find out why he owns it in his own words. Compare that to a filing with thousands of lines that turn over every month, and you can see why this one's the easy read.

Here's where it still isn't the real book. Pershing Square's biggest wins and losses have sometimes come from things a 13F never shows. Hedges built with derivatives on credit or rates don't appear on a 13F at all, and one of the firm's most famous trades was exactly that kind of hedge. Options positions, when they're reportable, show up by the shares they cover rather than what was paid. And a 13F won't tell you what's been sold since quarter end, which for an activist who sometimes exits fast is a real gap.

The rest is what every 13F hides, in What's a 13F, and can you actually see what Warren Buffett bought last quarter?. No timing, no prices, no cash. 13Fs don't have a purchase date. They only have the ending date.

3) How the tracker turns the filing into a Portfolio

What I can say without checking: with a book this concentrated, a tracker built from it is concentrated too. Ten names is not diversification. The Portfolio only changes when a new filing posts.

4) How it runs in your account

You connect the brokerage you already have, pick the Ackman Tracker, and set how much follows it. Then you give Autopilot Advisers limited authority to send orders to that account. When the Portfolio changes, we send them and your broker fills them. The money stays put.

You're never trading at the same time as Pershing Square. You're trading after a filing that came out weeks after they did, though with this manager you may have read the reasoning on X before the filing posted.

5) What to check on the fact sheet before you follow it

The Ackman Tracker fact sheet shows what real client accounts following it did from February 3, 2023, gross and net, with drawdown, volatility, a risk band, and a date on every figure. It's a live composite of follower accounts, not Pershing Square's return and not a backtest.

Read the drawdown carefully. A ten-stock book moves with its biggest names, and when one of them has a bad year the whole Portfolio feels it. I wrote how to read the sheet in How to read a Portfolio's track record before you follow it.

6) The limits, plainly

The filing starts you behind, sometimes by days and sometimes by months, though for a slow-moving book that costs less than it does elsewhere. You get the stock positions and none of the hedges that have sometimes been the whole story. You get concentration whether you want it or not. Position sizes aren't his. If what you want is Ackman's judgment, his own words are public and the filing confirms them after it posts. If you want to follow the disclosed book of one of the most public activist investors alive, in your own account, with the delay printed on a fact sheet, that's what this is.

Frequently asked questions

Pershing Square 13F holdings

Pershing Square Capital Management's quarterly 13F is public on the SEC's EDGAR site, filed within 45 days after each quarter end, and it lists a concentrated book of about ten long US positions as of quarter end. It leaves out derivative hedges, timing, and anything sold since. I don't reprint holdings here because this page doesn't change. Autopilot's Ackman Tracker follows the filing after it posts.

Bill Ackman portfolio tracker

Autopilot's Ackman Tracker follows Pershing Square's quarterly 13F filings after they post, in your own brokerage account. Ackman doesn't run it and has no relationship with Autopilot. It launched February 3, 2023 and has a public fact sheet showing what follower accounts did, gross and net, with the 45-day delay disclosed as a risk.

What are Bill Ackman's latest holdings?

The most recent Pershing Square 13F on EDGAR shows the fund's long US positions as of the last quarter end, filed up to 45 days later. Ackman also discusses positions publicly, sometimes before the filing confirms them. I don't reprint holdings here because this page is written to stay accurate for years. Autopilot's Ackman Tracker follows each filing after it posts.

TLDR

Pershing Square files a short 13F within 45 days of quarter end, and the manager explains himself in public. The Ackman Tracker follows it, in your own brokerage, with the money staying put. Ackman isn't involved. It's concentrated by nature, so read the drawdown first. If it fits: Choose a Portfolio and connect your brokerage. Then give Autopilot Advisers limited authority to send orders to that account. When the Portfolio changes, we send them and your broker fills them. Depending on your plan and brokerage, you may need to confirm first. The money stays put.

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Since Autopilot Advisers is an SEC-registered investment adviser, we have to put disclaimers on stuff like this. They're below, and the full version is on our legal page.

Disclosures

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Pershing Square Capital Management and William Ackman are not affiliated with Autopilot and have not endorsed it. The Ackman Tracker is created and managed by Autopilot Advisers, LLC from public Form 13F filings; Pershing Square does not manage this Portfolio and has no relationship with Autopilot or its clients. Descriptions of Form 13F reflect SEC rules as generally understood at the publish date. References to Pershing Square's disclosed positions and to the manager's public statements describe public information and are not a performance claim or a recommendation.