Return Attribution — Pershing Square Capital Management
← Portfolio Analysis
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
Pershing Square Capital Management (13F portfolio cloned at quarter-end weights) delivered a +4.28% return over the 2026-Q1 → 2026-Q2 period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q1 → 2026-Q2: AMZN (+2.45%), BN (+1.04%), HHH (+0.98%). Biggest drags: META (-0.28%), HTZ (-0.26%), QSR (-0.15%). Across all 20 segmented periods, 9 stocks made a positive cumulative contribution and 8 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.
2026-Q1 → 2026-Q2 segment return
+4.28%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| AMZN |
17.4% |
+14.1% |
+2.45% |
| BN |
17.6% |
+5.9% |
+1.04% |
| HHH |
8.7% |
+11.3% |
+0.98% |
| SEG |
0.8% |
+23.8% |
+0.19% |
| GOOG |
0.7% |
+22.5% |
+0.15% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| META |
11.1% |
-2.5% |
-0.28% |
| HTZ |
0.5% |
-50.7% |
-0.26% |
| QSR |
12.2% |
-1.2% |
-0.15% |
| GOOGL |
0.1% |
+24.3% |
+0.02% |
| UBER |
15.7% |
+0.3% |
+0.04% |
2025-Q4 → 2026-Q1 segment return
-8.44%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| QSR |
10.0% |
+8.6% |
+0.87% |
| HLT |
5.6% |
+5.9% |
+0.33% |
| SEG |
0.6% |
+8.6% |
+0.06% |
| HTZ |
0.5% |
-9.5% |
-0.05% |
| GOOGL |
1.4% |
-8.1% |
-0.11% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BN |
18.1% |
-11.4% |
-2.06% |
| HHH |
9.7% |
-19.5% |
-1.89% |
| UBER |
15.9% |
-11.8% |
-1.87% |
| META |
11.4% |
-12.4% |
-1.41% |
| AMZN |
14.3% |
-9.3% |
-1.32% |
2025-Q3 → 2025-Q4 segment return
+2.82%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
10.5% |
+29.2% |
+3.07% |
| GOOGL |
8.0% |
+28.8% |
+2.31% |
| QSR |
10.0% |
+6.1% |
+0.61% |
| HLT |
5.4% |
+10.8% |
+0.58% |
| AMZN |
8.7% |
+5.4% |
+0.47% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| UBER |
20.3% |
-16.5% |
-3.35% |
| CMG |
5.8% |
-5.6% |
-0.32% |
| HHH |
10.6% |
-2.9% |
-0.31% |
| HTZ |
0.7% |
-24.5% |
-0.17% |
| SEG |
0.8% |
-13.7% |
-0.11% |
2025-Q2 → 2025-Q3 segment return
+7.68%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
4.1% |
+37.0% |
+1.51% |
| GOOG |
4.1% |
+37.0% |
+1.51% |
| GOOGL |
3.4% |
+37.9% |
+1.31% |
| GOOGL |
3.4% |
+37.9% |
+1.31% |
| HHH |
4.6% |
+22.2% |
+1.03% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CMG |
4.4% |
-30.2% |
-1.33% |
| CMG |
4.4% |
-30.2% |
-1.33% |
| QSR |
5.6% |
-3.2% |
-0.18% |
| QSR |
5.6% |
-3.2% |
-0.18% |
| HLT |
2.9% |
-2.5% |
-0.07% |
2025-Q1 → 2025-Q2 segment return
+13.08%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| UBER |
9.3% |
+28.4% |
+2.63% |
| UBER |
9.3% |
+28.4% |
+2.63% |
| BN |
9.0% |
+18.8% |
+1.69% |
| BN |
9.0% |
+18.8% |
+1.69% |
| CP |
4.4% |
+14.7% |
+0.64% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HHH |
5.9% |
-9.2% |
-0.54% |
| HHH |
5.9% |
-9.2% |
-0.54% |
| SEG |
0.5% |
-13.1% |
-0.06% |
| SEG |
0.5% |
-13.1% |
-0.06% |
| QSR |
6.4% |
-0.0% |
-0.0% |
2024-Q4 → 2025-Q1 segment return
-10.13%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| QSR |
5.9% |
+1.7% |
+0.1% |
| QSR |
5.9% |
+1.7% |
+0.1% |
| SEG |
0.6% |
-23.2% |
-0.13% |
| SEG |
0.6% |
-23.2% |
-0.13% |
| CP |
4.3% |
-4.3% |
-0.18% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
5.7% |
-18.3% |
-1.04% |
| GOOG |
5.7% |
-18.3% |
-1.04% |
| CMG |
5.9% |
-16.7% |
-0.99% |
| CMG |
5.9% |
-16.7% |
-0.99% |
| NKE |
5.6% |
-16.1% |
-0.91% |
2024-Q3 → 2024-Q4 segment return
-0.42%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
9.8% |
+14.0% |
+1.37% |
| BN |
13.5% |
+7.9% |
+1.07% |
| HLT |
13.2% |
+7.3% |
+0.96% |
| GOOGL |
5.1% |
+3.9% |
+0.2% |
| SEG |
0.4% |
+1.9% |
+0.01% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CP |
9.9% |
-15.6% |
-1.54% |
| QSR |
12.8% |
-9.6% |
-1.24% |
| NKE |
11.1% |
-10.6% |
-1.18% |
| HHH |
11.3% |
-0.7% |
-0.07% |
| SEG |
0.4% |
+1.9% |
+0.01% |
2024-Q2 → 2024-Q3 segment return
+7.6%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| HHH |
11.7% |
+25.4% |
+2.98% |
| GOOGL |
7.0% |
+34.0% |
+2.37% |
| HLT |
18.8% |
+5.7% |
+1.07% |
| CP |
11.3% |
+8.6% |
+0.98% |
| BN |
2.7% |
+28.2% |
+0.77% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
13.3% |
-9.2% |
-1.23% |
| NKE |
2.2% |
+12.3% |
+0.27% |
| QSR |
15.6% |
+2.5% |
+0.39% |
| BN |
2.7% |
+28.2% |
+0.77% |
| CP |
11.3% |
+8.6% |
+0.98% |
2024-Q1 → 2024-Q2 segment return
-1.46%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
13.3% |
+20.9% |
+2.77% |
| HLT |
18.2% |
+2.4% |
+0.43% |
| GOOGL |
6.1% |
+0.0% |
+0.0% |
| CP |
12.4% |
-10.7% |
-1.32% |
| HHH |
12.7% |
-10.7% |
-1.37% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| QSR |
17.2% |
-11.4% |
-1.97% |
| HHH |
12.7% |
-10.7% |
-1.37% |
| CP |
12.4% |
-10.7% |
-1.32% |
| GOOGL |
6.1% |
+0.0% |
+0.0% |
| HLT |
18.2% |
+2.4% |
+0.43% |
2023-Q4 → 2024-Q1 segment return
+3.49%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| HLT |
16.1% |
+17.2% |
+2.77% |
| CP |
11.5% |
+11.8% |
+1.35% |
| GOOG |
12.7% |
+8.0% |
+1.02% |
| LOW |
2.7% |
+15.0% |
+0.4% |
| QSR |
17.5% |
+1.7% |
+0.3% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| HHH |
15.5% |
-15.1% |
-2.34% |
| GOOGL |
5.9% |
+0.0% |
+0.0% |
| QSR |
17.5% |
+1.7% |
+0.3% |
| LOW |
2.7% |
+15.0% |
+0.4% |
| GOOG |
12.7% |
+8.0% |
+1.02% |
2023-Q3 → 2023-Q4 segment return
+10.18%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| HLT |
14.7% |
+21.4% |
+3.15% |
| QSR |
14.8% |
+18.0% |
+2.67% |
| HHH |
11.9% |
+15.4% |
+1.83% |
| LOW |
14.0% |
+7.7% |
+1.08% |
| GOOG |
11.8% |
+6.9% |
+0.81% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
5.4% |
+0.0% |
+0.0% |
| CP |
10.7% |
+6.0% |
+0.64% |
| GOOG |
11.8% |
+6.9% |
+0.81% |
| LOW |
14.0% |
+7.7% |
+1.08% |
| HHH |
11.9% |
+15.4% |
+1.83% |
2023-Q2 → 2023-Q3 segment return
-3.13%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOG |
10.5% |
+9.1% |
+0.95% |
| HLT |
12.6% |
+3.3% |
+0.41% |
| GOOGL |
2.4% |
+0.0% |
+0.0% |
| CP |
11.3% |
-7.9% |
-0.89% |
| LOW |
15.6% |
-7.5% |
-1.17% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| QSR |
16.7% |
-14.6% |
-2.44% |
| LOW |
15.6% |
-7.5% |
-1.17% |
| CP |
11.3% |
-7.9% |
-0.89% |
| GOOGL |
2.4% |
+0.0% |
+0.0% |
| HLT |
12.6% |
+3.3% |
+0.41% |
2023-Q1 → 2023-Q2 segment return
+7.75%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| LOW |
22.2% |
+13.4% |
+2.98% |
| QSR |
18.0% |
+15.5% |
+2.78% |
| GOOG |
9.3% |
+16.1% |
+1.5% |
| HLT |
14.5% |
+3.4% |
+0.5% |
| GOOGL |
2.5% |
+0.0% |
+0.0% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
2.5% |
+0.0% |
+0.0% |
| HLT |
14.5% |
+3.4% |
+0.5% |
| GOOG |
9.3% |
+16.1% |
+1.5% |
| QSR |
18.0% |
+15.5% |
+2.78% |
| LOW |
22.2% |
+13.4% |
+2.98% |
2022-Q4 → 2023-Q1 segment return
+2.94%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| HLT |
16.6% |
+11.6% |
+1.92% |
| QSR |
20.5% |
+3.8% |
+0.78% |
| LOW |
27.0% |
+0.9% |
+0.24% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| LOW |
27.0% |
+0.9% |
+0.24% |
| QSR |
20.5% |
+3.8% |
+0.78% |
| HLT |
16.6% |
+11.6% |
+1.92% |
2022-Q3 → 2022-Q4 segment return
+4.95%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| QSR |
18.8% |
+21.6% |
+4.05% |
| LOW |
28.4% |
+6.7% |
+1.89% |
| HLT |
17.6% |
+4.9% |
+0.86% |
| CMG |
24.2% |
-7.7% |
-1.86% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CMG |
24.2% |
-7.7% |
-1.86% |
| HLT |
17.6% |
+4.9% |
+0.86% |
| LOW |
28.4% |
+6.7% |
+1.89% |
| QSR |
18.8% |
+21.6% |
+4.05% |
2022-Q2 → 2022-Q3 segment return
+4.98%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| CMG |
19.9% |
+15.0% |
+2.98% |
| LOW |
24.6% |
+8.1% |
+2.0% |
| HLT |
15.2% |
+8.4% |
+1.27% |
| QSR |
16.5% |
+6.0% |
+0.99% |
| DPZ |
11.1% |
-20.4% |
-2.26% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DPZ |
11.1% |
-20.4% |
-2.26% |
| QSR |
16.5% |
+6.0% |
+0.99% |
| HLT |
15.2% |
+8.4% |
+1.27% |
| LOW |
24.6% |
+8.1% |
+2.0% |
| CMG |
19.9% |
+15.0% |
+2.98% |
2022-Q1 → 2022-Q2 segment return
-15.06%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DPZ |
8.3% |
-4.2% |
-0.35% |
| QSR |
13.7% |
-14.1% |
-1.94% |
| LOW |
20.3% |
-13.3% |
-2.7% |
| HLT |
14.9% |
-26.5% |
-3.94% |
| NFLX |
11.5% |
-53.5% |
-6.14% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NFLX |
11.5% |
-53.5% |
-6.14% |
| HLT |
14.9% |
-26.5% |
-3.94% |
| LOW |
20.3% |
-13.3% |
-2.7% |
| QSR |
13.7% |
-14.1% |
-1.94% |
| DPZ |
8.3% |
-4.2% |
-0.35% |
2021-Q4 → 2022-Q1 segment return
-9.48%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| QSR |
13.7% |
-3.5% |
-0.48% |
| HLT |
18.6% |
-2.7% |
-0.51% |
| DPZ |
11.2% |
-27.9% |
-3.11% |
| LOW |
25.0% |
-21.5% |
-5.38% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| LOW |
25.0% |
-21.5% |
-5.38% |
| DPZ |
11.2% |
-27.9% |
-3.11% |
| HLT |
18.6% |
-2.7% |
-0.51% |
| QSR |
13.7% |
-3.5% |
-0.48% |
2021-Q3 → 2021-Q4 segment return
+7.83%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| LOW |
21.9% |
+27.9% |
+6.12% |
| DPZ |
10.5% |
+18.3% |
+1.93% |
| QSR |
15.5% |
-1.4% |
-0.22% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| QSR |
15.5% |
-1.4% |
-0.22% |
| DPZ |
10.5% |
+18.3% |
+1.93% |
| LOW |
21.9% |
+27.9% |
+6.12% |
2021-Q2 → 2021-Q3 segment return
-0.48%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| DPZ |
8.9% |
+2.2% |
+0.2% |
| QSR |
14.3% |
-4.8% |
-0.68% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| QSR |
14.3% |
-4.8% |
-0.68% |
| DPZ |
8.9% |
+2.2% |
+0.2% |
Cumulative Contribution (all segments)