13F Timing Lab / UBER · Q1 2025
Pershing Square
& Uber.
Pershing Square’s May 2025 13F reported Uber shares, but the stake had already been announced in February. This case shows why a newly reported 13F position need not be a fresh market revelation.
Explore the record
Change the timing. See the difference.
Reviewed filing
Pershing Square → UBER
Pershing Square · Q1 2025
Read the dates before the headline
The holding came first. Your entry comes later.
45 days between the portfolio snapshot and the filing. Calendar days, not trading sessions.
- The portfolio snapshotMar 31, 2025Shares held on this date. It is not the purchase date.
- SEC accepts the filingMay 15, 202516:03:24 Eastern
After market close - Your selected entryMay 16, 2025Next trading session’s close
UBER at $91.79 - The common exitAug 13, 202560 sessions after the base entry.
60 sessions held in this replay.
We do not know the manager’s purchase date or price. Changing your entry moves only your replay; the exit stays fixed. Timeline steps are equally spaced, not a time scale.
Entry: May 16, 2025 at $91.79. Exit: Aug 13, 2025 at $90.83. 60 trading sessions between closes.
Same stock. Same exit. Different entry.
The exit stays Aug 13, 2025. Waiting shortens the holding period. “pp” means percentage points; this is a price comparison, not risk-adjusted alpha.
Scroll sideways to compare every column ↔
| Entry timing | Entry date | UBER | SPY | Difference |
|---|---|---|---|---|
| First session | May 16, 2025 | -1.05% | +8.53% | -9.58 pp |
| Wait 1 session | May 19, 2025 | -1.76% | +8.41% | -10.18 pp |
| Wait 5 sessions | May 23, 2025 | +3.51% | +11.36% | -7.85 pp |
Inspect the daily prices behind this chart
| Date | UBER | SPY |
|---|---|---|
| May 16, 2025 | $91.79 | $594.20 |
| May 19, 2025 | $92.46 | $594.85 |
| May 20, 2025 | $91.87 | $592.85 |
| May 21, 2025 | $88.67 | $582.86 |
| May 22, 2025 | $88.00 | $583.09 |
| May 23, 2025 | $87.75 | $579.11 |
| May 27, 2025 | $89.00 | $591.15 |
| May 28, 2025 | $88.26 | $587.73 |
| May 29, 2025 | $84.30 | $590.05 |
| May 30, 2025 | $84.16 | $589.39 |
| Jun 2, 2025 | $83.64 | $592.71 |
| Jun 3, 2025 | $82.53 | $596.09 |
| Jun 4, 2025 | $83.45 | $595.93 |
| Jun 5, 2025 | $84.67 | $593.05 |
| Jun 6, 2025 | $85.60 | $599.14 |
| Jun 9, 2025 | $87.12 | $599.68 |
| Jun 10, 2025 | $86.39 | $603.08 |
| Jun 11, 2025 | $86.58 | $601.36 |
| Jun 12, 2025 | $85.62 | $603.75 |
| Jun 13, 2025 | $83.93 | $597.00 |
| Jun 16, 2025 | $85.12 | $602.68 |
| Jun 17, 2025 | $84.76 | $597.53 |
| Jun 18, 2025 | $83.44 | $597.44 |
| Jun 20, 2025 | $83.78 | $594.28 |
| Jun 23, 2025 | $85.24 | $600.15 |
| Jun 24, 2025 | $91.65 | $606.78 |
| Jun 25, 2025 | $90.90 | $607.12 |
| Jun 26, 2025 | $93.12 | $611.87 |
| Jun 27, 2025 | $91.53 | $614.91 |
| Jun 30, 2025 | $93.30 | $617.85 |
| Jul 1, 2025 | $92.13 | $617.65 |
| Jul 2, 2025 | $92.05 | $620.45 |
| Jul 3, 2025 | $93.63 | $625.34 |
| Jul 7, 2025 | $96.68 | $620.68 |
| Jul 8, 2025 | $97.48 | $620.34 |
| Jul 9, 2025 | $96.64 | $624.06 |
| Jul 10, 2025 | $96.40 | $625.82 |
| Jul 11, 2025 | $95.39 | $623.62 |
| Jul 14, 2025 | $93.89 | $624.81 |
| Jul 15, 2025 | $92.21 | $622.14 |
| Jul 16, 2025 | $90.75 | $624.22 |
| Jul 17, 2025 | $90.50 | $628.04 |
| Jul 18, 2025 | $90.59 | $627.58 |
| Jul 21, 2025 | $91.16 | $628.77 |
| Jul 22, 2025 | $91.79 | $628.86 |
| Jul 23, 2025 | $89.94 | $634.21 |
| Jul 24, 2025 | $90.87 | $634.42 |
| Jul 25, 2025 | $91.29 | $637.10 |
| Jul 28, 2025 | $90.60 | $636.94 |
| Jul 29, 2025 | $87.11 | $635.26 |
| Jul 30, 2025 | $87.64 | $634.46 |
| Jul 31, 2025 | $87.75 | $632.08 |
| Aug 1, 2025 | $86.91 | $621.72 |
| Aug 4, 2025 | $88.43 | $631.17 |
| Aug 5, 2025 | $89.39 | $627.97 |
| Aug 6, 2025 | $89.22 | $632.78 |
| Aug 7, 2025 | $92.67 | $632.25 |
| Aug 8, 2025 | $89.56 | $637.18 |
| Aug 11, 2025 | $90.58 | $635.92 |
| Aug 12, 2025 | $91.73 | $642.69 |
| Aug 13, 2025 | $90.83 | $644.89 |
These selected historical cases are not a strategy test. Price movements can reflect earnings, market news and other events. These comparisons do not establish that the filing caused the move or that copying a manager works.
Filing facts / Q1 2025
The record behind the replay.
The replay is anchored to the May 15 SEC filing, not the February announcement. It cannot measure the announcement reaction, and the earlier disclosure makes it unsuitable as a clean test of a new-information effect at the 13F timestamp.
- Reported share quantity
- 30,301,161 shares
- Reported quarter-end value
- $2,207,742,590.00
- Security identifier
- 90353T100
Combined from 1 non-option row for this security in this single filing. The original table reports values in USD. Value is a quarter-end mark, not purchase cost. Source rows retain their manager designations in the linked table.
No UBER CUSIP appears in the reviewed December 2024 original table or April 2025 additional-holdings amendment. The amendment supplements the original. The separate February public announcement is retained above.
- SEC filing · 0001172661-25-002315 ↗
- SEC information table ↗
- Prior quarter original table ↗
- Prior quarter additional-holdings amendment ↗
- UBER historical market prices ↗ · SPY historical market prices ↗
SEC index acceptance: 2025-05-15 at 16:03:24 America/New_York. Historical review through Oct 24, 2026; this page does not monitor later amendments or current positions automatically.
How to read the numbers
A replay you can check.
01 / Start after the filing
The base entry is the next trading session’s close after the filing date, whether the filing arrived during trading or after the close. Scion’s Alibaba filing arrived during market hours; the other selected filings arrived after the close. It is a reproducible daily-price convention, not the earliest executable trade. Overnight and first-session moves are already in that entry price.
02 / Keep the exit fixed
Choose an exit 20 or 60 trading sessions after the base entry. Waiting one or five sessions moves the entry only. All scenarios exit on the same date; delayed entries therefore have shorter holding periods. Sessions follow the observed SPY trading dates, including holiday gaps.
03 / Compare like with like
Price change = (exit close ÷ entry close − 1) × 100. SPY uses the same dates. The difference is measured in percentage points, not risk-adjusted alpha. The chart rebases both series to 100 at the selected entry. Prices are USD closes from Yahoo Finance; the reviewed windows contain no recorded stock splits.
04 / Keep the limits visible
Dividends, trading costs, taxes and slippage are excluded. The snapshot-to-filing comparison is not the manager’s return. A weekend quarter-end uses the last trading close on or before that date. For an intraday filing, the filing-day close includes post-disclosure trading. Options, short positions and a manager’s actual trade dates are not reconstructed. These six selected cases cannot establish causation, predictive power or a profitable strategy.
Download all six cases’ prices (CSV) ↓ · Read the research · Report a correction
Reviewed snapshot · Oct 24, 2026 · Version 2026-10-24.1. Source retrieval and calculation checks are part of this release. No live prices or automatic refresh are implied.
Financial interest: the publisher/researcher has disclosed a GOOGL holding in Buteon’s Alphabet research. This collection includes GOOGL. Educational research, not an investment recommendation.