Bill Ackman, the billionaire investor behind Pershing Square Capital Management, is well known for his concentrated approach to investing. Instead of holding dozens of stocks, he focuses on a small group of high-conviction bets that he believes can generate outsized long-term returns.
As of the second quarter of 2025, Ackman’s portfolio consists of just ten stocks with a market value of roughly $13.7 billion. The top positions reveal where he sees opportunity across technology, real estate, consumer brands, and global asset management. Let’s look at each of his positions.
1. Uber Technologies: Ackman’s Largest Bet
Ackman’s biggest holding is Uber Technologies, which makes up more than 20 percent of Pershing Square’s portfolio. He owns just over 30 million shares valued at about $2.8 billion. The stock is trading slightly below its reported cost basis at around $92 per share, compared to $93 when the position was disclosed.
Uber has climbed toward its 52-week high of $97.72, showing strong investor momentum. Ackman’s long-term thesis rests on Uber’s ability to dominate the global ride-hailing industry while continuing to scale Uber Eats and other delivery businesses. With profitability improving and recurring revenue becoming more predictable, Uber remains the centerpiece of his investment strategy.
2. Brookfield Corp: A Steady Asset Management Play
Brookfield Corporation is the second-largest holding in Ackman’s portfolio, representing about 18.5 percent of total assets. Pershing Square holds more than 41 million shares worth approximately $2.5 billion. Ackman modestly increased the position during the quarter, signaling confidence in its performance.
Brookfield is a global leader in alternative asset management with exposure to real estate, renewable energy, infrastructure, and private equity. The stock has performed well, rising from Ackman’s reported purchase price of $61.85 to around $65.45, a gain of nearly six percent. This investment aligns with Ackman’s preference for companies that generate consistent cash flow from diversified and durable business models.
3. Restaurant Brands International: Fast-Food Expansion Strategy
Restaurant Brands International is another key consumer-facing company in Ackman’s portfolio, accounting for more than 11 percent of total holdings. His 23 million shares are worth about $1.5 billion. The stock trades slightly below his purchase price at around $65, compared to $66.29 when reported.
Ackman’s interest in this company is tied to its portfolio of well-known franchises, including Burger King, Tim Hortons, Popeyes, and Firehouse Subs. The strength of its global franchising model and ability to expand internationally make this a long-term brand-driven play, even if short-term volatility affects the stock price.
4. Amazon: A Growing Tech Powerhouse in the Portfolio
Amazon represents a newer addition to Pershing Square’s holdings but already makes up more than nine percent of the portfolio. Ackman owns nearly six million shares worth about $1.28 billion. The stock has appreciated since his purchase, rising from $219 per share to more than $231, a gain of more than five percent.
This move highlights his conviction in Amazon’s twin engines of growth: e-commerce and cloud computing through Amazon Web Services. With advancements in artificial intelligence and operational efficiencies strengthening profitability, Amazon provides exposure to one of the world’s most dominant technology platforms.
5. Howard Hughes Holdings: Long-Term Real Estate Vision
Howard Hughes Holdings is a long-standing Ackman favorite, and it continues to make up more than nine percent of his portfolio. Pershing Square holds nearly 19 million shares valued at about $1.27 billion. The stock has appreciated more than nine percent since his reported purchase price of $67.50, now trading above $73.
This company specializes in large-scale master-planned communities and urban developments. Ackman has consistently backed Howard Hughes for its ability to create long-term value through unique real estate projects, even though the sector is cyclical and sensitive to broader economic shifts.
6. Chipotle Mexican Grill: A High-Conviction Consumer Brand
Chipotle is another long-term Ackman holding, making up about 8.8 percent of the portfolio, valued at roughly $1.2 billion. Pershing Square owns over 21 million shares. Unlike some of his other positions, Chipotle has struggled recently, with the stock down more than 21 percent since his reported purchase at $56 per share, now trading closer to $44.
Despite this decline, Ackman has shown no signs of backing away from the company. His conviction is based on Chipotle’s strong brand, loyal customer base, pricing power, and expansion opportunities. While short-term volatility has pressured the stock, the long-term fundamentals remain strong.
7. Alphabet (GOOG & GOOGL): Heavy Investment in Big Tech
Ackman has placed a significant bet on Alphabet, holding both Class C (GOOG) and Class A (GOOGL) shares for a combined portfolio weight of around 15 percent. Together, these positions are valued at just over $2 billion.
The GOOG stake is worth about $1.1 billion, while GOOGL makes up about $945 million. Ackman increased his GOOGL position by more than 20 percent in the quarter, showing growing confidence. Both positions have performed well, up about 15 percent since the filing. Ackman’s rationale is straightforward: Alphabet dominates digital advertising, continues to grow Google Cloud, and invests heavily in artificial intelligence, positioning it as a long-term winner in technology. I think YouTube is the most undervalued or misunderstood part of its business, as it takes over entertainment viewing time.
8. Hilton Worldwide: Hospitality Strength Through Franchising
Hilton Worldwide represents nearly six percent of Pershing Square’s portfolio, valued at around $807 million. Ackman holds over three million shares and slightly increased his position last quarter. The stock has been steady, trading just above its cost basis at around $268 compared to $266 when reported.
Hilton fits neatly into Ackman’s preference for businesses with strong brands and asset-light models. Its global franchise system generates recurring fees and reduces operational risks, making it a consistent performer within its portfolio.
9. Hertz Global: A Smaller, Riskier Position
Ackman also maintains a small stake in Hertz Global Holdings, which accounts for less than one percent of the portfolio. Pershing Square owns more than 15 million shares worth about $104 million.
The stock has struggled, falling more than 25 percent from its reported cost basis of $6.83 to around $5.11. Hertz has faced challenges shifting to electric vehicles and adapting to post-pandemic rental demand. Given the small size of the position relative to the overall portfolio, Ackman appears to treat Hertz as a speculative bet rather than a core holding.
10. Seaport Entertainment Group: A Niche Growth Opportunity
Seaport Entertainment Group is the smallest publicly disclosed holding in Ackman’s portfolio, but one of the best-performing; five million shares are valued at nearly $94 million. The stock has surged by more than 40 percent since its reported purchase price of $18.65 and is now trading above $26.
Seaport operates in the entertainment and consumer experience sector, offering growth potential as demand for leisure and lifestyle venues expands. While the position is small compared to his core holdings, the strong performance shows Ackman’s willingness to diversify into emerging opportunities.
Conclusion: Ackman’s Concentrated, High-Conviction Strategy
Bill Ackman’s portfolio in 2025 illustrates his signature style of running a concentrated book of high-conviction investments. With just ten stocks, Pershing Square is heavily weighted toward a handful of companies, with Uber, Brookfield, Alphabet, Chipotle, and Howard Hughes accounting for nearly three-quarters of assets.
His strategy leans on durable global brands, technology platforms with growth potential, real estate plays with long horizons, and hospitality companies with recurring revenues. Some bets, such as Chipotle and Hertz, are under pressure, while others like Alphabet, Seaport, and Howard Hughes have delivered substantial gains.
Ackman’s approach reflects a willingness to endure short-term volatility for the potential of long-term wealth creation, staying true to his reputation as one of Wall Street’s most disciplined and focused investors.