As of Q1 2025, Bill Ackman’s Pershing Square Capital Management continues to operate with a focused, high-conviction portfolio estimated at approximately $11.9 billion, concentrated in just 11 core positions. Ackman’s investment strategy remains consistent: long-term value with active oversight in companies that show strong fundamentals and scalable growth potential.
🔹 Alphabet (GOOGL/GOOG) – ~14% of Portfolio
Ackman sees Alphabet as a dominant force in the AI and cloud sectors, with superior data infrastructure, proprietary AI chips, and consistent growth in Google Cloud. The company’s ecosystem across advertising, productivity software, and AI innovation positions it as a long-term cornerstone in his portfolio.
🔹 Uber Technologies (UBER) – ~18.5% of Portfolio
Uber is Pershing Square’s largest holding. Ackman is betting on Uber’s evolution beyond ride-hailing, particularly its logistics capabilities, margin expansion, and long-term profitability in autonomous mobility and global delivery.
🔹 Brookfield Corporation (BN) – ~18% of Portfolio
Brookfield, a global leader in infrastructure and alternative asset management, offers Ackman stable exposure to real assets, long-duration contracts, and reliable income streams. It aligns with his preference for scalable, inflation-resilient businesses.
🔹 Restaurant Brands International (QSR) – ~12.9%
Ackman maintains a long-standing position in QSR, the parent company of Burger King, Tim Hortons, and Popeyes. The business generates strong cash flow, benefits from global franchising, and supports consistent dividend growth.
🔹 Howard Hughes Holdings (HHH) – ~11.7%
Ackman is deeply involved in Howard Hughes, viewing it as a long-term value creation vehicle. As one of the largest shareholders, he is steering its transformation into a diversified real estate development company focused on high-growth U.S. regions.
🔹 Chipotle Mexican Grill (CMG) – ~9.1%
Chipotle continues to deliver strong operational performance, supported by digital transformation, pricing power, and store expansion. Although Pershing Square has trimmed its position slightly, it remains a key long-term holding.
🔹 Amazon (AMZN)
A newer addition to the portfolio, Amazon fits Ackman’s interest in dominant platforms with long-term cash flow visibility. Its leadership in e-commerce and cloud computing, alongside advancements in AI, makes it a compelling investment for Pershing Square.
🔹 Hertz Global (HTZ)
Ackman has taken an activist role in Hertz, building a sizable position as the company attempts to restructure and reassert itself post-bankruptcy. His bet is focused on unlocking value from tangible assets and modernizing its operational model.
Portfolio Outlook and Strategy
Ackman’s investment philosophy emphasizes concentration over diversification, holding a small number of companies where he sees long-term value creation potential. His portfolio is weighted toward sectors with high structural growth, including AI, cloud computing, real estate, mobility, and consumer brands. By combining traditional value investing with strategic activism and tech-forward bets, Ackman positions Pershing Square to benefit from both market resilience and innovation-driven returns.
In summary, Bill Ackman’s 2025 portfolio is a study in conviction—focused, strategic, and rooted in businesses with clear paths to expansion and profitability.
