Bill Ackman, the renowned billionaire investor and founder of Pershing Square Capital Management, remains one of the most influential figures in modern finance. With a career spanning over three decades, Ackman has become synonymous with bold, high-conviction investing and a willingness to challenge the status quo. Known both as an activist investor and a confrontational investor, he has built his reputation by taking significant, highly focused positions in public companies and engaging directly with corporate leadership to unlock hidden value. His activist campaigns often lead to major operational overhauls, improved governance, and ultimately, enhanced shareholder returns.
As of Q3 2025, Pershing Square’s portfolio is valued at approximately $14.64 billion, up from $13.73 billion in Q2, while still holding just 11 stocks. This remains a clear demonstration of Ackman’s unwavering belief that concentrated investing, rooted in deep analysis and conviction, can generate far superior returns compared to broad diversification. Rather than spreading capital across dozens of holdings, Ackman focuses on a small group of companies with strong barriers to entry, high-quality management teams, and exceptional long-term growth potential.
This remains a textbook example of Ackman’s belief that concentrated investing, rooted in deep analysis and conviction, can generate superior long-term returns. Rather than responding to short-term market movements, Pershing Square allowed its highest-conviction holdings to continue compounding.
So what does a quarter of near inactivity tell us about Ackman’s outlook?
Bill Ackman’s Investment Philosophy: Precision, Influence, and Long-Term Value
William Albert Ackman has built his reputation as one of the most disciplined and outspoken investors of his generation, and his Q2 2025 portfolio reflects that same philosophy in action. Rather than spreading capital across dozens of names, Pershing Square concentrates its bets, actively engages with management teams, and focuses on owning businesses with the potential to compound value over many years.
✅ Concentration and Conviction: Pershing Square holds just 11 positions, underscoring Ackman’s belief that true outperformance comes from focus, not diversification. His top two holdings, Uber and Brookfield, now represent nearly 40% of the portfolio, a level of concentration that reflects deep conviction in their long-term value creation.
✅ Activist Influence: Ackman is not a passive shareholder. Whether through board representation, operational input, or public advocacy, he has a long track record of pushing companies toward stronger governance and more efficient execution. This activist mindset remains central to Pershing’s strategy today.
✅ Willingness to Wait: Q3 2025 featured no new buys and no full exits, highlighting Ackman’s comfort with inactivity when his highest-conviction ideas remain intact.
✅ Focus on Durable Businesses: Pershing’s portfolio emphasizes companies with strong competitive moats, global brand recognition, and predictable cash flows. From iconic consumer chains like Burger King (via Restaurant Brands International) and Chipotle to platform businesses like Amazon and Alphabet, Ackman’s investments reflect a preference for businesses that can weather cycles while delivering consistent growth.
Update: Key Portfolio Moves in Q3 2025 (Minimal Activity)
Unlike Q1 and Q2, Q3 2025 was defined by restraint rather than action. There were:
- No new positions initiated
- No full exits
- Only marginal trims across a handful of holdings
This lack of activity is itself informative. Ackman saw no reason to redeploy capital or reduce exposure meaningfully.
Small Trims (Portfolio Maintenance Only)
- Alphabet Class A (GOOGL): -9.68%, ~$109M trimmed
- Brookfield (BN): -0.34%, ~$6M trimmed
- Restaurant Brands International (QSR): -0.37%, ~$6M trimmed
- Uber Technologies (UBER): -0.10%, ~$3M trimmed
These adjustments are immaterial relative to position size and reflect portfolio housekeeping rather than changes in conviction.
Q2 2025 Recap: The Last Meaningful Repositioning
Uber Technologies (UBER): Still the Largest Holding
In Q2 2025, Uber remained Pershing Square’s largest position, valued at $2.83 billion, or 20.59% of the portfolio. Ackman held 30.3 million shares, unchanged from the prior quarter, at an average split-adjusted price of $72.86.
Uber continued to be one of Ackman’s highest-conviction investments during the quarter. Its dominant position in global mobility, combined with the scale of Uber Eats and freight operations, provided diversified revenue streams. Ackman viewed Uber as a cash flow compounder with strong upside potential, even in a slowing economy.
Amazon (AMZN): A Major New Buy
One of the most notable moves in Q2 2025 was Ackman’s new $1.28 billion investment in Amazon. He purchased 5.82 million shares at an average price of $197.89, immediately giving Amazon a 9.31% portfolio weight and placing it among Pershing Square’s top five holdings.
This entry signaled Ackman’s confidence in Amazon’s ability to deliver long-term growth through its dominant e-commerce platform and highly profitable AWS cloud division. The addition diversified Pershing Square’s consumer and technology exposure while aligning with Ackman’s preference for businesses with durable competitive advantages.
Canadian Pacific (CP): A Complete Exit
In contrast, in Q2 2025 Ackman fully exited his $1.14 billion position in Canadian Pacific Kansas City, a holding he had owned for seven quarters. This cut reduced portfolio exposure by nearly 9 percentage points.
The decision to sell CP appears tied to capital reallocation, most notably funding the new Amazon buy. While CP remains a high-quality rail operator, Ackman clearly saw greater long-term upside in rotating into AMZN.
Incremental Adds to Existing Holdings
Ackman also made smaller increases in several positions:
- Alphabet Class A (GOOGL): +20.84% ($151M added, +1.13 ppt).
- Brookfield (BN): +0.38% ($8.7M added, +0.53 ppt).
- Hilton Worldwide (HLT): +0.99% ($7.1M added, +0.16 ppt).
- Hertz (HTZ): +1.61% ($1.5M added, +0.26 ppt).
These steady increases reflect Ackman’s conviction in long-term compounders across real estate, hospitality, and tech.
Reminder: Key Portfolio Moves in Q1 2025
Uber Technologies (UBER): The New Largest Holding
Ackman revealed a massive new investment in Uber Technologies, purchasing 30.3 million shares of common stock at an average split-adjusted price of $72.86, immediately making it the largest holding in his portfolio at 18.50%.
This bold addition follows Uber’s volatile performance after earnings, yet Ackman views this as a temporary speed bump rather than a long-term concern. Uber’s strong balance sheet, dominant position in global mobility, and its ability to generate a 5% free cash flow yield make it one of his most compelling stock picks.
“Uber is one of the best-managed and highest-quality businesses in the world, still trading at a massive discount to its intrinsic value,” Ackman said during Pershing’s annual investor presentation.
Uber’s massive user base of 180 million active users, coupled with its expanding logistics and delivery operations, positions it perfectly for sustained growth even in a challenging American economy. For Ackman, this is an ideal play on critical supply chain roles and the future of global transportation.
Nike (NKE): A Strategic Exit With Financial Engineering
While it looked like Ackman exited his $1.4 billion position in Nike, he actually executed a sophisticated financial strategy. Pershing converted its stake into deep in-the-money call options, maintaining upside exposure while freeing up capital for new investments like Uber and Hertz.
- Why this matters for investors: This move highlights how alternative asset managers like Ackman use financial engineering to achieve better returns while minimizing current liabilities.
- This strategy could lead to substantial profits if Nike’s stock price rises, with potential returns as much as 2x higher than holding the equity directly.
Hertz (HTZ): A High-Stakes Bet on Real Assets
Post-Q1, Ackman revealed a new and sizable investment in Hertz Global Holdings, acquiring a 19.8% ownership stake through direct stock purchases of 12.7 million shares. This bold move added Hertz as a new core holding within Pershing Square’s portfolio
Ackman believes Hertz is uniquely well-positioned to benefit from the current global automotive sector dynamics. With rising auto tariffs and higher used car prices, Hertz’s fleet of over 500,000 vehicles, valued at approximately $12 billion, provides a significant asset advantage.
- Even a 10% increase in used car prices could deliver a $1.2 billion gain on its fleet, dramatically improving the company’s financial performance.
- Ackman also sees Hertz as a future partner for Uber in deploying autonomous vehicles, a partnership that could create new business opportunities and unlock further value.
Despite past challenges, including a stock market crash during the pandemic and a restructuring under new CEO Gil West, Hertz is implementing a powerful operational turnaround plan focused on reducing costs and enhancing profitability, exactly the type of situation Ackman has capitalized on repeatedly throughout his career.
Real Estate and Howard Hughes Holdings
Ackman remains deeply committed to real estate investments, particularly through his long-standing position in Howard Hughes Holdings Inc. (HHH). This reflects his value-oriented real estate themes, betting on properties with high barriers to entry and long-term growth opportunities.
With real estate remaining a critical pillar of the American economy, Howard Hughes offers exposure to urban development projects and commercial real estate that can generate strong returns on a consistent basis. Despite headwinds in the hospitality sector, Ackman remains optimistic about real estate’s role in driving his fund’s future performance.
Top 11 Holdings – Pershing Square Q3 2025
Rank | Company | Market Value | Portfolio % |
|---|---|---|---|
1 | Uber (UBER) | ~$2.97B | 20.25% |
2 | Brookfield (BN) | ~$2.81B | 19.21% |
3 | Howard Hughes (HHH) | ~$1.55B | 10.58% |
4 | Alphabet (GOOG) | ~$1.54B | 10.52% |
5 | Restaurant Brands (QSR) | ~$1.47B | 10.04% |
6 | Amazon (AMZN) | ~$1.28B | 8.73% |
7 | Alphabet (GOOGL) | ~$1.18B | 8.04% |
8 | Chipotle (CMG) | ~$844M | 5.77% |
9 | Hilton (HLT) | ~$786M | 5.37% |
10 | Seaport Ent. (SEG) | ~$115M | 0.79% |
11 | Hertz (HTZ) | ~$104M | 0.71% |
Final Takeaways: Lessons for Everyday Investors
Ackman’s Q3 2025 positioning highlighted an investor exercising restraint rather than making new bets.
📌 No major new positions were added, reinforcing that the high-conviction shifts made earlier in the year remained intact.
📌 There were no full exits, indicating continued confidence in the existing portfolio structure.
📌 Core holdings such as Uber, Brookfield, Restaurant Brands, and Chipotle were maintained, underscoring Pershing Square’s commitment to a small group of long-term, high-quality businesses.
Above all, Ackman demonstrates that success often comes from backing a few high-quality businesses with conviction, patience, and a readiness to act decisively when the landscape shifts.
For everyday investors, the lesson is clear: you don’t need 50 stocks to outperform the market, just the right 10 or 11 held with conviction.
