William Albert 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 Q1 2025, Pershing Square’s current portfolio is valued at an impressive $11.9 billion, yet it holds only 11 stocks. This is a clear example of Ackman’s unwavering belief that focused investing, rooted in deep analysis and conviction, can generate far superior returns compared to broad diversification. Rather than spreading capital thin across dozens of holdings, Ackman concentrates his investments in a small group of core holdings that he believes possess strong barriers to entry, high-quality management teams, and exceptional long-term growth potential.
This highly selective strategy also reflects his understanding that true outperformance is not achieved by simply tracking the market. Instead, it requires identifying and backing companies capable of delivering substantial profits over an extended period of time. So how is this conviction playing out in his Q1 2025 portfolio? And what do his latest bold moves in companies like Uber and Hertz reveal about his outlook for the markets and the economy ahead?
Let’s take a closer look.
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 10 Holdings – Pershing Square Q1 2025
| Rank | Company | Market Value | Portfolio % | Shares Held | Avg. Price Paid |
| 1 | Uber (UBER) | $2.21B | 18.50% | 30.3M | $72.86 |
| 2 | Brookfield (BN.TO) | $2.15B | 18.01% | 41M | $51.22 |
| 3 | Restaurant Brands International (QSR) | $1.53B | 12.85% | 23M | $45.54 |
| 4 | Howard Hughes Holdings Inc. (HHH) | $1.40B | 11.71% | 18.85M | $71.81 |
| 5 | Chipotle Mexican Grill Inc. (CMG) | $1.08B | 9.07% | 21.54M | $8.46 |
| 6 | Canadian Pacific (CP) | $1.04B | 8.71% | 14.8M | $80.77 |
| 7 | Alphabet Inc. – Ordinary Shares – (GOOG) | $988M | 8.28% | 6.32M | $106.37 |
| 8 | Alphabet Class C (GOOGL) | $686M | 5.75% | 4.44M | $121.05 |
| 9 | Hilton Worldwide (HLT) | $682.83M | 5.72% | 3M | $79.78 |
| 10 | Seaport Entertainment (SEG) | $107.86M | 0.90% | 5.02M | $27.73 |
Bill Ackman’s Investment Philosophy: Precision, Influence, and Long-Term Value
Ackman’s approach is anything but ordinary. As one of the most famous hedge fund managers, his investment strategies focus on identifying companies with strong balance sheets, clear growth initiatives, and a path to generating substantial profits over an extended period of time.
His philosophy centers on:
✅ Concentration and Conviction: With just 11 positions, Ackman believes in placing sizable bets where he has the highest confidence.
✅ Activist Influence: Whether through battles with company management or direct operational involvement, he actively works to unlock value for shareholders.
✅ Financial Engineering: From deep in-the-money options strategies to leveraging Pershing Square Tontine Holdings and other innovative vehicles, Ackman maximizes returns through sophisticated market plays.
✅ A Focus on Durable Businesses: From the powerful restaurant portfolio of Restaurant Brands International, which owns iconic brands like Burger King and Tim Hortons, to his iconic investment in the Tex-Mex chain Chipotle Mexican Grill, Ackman focuses on businesses with strong Same-store sales growth and clear competitive advantages.
📚 Final Takeaways: Lessons for Everyday Investors
Ackman’s recent portfolio adjustments highlight his exceptional ability to adapt to the current economy while remaining focused on long-term value creation.
📌 He actively seeks business opportunities where others see challenges, like his bold investments in Uber and Hertz.
📌 He uses advanced financial tools to improve returns and manage risk—a strategy that individual investors should study closely.
📌 Above all, Ackman proves that a focused portfolio of high-quality businesses can outperform more diversified strategies, even during periods of heightened volatility.
For those looking to navigate complex markets and pursue dollars in profits over the long run, there’s no better playbook than studying Ackman’s 13F filings, reviewing his annual investor slide presentations, and following his evolving investment approach.
