Bill Ackman - Pershing Square Capital Management Portfolio Q2'2025: Top Holdings & Recent Changes
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Bill Ackman, founder and CEO of Pershing Square Capital Management, continues to demonstrate why he’s considered one of Wall Street’s most influential activist investors. His Q2’2025 portfolio reveals a masterclass in concentrated investing, with $13.7 billion deployed across just 11 carefully selected positions that reflect his signature high-conviction approach.
Portfolio Overview: Ultra-Concentrated Excellence
Portfolio Highlights (Q2’2025): - Market Value: $13.7B - Top 10 Holdings: 99.3% - Portfolio Size: 11 +0 - Average Holding Period: 13 quarters - Turnover: 18.2%
Ackman’s Pershing Square portfolio remains a case study in focused conviction. With 99.3% of assets in just 10 holdings, Ackman’s willingness to concentrate capital stands out in an era where many funds diversify for safety. The portfolio’s size—11 positions—has not changed this quarter, underscoring a disciplined, long-term approach.
The average holding period of 13 quarters (over three years) further highlights Ackman’s patience and belief in his chosen companies. Despite an 18.2% turnover rate this quarter, most capital remains anchored in core holdings, with only selective, high-conviction changes.
Top Holdings Analysis: Tech Titans, Compounders, and Strategic Additions
The portfolio is anchored by Uber Technologies, Inc. at 20.6%, unchanged this quarter, reflecting Ackman’s ongoing conviction in the ride-sharing and logistics giant. Amazon.com, Inc. enters the portfolio with a significant new position at 9.3%, marking a bold bet on e-commerce and cloud growth. Alphabet Inc. (GOOGL) saw a substantial addition of 20.84%, now representing 6.9% of the portfolio, while Hilton Worldwide Holdings Inc. was modestly increased by 0.99% to 5.9%.
BROOKFIELD CORP, though not exchange-listed in the U.S. (ticker not available), is Ackman’s second-largest holding at 18.5%, with a small 0.38% increase this quarter. Restaurant Brands International Inc. 11.1%, Chipotle Mexican Grill, Inc. 8.8%, and Alphabet Inc. (GOOG) 8.2% remain unchanged, reflecting long-term conviction in consumer and tech leaders.
Real estate exposure is maintained through HOWARD HUGHES HOLDINGS INC (9.3%, unchanged). Hertz Global Holdings, Inc. saw a 1.61% addition, now at 0.8%, signaling a tactical move in the travel sector.
This blend of unchanged core positions and targeted new buys/additions demonstrates Ackman’s dual focus: ride long-term compounders while opportunistically scaling into new or underappreciated growth stories.
What the Portfolio Reveals About Current Strategy
- Concentration in High-Conviction Bets: Nearly the entire portfolio is in the top 10 holdings, a hallmark of Ackman’s approach.
- Tech and Consumer Focus: Major allocations to Uber, Amazon, and Alphabet highlight a strong tilt toward technology and digital platforms.
- Selective Real Estate and Hospitality Exposure: Positions in HOWARD HUGHES and Hilton reflect a belief in long-term recovery and secular growth in these sectors.
- Active, Yet Patient: While turnover is above 18%, the average holding period remains long, suggesting Ackman is willing to act decisively but only when conviction is high.
- Opportunistic Additions: The new stake in Amazon and increased exposure to Alphabet and Hertz indicate a willingness to capitalize on market dislocations or emerging trends.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Uber Technologies, Inc. (UBER) | $2,827.1M | 20.6% | No change |
| BROOKFIELD CORP | $2,545.8M | 18.5% | Add 0.38% |
| Restaurant Brands International Inc. (QSR) | $1,524.7M | 11.1% | No change |
| Amazon.com, Inc. (AMZN) | $1,277.6M | 9.3% | Buy |
| HOWARD HUGHES HOLDINGS INC | $1,272.5M | 9.3% | No change |
| Chipotle Mexican Grill, Inc. (CMG) | $1,209.5M | 8.8% | No change |
| Alphabet Inc. (GOOG) | $1,121.8M | 8.2% | No change |
| Alphabet Inc. (GOOGL) | $945.1M | 6.9% | Add 20.84% |
| Hilton Worldwide Holdings Inc. (HLT) | $807.2M | 5.9% | Add 0.99% |
Ackman’s top three positions—Uber, BROOKFIELD CORP, and Restaurant Brands—comprise over half the portfolio’s value. The table underscores Pershing Square’s willingness to let winners run while making only incremental changes to core positions. The addition of Amazon and the sizable increase in Alphabet (GOOGL) reflect a readiness to scale into high-growth opportunities when conviction is high.
Investment Lessons from Bill Ackman’s Playbook
- Concentrate When You Have Edge: Ackman’s conviction allows him to run a focused portfolio, betting big when the odds are in his favor.
- Hold for the Long Term: With an average holding period of 13 quarters, Ackman demonstrates the power of patience and compounding.
- Act Decisively on New Insights: The bold entry into Amazon and increased stake in Alphabet show that even the most patient investors must act when opportunity knocks.
- Balance Core and Tactical Positions: While most capital is in core holdings, Ackman is not afraid to make tactical moves in sectors like travel (Hertz).
- Risk Management Through Deep Research: High concentration is only possible with deep fundamental research and ongoing monitoring.
Looking Ahead: What Comes Next?
With $13.7B in assets and a concentrated portfolio, Ackman has ample dry powder for new opportunities should market volatility create bargains. The recent moves into Amazon and increased tech exposure suggest openness to further scaling in digital and consumer platforms. Investors should watch for potential new positions in sectors where Ackman has historically found value—consumer, real estate, and technology. The current portfolio is well-positioned for both secular growth and cyclical recovery, offering flexibility to respond to evolving market conditions.
FAQ about Bill Ackman’s Pershing Square Portfolio
Q: What were the most significant changes in Pershing Square’s Q2 2025 portfolio?
The most notable changes were a new position in Amazon.com, Inc., a substantial addition to Alphabet Inc. (GOOGL), and incremental increases in BROOKFIELD CORP, Hilton, and Hertz.
Q: How concentrated is Bill Ackman’s portfolio?
Extremely concentrated: 99.3% of assets are in the top 10 holdings, with only 11 positions in total. This reflects Ackman’s high-conviction, research-driven approach.
Q: How does Pershing Square manage risk with such a focused portfolio?
Ackman relies on deep fundamental research, ongoing monitoring, and a willingness to act decisively if the investment thesis changes. The long average holding period also helps ride out short-term volatility.
Q: Which sectors does Ackman favor?
The current portfolio is heavily weighted toward technology (Uber, Amazon, Alphabet), consumer/restaurant (Restaurant Brands, Chipotle), and real estate/hospitality (HOWARD HUGHES, Hilton).
Q: How can I track Bill Ackman’s portfolio and 13F filings?
You can follow all of Ackman’s latest moves, historical holdings, and quarterly 13F filing updates on ValueSense’s Pershing Square page. Note that 13F filings are reported with a 45-day lag, so use ValueSense for the most up-to-date analysis and research tools.
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