Bill Ackman is one of the most well-known investors on Wall Street, recognized for combining long-term investment conviction with a hands-on, activist approach. As the founder and CEO of Pershing Square Capital Management, Ackman has built his reputation by targeting companies he believes are fundamentally strong but underperforming. His strategy often involves engaging with company leadership, pushing for changes, and seeking to unlock hidden value through active involvement.
Unlike many hedge funds that spread their capital across dozens of holdings, Pershing Square takes a highly concentrated approach. Ackman typically builds large positions in a small number of companies, often holding them for years. This focus allows for deeper research and direct influence, and it also means that each 13F filing from Pershing Square provides a clear picture of where Ackman sees value. Investors pay close attention because every addition or reduction is a deliberate choice based on long-term analysis.
As of March 31, 2025, Pershing Square reported over $13 billion in public equity holdings spread across its eight core investments. The fund’s largest positions include Universal Music Group, Uber, and Brookfield, along with long-held names like Restaurant Brands and Howard Hughes Holdings. The portfolio offers a snapshot of Ackman’s evolving outlook on the economy and corporate value creation. Below are the eight companies that currently anchor Pershing Square’s public market strategy.
1. Universal Music Group NV (UMG) 15.35% of portfolio
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Universal Music Group is Pershing Square’s most prominent position, representing 15.35% of the portfolio, with a stake valued at approximately $2.39 billion. Ackman reduced the position by 50 million shares this past quarter, a 36.5% cut, but still holds nearly 87 million shares, making it his biggest holding.
Despite the reduced stock volume, UMG remains a core part of Pershing’s long-term strategy, supported by its dominant market share and consistent royalty-driven cash flows. Ackman is spearheading an effort to list UMG on a U.S. stock exchange sometime in 2025, as it’s currently listed on the Euronext Amsterdam.
Ackman has called UMG a long-duration asset that benefits from the global growth of music streaming. With pricing power over platforms like Spotify and Apple Music, a deep intellectual property portfolio, and high-margin licensing deals, UMG fits his preference for businesses with resilient recurring revenue and long-term upside.
2. Uber Technologies Inc (UBER) 14.18% of portfolio
Uber is one of the newest and fastest-growing positions in Pershing Square’s portfolio, now representing 14.18% of total assets. Ackman initiated the position this past quarter, acquiring over 30 million shares valued at $2.2 billion. The aggressive entry signals a strong vote of confidence in Uber’s transition from a growth story to a profitable tech platform.
Ackman indicated through a February 2025 post on X (formerly Twitter) that he likes Uber’s business and current management and has “been a long-term customer.” The company’s recent GAAP profitability and improving free cash flow are also appealing to Ackman’s interest in businesses undergoing financial and operational transformation.
3. Brookfield Corp (BN) 13.81% of portfolio
Brookfield accounts for 13.81% of Pershing Square’s portfolio, with 41 million shares valued at approximately $2.15 billion. Ackman increased his stake by over 6 million shares in the most recent quarter, a 17.5% boost. The continued buying shows strong conviction in Brookfield’s role as a global alternative asset manager with exposure to real estate, infrastructure, and renewable energy.
Ackman appears drawn to Brookfield’s ability to compound capital through fee-based revenue streams and strategic investments. The company’s diversified model and long-term contracts provide stable earnings, while its global platform aligns with Pershing’s focus on large, durable businesses with long-term potential.
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4. Howard Hughes Holdings (HHH) 12.22% of portfolio
Howard Hughes Holdings represents 12.22% of the portfolio, valued at roughly $1.9 billion. Ackman added 9 million shares in the most recent quarter, increasing his position by nearly 48%. He now owns almost 28 million shares, making Pershing a dominant shareholder in the company.
Ackman has long seen Howard Hughes as a misunderstood real estate play with hidden value in its master-planned communities and strategic land assets. The recent reorganization of the business into separate development and operating units supports his belief that unlocking real estate value through structure and execution can deliver outsized returns.
Ackman is also likely betting on Hughes jumping in value once interest rates come down and home buying begins to heat up.
5. Restaurant Brands International Inc (QSR) 9.85% of portfolio
Restaurant Brands makes up 9.85% of Pershing’s portfolio, with 23 million shares valued at approximately $1.53 billion. Ackman made no changes to the position this past quarter, signaling steady confidence in the owner of Burger King, Popeyes, and Tim Hortons.
Ackman has held QSR since 2012 and has long viewed it as a platform for global expansion and franchise-led cash flow growth. The company’s asset-light model, strong brand portfolio, and strategic leadership changes fit Ackman’s interest in turnaround potential and scalable business models.
6. Chipotle Mexican Grill (CMG) 6.95% of portfolio
Chipotle represents 6.95% of Pershing’s holdings, with over 21.5 million shares valued at $1.08 billion. Ackman reduced the position slightly this past quarter, selling about 3.1 million shares, a 12.6% cut, but continues to hold a substantial stake.
Ackman was instrumental in reshaping Chipotle’s leadership and operations after entering the position in 2016. He likely sees continued potential in the brand’s pricing power, digital ordering, and unit expansion strategy.
While the trim may reflect profit-taking based on the stock’s current pricing, the remaining stake suggests he still believes in Chipotle’s long-term ability to deliver margin growth and store growth.
7. Canadian Pacific Kansas City (CP) 6.67% of portfolio
Canadian Pacific accounts for 6.67% of the portfolio, with nearly 14.8 million shares worth just over $1 billion. Ackman made a minor reduction in the most recent quarter, trimming less than 1% of the position. The small adjustment suggests no material change in the thesis other than to capture additional profit that can be used to fund new investments.
Ackman has long supported CP’s management team and efficiency-focused culture. Following the recent merger with Kansas City Southern, the newly combined network offers unmatched North-South freight routes across North America. Pershing’s continued holding reflects Ackman’s interest in transportation assets with pricing power and long-term demand visibility.
8. Alphabet Inc (GOOG) 6.35% of portfolio
Alphabet is Pershing’s smallest top holding, making up 6.35% of the portfolio. Ackman trimmed the position by about 1.2 million shares last quarter, reducing the stake by 16%, but still holds over 6.3 million shares worth nearly $1 billion. It’s possible the liquidated position was used to fund the purchase of 30 million Uber shares.
Ackman likely sees Alphabet as a core tech infrastructure company with durable earnings from search, YouTube, and cloud. While the slight reduction may reflect valuation discipline, the ongoing position points to his belief in Alphabet’s ability to compound over time through AI leadership and advertising scale.
Ackman Invests in Influence, Not Hype
Bill Ackman takes a high-conviction, activist-driven approach to investing, targeting companies he believes are undervalued not because of market cycles, but because of mismanagement or untapped potential. His portfolio reflects long-term bets on businesses where operational improvements, strategic clarity, or structural shifts can lead to meaningful value creation.
Whether it’s a global restaurant chain, a digital platform like Uber, or a complex real estate play like Howard Hughes, Ackman looks for opportunities where he can influence outcomes and accelerate performance. For investors, Pershing Square’s holdings offer a lens into where one of the market’s most vocal and engaged investors sees long-term upside and transformative growth.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
