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Billionaire investor Bill Ackman’s hedge fund, Pershing Square Capital Management, is once again in the spotlight after releasing its Q1 2025 13F filing. With a reputation for high-conviction bets and activist investing, Pershing Square has consistently been one of the top-performing hedge funds of the past decade. Under the leadership of Warren Buffett admirer Bill Ackman, the firm has generated double-digit annualized returns and manages billions in assets—currently sitting on over $11.9 billion in disclosed equity positions.
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Ackman’s ability to time strategic entries and exits has made Pershing Square a closely watched fund across Wall Street. The latest filing reveals several calculated moves—including a surprising new stake in Amazon, an exit from Canadian Pacific, and reinforcement of positions in Uber and Brookfield Corp. With cash ready to deploy and a concentrated portfolio strategy, Ackman is making bold bets on companies poised to benefit from long-term secular trends.

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Pershing Square Portfolio Snapshot – Q1 2025

Total Portfolio Value: $11.93 billion

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Top Holdings:

Uber Technologies (UBER) – $2.21 billion (18.5% of portfolio)

Shares: 30,301,161 (New position in Q1 2025)
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Brookfield Corp (BN) – $2.15 billion

Shares: 41,004,657 (New position in Q1 2025)
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Restaurant Brands International (QSR) – $1.53 billion

Shares: 23,000,914 (New position in Q1 2025)
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Howard Hughes Holdings (HHH) – $1.40 billion

Shares: 18,852,064 (New position in Q1 2025)
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Chipotle Mexican Grill (CMG) – $1.08 billion

Shares: 21,541,177 (New position in Q1 2025)
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Canadian Pacific Kansas City (CP) – $1.04 billion

Shares: 14,799,796 (New position in Q1 2025, since exited)
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Alphabet Inc (GOOG + GOOGL) – $1.67 billion combined

GOOG: 6,324,031 shares (New)

GOOGL: 4,437,980 shares (New)
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Hilton Worldwide (HLT) – $682.8 million

Shares: 3,000,770 (New position in Q1 2025)
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Seaport Entertainment Group (SEG) – $107.9 million

Shares: 5,023,780 (New position in Q1 2025)

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The Amazon Bet: “A Margin Expansion Play”

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In an investor call, Pershing Square CIO Ryan Israel called Amazon the most significant addition of the quarter. While not yet disclosed in the 13F filing, the Amazon position is believed to be sizable. The firm pounced on price weakness tied to tariff worries under the Trump administration.
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“We did not judge that tariffs would have a material impact on the retail business,” Israel said. “We believe Amazon Web Services will rebound and Andrew Jassy is running the company for long-term efficiency.”
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Ackman’s team views Amazon as a classic temporary dislocation: a quality company suffering from short-term sentiment weakness. It aligns with Pershing’s activist DNA—betting on fundamentals over fear.

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Strategic Exits and Portfolio Rebalancing
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To free up capital for new high-conviction buys, Pershing fully exited Canadian Pacific (CP)—once one of Ackman’s hallmark activist wins. The exit marks a strategic shift, reallocating funds to faster-growth sectors.

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The fund also trimmed its positions in:

• Chipotle (CMG)
• Hilton Worldwide (HLT)
• Universal Music Group (UMG)

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New Additions Reflect a Shift Toward Growth

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Beyond Amazon, Pershing Square made several new buys:

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• Brookfield Corp (BN) – $2.15 billion stake. Likely a long-term bet on infrastructure, real assets, and global expansion.
• Uber Technologies (UBER) – $2.21 billion position. A clear endorsement of the mobility, logistics, and delivery ecosystem.
• Alphabet (GOOG/GOOGL) – $1.67 billion total. A value-tech hybrid with defensible AI and cloud upside.
• Howard Hughes Holdings (HHH) – $1.40 billion. A play on undervalued U.S. real estate development.
• Restaurant Brands (QSR) – $1.53 billion. Exposure to fast-food royalty, including Burger King and Tim Hortons.
• Hilton Worldwide (HLT) – $682.8 million. A hospitality recovery bet.
• Seaport Entertainment Group (SEG) – $107.9 million. A speculative new entry.

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Related Articles

Bill Ackman’s Pershing Square makes big bets on Amazon and Uber, reshaping its top holdings.

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Ackman’s Q1 2025 moves suggest Pershing Square is pivoting back toward aggressive growth, favoring scalable tech, logistics, and infrastructure names while trimming more mature holdings. With a strong cash position and long-term view, the firm seems well-positioned for upside if macro headwinds ease.
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Stay tuned for updates on Pershing’s Amazon play and how these high-conviction bets play out over the second half of 2025.

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FAQs about Bill Ackman’s Top Stock Picks

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1. What stock is Bill Ackman buying?

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In Q1 2025, Bill Ackman initiated a new position in Amazon (AMZN), acquiring approximately 484,000 shares worth around $84 million. This marked a significant move into the tech space and was the only new stock added to Pershing Square’s portfolio during the quarter.

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2. What are Bill Ackman's top holdings?

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As of Q1 2025, Pershing Square’s top holdings by market value include:

• Chipotle Mexican Grill (CMG)
  
  
• Restaurant Brands International (QSR)
  
  
• Howard Hughes Holdings (HHH)
  
  
• Hilton Worldwide Holdings (HLT)
  
  
• Alphabet Inc. (GOOG/GOOGL)
  
  
• Lowe’s Companies (LOW)
  
  
• Amazon (AMZN) (new position)
  These positions reflect Ackman’s continued focus on high-quality consumer, hospitality, and tech companies.
  
  

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3. What percentage of Bill Ackman's portfolio is Uber?

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Pershing Square does not currently hold a position in Uber Technologies (UBER) as of the latest Q1 2025 filing. Previous rumors or interest have circulated in the past, but there is no Uber exposure in the most recent portfolio.

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4. Does Bill Ackman still own Nike stock?

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No, Bill Ackman does not own Nike (NKE) stock in his current portfolio as of Q1 2025. Nike has not appeared in Pershing Square’s 13F filings in recent quarters.

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