Billionaire investor Bill Ackman’s hedge fund, Pershing Square Capital Management, is making headlines again after releasing its latest 13F filing on May 15, 2025. The fund disclosed over $11.9 billion in equity holdings, revealing several bold moves — including a high-conviction buy into Amazon and an exit from Canadian Pacific.

‍

Pershing Square Portfolio Snapshot – Q1 2025

‍

• Total Portfolio Value: $11.93 billion
• Top Holdings:
  • Uber Technologies (UBER) – $2.2 billion (18.5% of portfolio)
  • Restaurant Brands International (QSR) – $1.53 billion (12.8%)
  • Chipotle Mexican Grill (CMG) – $1.08 billion (9.1%)
  • Alphabet Inc (GOOG) – $1.67 billion (combined Class A and C) (8.3%)
  • Howard Hughes Holdings (HHH) – $1.39 billion

New Holdings This Quarter:

‍

• Amazon (AMZN) – undisclosed value but confirmed as a major new stake
• Brookfield Corp (BN) – $2.15 billion
• Canadian Pacific Kansas City (CP) – $1.03 billion (now fully exited)

‍

The Amazon Bet: "A Margin Expansion Play"

‍

In a recent investor call, Pershing Square CIO Ryan Israel highlighted Amazon as the “most substantial move” of the quarter. Ackman’s team saw the recent dip — driven by tariff fears under President Trump — as a rare entry point into one of the world’s most valuable companies.
‍

“We did not judge that tariffs would have a material impact on the retail business,” said Israel.
‍
“We believe Amazon Web Services will rebound and Andrew Jassy is running the company for long-term efficiency.”
‍

Ackman’s Amazon bet aligns with his activist style: targeting companies with strong fundamentals temporarily discounted by market overreaction.

‍

Strategic Exits and Trims

‍

To free up capital for Amazon, Pershing exited its long-held position in Canadian Pacific — one of Ackman’s earlier activist wins. The move was described as “regretful,” but necessary for portfolio rebalancing.

‍

In addition, the fund trimmed exposure to:

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

‍

New Additions Beyond Amazon

‍

Aside from Amazon, Pershing added:

‍

• Brookfield Corp – A significant $2.15B stake likely driven by long-term infrastructure bets.
• Uber Technologies – Reinforced at $2.2B, showing Pershing's bullish view on mobility and transportation platforms.
• Hertz (HTZ) – A new addition in the rental car space, not yet fully disclosed in 13F filings.

‍

Ackman’s Q1 2025 portfolio strategy reflects a shift from value retention to aggressive growth re-entry. With U.S. markets adjusting to tariff-related volatility and earnings surprises, Pershing appears positioned for long-term capital appreciation in sectors ranging from logistics and cloud to consumer tech and transportation.

‍

‍

‍