As of Q3 2025, Bill Ackman’s Pershing Square Capital Management portfolio stands at $14.6 billion across 11 concentrated holdings. The quarter saw a strategic trimming of Alphabet Class A shares while maintaining core positions in mobility, diversified assets, and consumer brands. The portfolio value increased from Q2’s $13.7 billion, reflecting both market appreciation and Ackman’s selective position management. Below is a detailed overview of the top positions and the latest strategic moves.
1
UBER
Uber Technologies Inc.
Trimmed 0.10%
Portfolio: 20.25%
Shares: 30,270,518
Reported Price: $97.97
Value: $2,965,602,648
Uber remains Ackman’s largest conviction bet at over 20% of the portfolio. A minimal 0.10% reduction (30,643 shares) represents minor portfolio rebalancing rather than any shift in conviction. This sustained commitment underscores Ackman’s belief in Uber’s continued path to profitability and dominance in global mobility and food delivery markets.
2
BN
Brookfield Corp.
Trimmed 0.34%
Portfolio: 19.21%
Shares: 41,020,231
Reported Price: $68.58
Value: $2,813,167,442
Brookfield Corp. continues as the second-largest holding with a minor trim of 140,166 shares. As a diversified alternative asset manager spanning infrastructure, renewable energy, and real estate, Brookfield remains a cornerstone position providing essential exposure to inflation-resistant real assets and global infrastructure growth.
3
HHH
Howard Hughes Holdings Inc.
No Change
Portfolio: 10.58%
Shares: 18,852,064
Reported Price: $82.17
Value: $1,549,074,099
Howard Hughes Holdings climbed to the third-largest position through price appreciation and portfolio reshuffling. This unchanged position in premium master-planned communities and mixed-use developments reflects Ackman’s long-term confidence in strategic real estate development and the company’s substantial embedded value in key growth markets.
4
GOOG
Alphabet Inc. Class C
No Change
Portfolio: 10.52%
Shares: 6,324,031
Reported Price: $243.55
Value: $1,540,217,750
Alphabet’s Class C shares remained unchanged while moving up to the fourth-largest position. This stable holding maintains significant exposure to Google’s search dominance, YouTube’s advertising growth, and Google Cloud’s expansion. Combined with the Class A shares, Alphabet represents over 18% of the total portfolio.
5
QSR
Restaurant Brands International
Trimmed 0.37%
Portfolio: 10.04%
Shares: 22,915,496
Reported Price: $64.14
Value: $1,469,799,913
Restaurant Brands International saw a minimal trim of 85,418 shares but remains a top-five holding. The company continues to provide stable exposure to the global quick-service restaurant market through Burger King, Tim Hortons, Popeyes, and Firehouse Subs. This core consumer position reflects confidence in the franchise model’s resilience and international growth potential.
6
GOOGL
Alphabet Inc. Class A
Reduced 9.68%
Portfolio: 8.04%
Shares: 4,843,973
Reported Price: $243.10
Value: $1,177,569,836
The most significant Q3 activity was the 9.68% reduction in Alphabet Class A shares, trimming 519,007 shares. This represents the largest position adjustment of the quarter. Despite this reduction, combined Alphabet holdings (Class A and C) still represent over 18% of the portfolio, maintaining Google as a major tech holding while potentially taking profits or rebalancing.
7
AMZN
Amazon.com Inc.
No Change
Portfolio: 8.73%
Shares: 5,823,316
Reported Price: $219.57
Value: $1,278,625,494
Amazon remained unchanged following its Q2 addition to the portfolio. This stability after the initial position establishment suggests Ackman has found an appropriate size for this strategic tech holding. Amazon continues to provide diversified exposure to e-commerce, AWS cloud computing, advertising, and logistics innovation.
8
CMG
Chipotle Mexican Grill Inc.
No Change
Portfolio: 5.77%
Shares: 21,541,177
Reported Price: $39.19
Value: $844,198,727
Chipotle maintained its position as a key consumer brand holding. The unchanged shares reflect Ackman’s ongoing confidence in the fast-casual leader’s sustainable ingredients strategy, digital innovation, and unit expansion potential. This stable position provides exposure to the resilient restaurant sector through a market-leading brand.
9
HLT
Hilton Worldwide Holdings
No Change
Portfolio: 5.37%
Shares: 3,030,578
Reported Price: $259.44
Value: $786,253,156
Hilton remained stable after Q2’s modest increase, confirming Ackman has found the appropriate position size for hospitality exposure. This stabilization indicates continued confidence in the global travel recovery’s sustainability and Hilton’s asset-light franchise model, which generates strong returns with minimal capital intensity.
10
SEG
Seaport Entertainment Group
No Change
Portfolio: 0.79%
Shares: 5,023,780
Reported Price: $22.92
Value: $115,145,038
Seaport Entertainment Group remained unchanged, providing specialized exposure to entertainment venues and media rights. This small but strategic holding rounds out the portfolio’s consumer-focused strategy with exposure to live entertainment, sports, and evolving sports betting markets.
11
HTZ
Hertz Global Holdings Inc.
No Change
Portfolio: 0.71%
Shares: 15,241,127
Reported Price: $6.80
Value: $103,639,664
Hertz remained the smallest position with no change after previous quarters’ incremental additions. This stable small stake complements the mobility theme alongside Uber, representing a value play in the car rental sector as the industry navigates the transition to electric vehicles and ridesharing integration.
1
Strategic Trimming of Tech Positions
The most significant Q3 move was the 9.68% reduction in Alphabet Class A shares, selling 519,007 shares. This represents selective profit-taking or rebalancing after the substantial Q2 increase. Despite this reduction, combined Alphabet holdings still exceed 18% of the portfolio, maintaining Google’s position as a core tech holding.
2
Minimal Portfolio Activity Shows Conviction
Q3 demonstrated Ackman’s high conviction in current holdings with mostly unchanged positions. Only four holdings saw any activity: minor trims to Alphabet Class A, Uber, Brookfield, and Restaurant Brands. Seven of eleven positions remained completely unchanged, reflecting confidence in the current portfolio composition and companies’ long-term prospects.
3
Amazon Position Stabilized After Q2 Entry
Following its landmark Q2 addition, Amazon remained unchanged at 8.73% of the portfolio. This stability after the initial position establishment suggests Ackman is satisfied with Amazon’s size as a significant but measured tech holding, providing diversified exposure to cloud computing, e-commerce, and advertising without over-concentration.
4
Real Estate and Alternative Assets Remain Core
Howard Hughes Holdings rose to the third-largest position while Brookfield Corp. maintained its substantial weight as the second-largest holding. Together, these real estate and alternative asset positions represent nearly 30% of the portfolio, providing inflation protection and exposure to infrastructure growth trends.
5
Maintained Balance Across Themes
The portfolio maintains strategic balance across key themes: mobility (Uber, Hertz), consumer brands (Restaurant Brands, Chipotle, Hilton), technology (Alphabet, Amazon), and alternative assets (Brookfield, Howard Hughes). This diversification provides exposure to multiple growth drivers while maintaining focus on quality franchises.
Bill Ackman’s Q3 2025 portfolio reflects a steady-hand approach with minimal changes following Q2’s major Amazon addition and portfolio consolidation. The portfolio value grew to $14.6 billion from $13.7 billion, driven primarily by market appreciation rather than aggressive repositioning. The selective 9.68% trim of Alphabet Class A shares was the quarter’s most notable move, likely representing profit-taking after strong gains while maintaining substantial Google exposure.
With 11 concentrated positions and seven holdings completely unchanged, the portfolio demonstrates Ackman’s high conviction in his current composition. The strategic balance across mobility, technology, consumer brands, and alternative assets positions the portfolio to benefit from multiple secular trends including digital transformation, infrastructure investment, travel recovery, and inflation-resistant real assets. This refined, focused approach continues to reflect Pershing Square’s philosophy of concentrated bets on high-quality businesses with strong competitive positions and long-term growth potential.
