The addition of Uber as the largest position marks a significant strategic shift, reflecting Ackman’s confidence in the evolving transportation and delivery ecosystem. This move, combined with his increased stake in Hertz, indicates a conviction in the future of mobility services and their potential for sustained profitability.

Brookfield saw another significant increase following Q4’s addition, cementing its position as a cornerstone investment. This escalating stake underscores Ackman’s confidence in diversified asset management and real assets as a hedge against inflation and market volatility, while providing exposure to infrastructure, renewable energy, and real estate.

The simultaneous reduction in Alphabet Class C shares (-16.21%) while increasing Class A shares (+11.33%) represents an intriguing rebalancing rather than decreased conviction in Google’s parent company. This nuanced approach to Alphabet suggests Ackman is refining his exposure while maintaining a significant stake in one of tech’s dominant players.

The dramatic reduction in Hilton (-44.84%) following Q4’s substantial cut signals a methodical exit from the hospitality sector. This move likely represents profit-taking after the industry’s post-pandemic recovery, with capital being reallocated to higher-conviction opportunities like Uber and Brookfield.

The unchanged position in Restaurant Brands International and only modest reduction in Chipotle highlight Ackman’s continued faith in premium consumer brands with strong pricing power. These holdings provide the portfolio with exposure to consistent consumer spending and established brands with loyal customer bases.