As of Q2 2025, Bill Ackman’s Pershing Square Capital Management portfolio shows significant consolidation with 11 holdings totaling $13.7 billion. The quarter marked a notable addition of Amazon to the portfolio while maintaining strong positions in mobility, diversified assets, and consumer brands. Below is a detailed overview of the top positions and the latest strategic moves.
1
UBER
Uber Technologies Inc.
Maintained Position
Portfolio: 20.59%
Shares: 30,301,161
Reported Price: $93.30
Value: $2,827,098,321
Uber remains Ackman’s largest conviction bet, increasing its portfolio weight to over 20%. Despite maintaining the same share count, the position has strengthened as the portfolio consolidated. This unwavering commitment underscores Ackman’s belief in Uber’s path to sustained profitability and market leadership in global mobility and delivery.
2
BN
Brookfield Corp.
Added 0.38%
Portfolio: 18.54%
Shares: 41,160,397
Reported Price: $61.85
Value: $2,545,770,554
Brookfield Corp. continues as a cornerstone holding with a slight increase in shares. As a diversified asset manager spanning infrastructure, renewable energy, and real estate, Brookfield provides essential exposure to inflation-resistant real assets and continues to benefit from the global infrastructure investment cycle.
3
QSR
Restaurant Brands International
No Change
Portfolio: 11.11%
Shares: 23,000,914
Reported Price: $66.29
Value: $1,524,730,589
Restaurant Brands International maintains its stable position in the portfolio, continuing to provide exposure to the global quick-service restaurant market through its iconic brands including Burger King, Tim Hortons, Popeyes, and Firehouse Subs. This unchanged stake reflects confidence in the franchise model’s resilience.
4
AMZN
Amazon.com Inc.
NEW POSITION
Portfolio: 9.31%
Shares: 5,823,316
Reported Price: $219.39
Value: $1,277,577,297
Amazon emerges as a major new addition to the portfolio, representing Ackman’s renewed confidence in big tech and the e-commerce giant’s dominant position across multiple sectors. This significant stake provides exposure to AWS cloud computing, advertising, logistics, and retail innovation, complementing the portfolio’s growth-oriented positions.
5
HHH
Howard Hughes Holdings Inc.
No Change
Portfolio: 9.27%
Shares: 18,852,064
Reported Price: $67.50
Value: $1,272,514,320
Howard Hughes Holdings remains a core real estate investment, maintaining its position focused on master-planned communities and mixed-use developments. This steady exposure continues to provide the portfolio with premium real estate assets and development upside potential in key growth markets across the United States.
6
CMG
Chipotle Mexican Grill Inc.
No Change
Portfolio: 8.81%
Shares: 21,541,177
Reported Price: $56.15
Value: $1,209,537,089
Chipotle maintains its position as a key consumer brand holding, representing Ackman’s continued faith in the fast-casual leader’s sustainable ingredients strategy, digital innovation, and expansion potential. The unchanged position suggests a stable view of the company’s long-term growth trajectory and competitive moat.
7
GOOG
Alphabet Inc. Class C
No Change
Portfolio: 8.17%
Shares: 6,324,031
Reported Price: $177.39
Value: $1,121,819,859
Alphabet’s Class C shares remain unchanged this quarter, maintaining consistent exposure to Google’s search dominance, YouTube, and cloud computing growth. This stable position, combined with the increased Class A shares, demonstrates a balanced approach to owning one of tech’s most profitable companies.
8
GOOGL
Alphabet Inc. Class A
Added 20.84%
Portfolio: 6.88%
Shares: 5,362,980
Reported Price: $176.23
Value: $945,117,965
The significant 20.84% increase in Alphabet Class A shares (adding 925,000 shares) demonstrates continued conviction in Google’s growth prospects while providing voting rights. This strategic increase, alongside the Amazon addition, shows Ackman’s renewed confidence in big tech’s ability to generate superior returns.
9
HLT
Hilton Worldwide Holdings
Added 0.99%
Portfolio: 5.88%
Shares: 3,030,578
Reported Price: $266.34
Value: $807,164,145
After significant reductions in previous quarters, Hilton saw a modest increase this quarter, suggesting Ackman has found an appropriate position size for the hospitality leader. This stabilization indicates confidence in Hilton’s global brand strength and the travel recovery’s sustainability.
10
HTZ
Hertz Global Holdings Inc.
Added 1.61%
Portfolio: 0.76%
Shares: 15,241,127
Reported Price: $6.83
Value: $104,096,897
Hertz continues to see incremental increases, building on the mobility theme alongside Uber. This small but growing position represents a value play in the car rental sector and complements the portfolio’s broader transportation and mobility strategy during industry transformation.
11
SEG
Seaport Entertainment Group
No Change
Portfolio: 0.68%
Shares: 5,023,780
Reported Price: $18.65
Value: $93,693,497
Seaport Entertainment Group remains the smallest position, providing exposure to entertainment venues and media rights. This specialized holding rounds out the portfolio’s consumer-focused strategy with exposure to live entertainment and sports betting markets.
1
Strategic Addition of Amazon
The most significant Q2 move was the addition of Amazon as a top-five holding, representing 9.31% of the portfolio. This major tech addition signals Ackman’s renewed confidence in large-cap growth stocks and Amazon’s dominance across multiple high-growth sectors including cloud computing, advertising, and logistics automation.
2
Portfolio Consolidation and Focus
The portfolio consolidated to just 11 holdings, down from previous quarters, with the notable exit of Canadian Pacific Kansas City. This concentration strategy reflects Ackman’s preference for high-conviction bets and suggests greater confidence in the remaining holdings’ ability to generate superior returns.
Bill Ackman’s Q2 2025 portfolio reflects a strategic evolution toward concentrated, high-conviction positions with the landmark addition of Amazon and increased Alphabet Class A holdings. The portfolio consolidation to 11 stocks, while exiting positions like Canadian Pacific Kansas City, demonstrates a focus on quality over quantity.
The portfolio now balances growth-oriented big tech positions (Amazon, Alphabet) with stability from consumer brands (Restaurant Brands, Chipotle), alternative assets (Brookfield, Howard Hughes), and the mobility theme through Uber and Hertz. This refined approach suggests Ackman’s confidence in a smaller number of high-quality companies with strong competitive positions and long-term growth potential, while maintaining exposure to inflation-resistant real assets and proven consumer franchises.
