Tracking Bill Ackman's Pershing Square 13F Portfolio - Q1 2025 Update

2025-05-22 20:09:28 ET

Summary

• Pershing Square's 13F portfolio remains highly concentrated, with Uber, Brookfield, and Alphabet comprising about 50% of total value after Q1 2025 changes.
• New top positions include Uber (thesis: central role in ride-hailing) and Hertz (asymmetric upside), while Nike was exited in favor of deep-in-the-money call options.
• Significant stake increases in Brookfield and Howard Hughes, while Alphabet, Chipotle, and Hilton saw notable reductions; Canadian Pacific was sold after quarter-end.
• Ackman remains bullish on Fannie/Freddie, and Pershing Square Holdings continues to trade at a substantial discount to NAV.

This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square's 13F portfolio on a quarterly basis. It is based on Ackman's regulatory 13F Form filed on 05/15/2025. Please visit our Tracking Bill Ackman's Pershing Square Holdings article for an idea on how his holdings have progressed over the years and our previous update for the fund's moves during Q4 2024....

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