The latest 13F filing from Pershing Square Capital Management (Bill Ackman) offers a clear snapshot of how one of the world’s most concentrated, high-conviction investors is positioning his U.S. equity book. Ackman is known for running a deliberately small portfolio, emphasizing dominant franchises, long duration cash flows, and situations where operational improvement or strategic change can unlock substantial value.
This quarter’s filing reinforces that philosophy. Pershing Square remains highly concentrated, with the majority of capital allocated to a handful of global compounders, while position changes are modest and highly selective. Rather than dramatic rotation, the filing reflects portfolio maintenance around core convictions.
Below is a breakdown of Pershing Square’s most important holdings — and what they suggest about Ackman’s strategy today.
1. UBER TECHNOLOGIES (UBER): 30,270,518 shares — $2.97B position
Uber remains Pershing Square’s largest disclosed equity position, representing just over 20% of the reported portfolio. The position was trimmed slightly this quarter (-30,643 shares), a negligible change that appears more like rebalancing than a shift in conviction.
Ackman continues to treat Uber as a long-duration platform business with improving unit economics, strong free cash flow inflection, and significant optionality across mobility, delivery, and advertising.
2. BROOKFIELD CORP (BN): 41,020,231 shares — $2.81B position
Brookfield remains a cornerstone holding at roughly 19% of assets, despite a modest trim of -140,166 shares. The position underscores Ackman’s preference for capital-light asset management businesses with embedded growth, fee-related earnings, and strong alignment between management and shareholders.
The small reduction does little to alter the overall message: Brookfield remains a core compounding vehicle within the portfolio.
3. HOWARD HUGHES HOLDINGS (HHH): 18,852,064 shares — $1.55B position
HHH is one of Pershing Square’s longest-running investments and a central expression of Ackman’s activist roots. The position was unchanged this quarter, signaling continued patience as the company executes on its long-term real estate development strategy.
Ackman continues to view HHH as a misunderstood asset base with significant embedded value that is not yet fully reflected in the stock price.
4. ALPHABET INC. (GOOG): 6,324,031 shares — $1.54B position
Alphabet’s non-voting Class C shares remain a major technology exposure for Pershing Square. The position was unchanged, reinforcing Alphabet’s role as a durable cash-generating franchise with dominant competitive advantages in search, advertising, and AI infrastructure.
5. RESTAURANT BRANDS INTERNATIONAL (QSR): 22,915,496 shares — $1.47B position
QSR saw a modest trim of -85,418 shares this quarter. Despite the reduction, it remains a top holding at just over 10% of the portfolio. Ackman has long viewed QSR as a global franchising platform with significant margin expansion and capital-light growth potential over time.
6. AMAZON.COM (AMZN): 5,823,316 shares — $1.28B position
Amazon remains unchanged this quarter, reflecting continued conviction in its long-term cash flow potential. Ackman appears comfortable holding through near-term investment cycles as AWS, logistics efficiency, and advertising continue to mature.
7. ALPHABET INC. (GOOGL): 4,843,973 shares — $1.18B position
The voting Class A shares of Alphabet were trimmed by -519,007 shares (-9.68%), marking one of the more noticeable changes in the filing. Even after the reduction, Alphabet remains a substantial combined exposure when considering both share classes.
The trim appears consistent with portfolio concentration management rather than a bearish view on the business.
8. CHIPOTLE MEXICAN GRILL (CMG): 21,541,177 shares — $844.2M position
Chipotle remains unchanged this quarter, continuing Ackman’s long-standing bet on operational excellence, pricing power, and brand-driven unit economics. CMG exemplifies Pershing Square’s preference for businesses with high incremental returns on capital.
9. HILTON WORLDWIDE (HLT): 3,030,578 shares — $786.3M position
Hilton remains a steady, unchanged holding, reflecting confidence in asset-light lodging models, global brand strength, and resilient travel demand over the cycle.
10. SEAPORT ENTERTAINMENT GROUP (SEG): 5,023,780 shares — $115.1M position
SEG continues to represent a smaller but stable position within the portfolio, with no activity this quarter.
Big Picture Takeaways
Pershing Square remains extremely concentrated.
The top five positions account for the vast majority of reported assets, reinforcing Ackman’s preference for depth over breadth.
Changes this quarter were incremental, not directional.
Most activity consisted of small trims rather than aggressive re-positioning.
High-quality compounders dominate the portfolio.
Uber, Brookfield, Alphabet, Amazon, and Chipotle anchor the portfolio with durable cash flows and long growth runways.
Patience remains a defining feature of the strategy.
With minimal turnover and unchanged core positions, the filing reflects confidence in long-term theses rather than short-term market timing.
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