American Billionaire and investor Bill Ackman made significant moves in the second quarter of 2025, adding e-commerce giant Amazon to his portfolio and substantially increasing his stake in Google’s parent company, Alphabet.
The adjustments were disclosed in a mandatory 13F filing submitted by his firm, Pershing Square Capital Management, to the U.S. Securities and Exchange Commission. Such filings are required for all investment managers overseeing more than $100 million in assets.
Ackman, known for his disciplined and research-intensive approach, favors concentrated, high-conviction investments. His strategy centers on identifying undervalued companies with strong fundamentals and capable leadership, often taking an activist role to advocate for strategic changes aimed at boosting long-term performance. This methodology has served him well; his listed hedge fund, Pershing Square Holdings, has delivered an annualized return of 16.1% over nearly two decades.
The recent filing revealed a strategic portfolio shift. Pershing Square sold its entire position in Canadian Pacific Kansas City. Alongside the new Amazon position, valued at roughly $1.28 billion, the firm also increased its holdings in Hertz Global, Hilton Worldwide, and Brookfield. The stake in Alphabet was boosted by 20.84%.
The portfolio remains highly focused, comprising just 11 core holdings. As of June 30, 2025, Pershing Square’s total portfolio was valued at $13.73 billion. Its top positions include Uber Technologies, Brookfield Corp., and Restaurant Brands International.
More About Bill Ackman
Bill Ackman is an American billionaire hedge fund manager and the founder and CEO of Pershing Square Capital Management. Born in Chappaqua, New York, he is a U.S. citizen and a prominent figure in finance, widely recognized for his activist investment approach. Ackman laid the foundation for his career with an education at Harvard University and Harvard Business School before establishing his first fund and ultimately launching Pershing Square in 2004.
Pershing Square Capital Management’s Portfolio (as of June 30, 2025):
| Company | Percent of Portfolio | Change | Value |
| Uber Technologies Inc. | 20.59% | No change | $2,827,098,000 |
| Brookfield Corp. | 18.54% | Add 0.38% | $2,545,771,000 |
| Restaurant Brands International | 11.11% | No change | $1,524,731,000 |
| Amazon.com Inc. | 9.31% | Buy | $1,277,577,000 |
| Howard Hughes Holdings Inc. | 9.27% | No change | $1,272,514,000 |
| Chipotle Mexican Grill Inc. | 8.81% | No change | $1,209,537,000 |
| Alphabet Inc. CL C | 8.17% | No change | $1,121,820,000 |
| Alphabet Inc. | 6.88% | Add 20.84% | $945,118,000 |
| Hilton Worldwide Holdings | 5.88% | Add 0.99% | $807,164,000 |
| Hertz Global Hldgs Inc. | 0.76% | Add 1.61% | $104,097,000 |
| Seaport Entertainment Group | 0.68% | No change | $93,693,000 |
Source: Dataroma
