In the fourth quarter of 2025, star investor Bill Ackman made some changes to the composition of his hedge fund Pershing Square Capital.
The US Securities and Exchange Commission (SEC) requires institutional investors who manage more than $100 million to provide quarterly insight into their portfolios using Form 13F. This also applies to Bill Ackman’s Pershing Square Capital Management. At the end of 2025, the hedge fund managed assets of around $15.53 billion. Ackman is as concentrated as ever: a whopping 99.5 percent of the entire portfolio is in the ten largest positions.
Also notable in the fourth quarter was the complete departure from Chipotle Mexican Grill – after years, Ackman divested himself of his entire stake and thus sold 21,541,177 shares of the company.
The following overview shows the ten heavyweights in the portfolio as of December 31, 2025.
Editorial team finanzen.net
11th place: The ranking
Once assets under management exceed $100 million, the US Securities and Exchange Commission (SEC) requires institutional investors to disclose their portfolios on a quarterly basis via Form 13F. This also affects Pershing Square Capital Management, the hedge fund headed by Bill Ackman. At the end of the fourth quarter of 2025, the portfolio had a volume of around 15.53 billion US dollars. The following list shows the fund’s ten most important stock positions as of December 31, 2025.
Source: sec.gov, Image: Bryan Bedder/Getty Images for The New York Times
10th place: Seaport Entertainment
Seaport Entertainment Group is once again in 10th place among Pershing Square Capital holdings. The 5,023,780 shares held were worth $99.32 million as of the reporting date and accounted for 0.64 percent of the entire portfolio.
Source: sec.gov, Image: Viktoriia Hnatiuk / Shutterstock.com
9th place: Alphabet A share
The A shares of Google parent Alphabet, however, slipped from seventh to ninth place in the past quarter. Ackman sold a total of 4,165,676 shares in the Internet giant, thereby significantly reducing his holdings. The remaining 678,297 securities had a value of 212.31 million US dollars at the end of the year and thus corresponded to a portfolio share of 1.37 percent.
Source: sec.gov, Image: rvlsoft / Shutterstock.com
8th place: Hilton Worldwide
The stake in the hotel operator Hilton Worldwide, however, was able to move up one position. Here too, Ackman applied the red pencil – but to a lesser extent. He sold 1,914 shares and still held 3,028,664 shares as of the reporting date. With a market value of $869.98 million, the investment has a portfolio share of 5.60 percent.
Source: sec.gov, Image: Tupungato / Shutterstock.com
7th place: Howard Hughes
The Howard Hughes holding fell a full four places. In the final quarter of 2025, Ackman did not touch the investment in the US real estate company and held on to the 18,852,064 shares. With a value of $1.50 billion as of the reporting date, Howard Hughes has a 9.69 percent share of the portfolio.
Source: sec.gov, Image: viewimage / Shutterstock.com
6th place: Restaurant Brands International
Bill Ackman also reduced his holding in Restaurant Brands International in the final quarter of the year – by 48,723 shares to 22,866,773 shares. With a value of 1.56 billion US dollars as of the reporting date and a portfolio share of 10.05 percent, the investment in the fast food chain operator slipped down one place.
Source: sec.gov, Image: Postmodern Studio / Shutterstock.com
5th place: Meta Platforms
New to the Pershing Square Capital Management portfolio is Facebook parent Meta Platforms. Ackman’s hedge fund acquired 2,673,569 shares from the social media company. With a market value of 1.76 billion US dollars and a portfolio share of 11.37 percent, the new investment jumps to 5th place in the ranking.
Source: sec.gov, Image: rafapress / Shutterstock.com
4th place: Alphabet C share
Meanwhile, the C shares of Google parent Alphabet were able to defend their place – even though Ackman sold 160,160 shares in the fourth quarter of 2025. The remaining 6,163,871 securities of the Internet group had a value of 1.93 billion US dollars on December 31, 2025, corresponding to a share of 12.46 percent of the entire portfolio.
Source: sec.gov, Image: anchinthamb / Shutterstock.com
3rd place: Amazon
Meanwhile, Amazon’s participation has moved up three places. Ackman took advantage of this and increased his investment by an impressive 3,784,508 shares to a total of 9,607,824 papers. The market value as of the reporting date was 2.22 billion US dollars, giving Amazon a portfolio share of 14.28 percent.
Source: sec.gov, Image: Ken Wolter / Shutterstock.com
2nd place: Uber Technologies
After Uber was the largest position in the Pershing Square Capital Management portfolio in the previous quarter, it is only enough for second place in the final quarter of 2025. Ackman divested himself of 62,784 shares in the ride-hailing company and thus still held 30,207,734 shares in the company. With a value of 2.47 billion US dollars, the investment made it to a portfolio share of 20.25 percent.
Source: sec.gov, Image: Casimiro PT / Shutterstock.com
1st place: Brookfield Corporation
The Brookfield Asset Management investment made the jump from second to first place in the fourth quarter of 2025. Here, too, Ackman sold 127,257 shares during the reporting period and thus still held 61,403,089 shares of the Canadian asset manager. With a market value of $2.82 billion, the holding accounts for 18.15 percent of the total portfolio.
Source: sec.gov, Image: Casimiro PT / Shutterstock.com
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