Bill Ackman made some adjustments to the portfolio of his hedge fund Pershing Square Capital in the third quarter of 2025.
At the end of the third quarter of 2025, the portfolio value of Bill Ackman’s hedge fund Pershing Square Capital was around $14.64 billion. This means that the fund is subject to the obligation to publish a quarterly Form 13F with the US Securities and Exchange Commission (SEC). This gives investors insights into the stock market professional’s investment decisions – and he made some adjustments to his investments in the last quarter.
The following ranking shows exactly how Pershing Square Capital was recently invested. It contains the ten largest stock investments by Bill Ackman’s hedge funds in the third quarter of 2025. The ranking is as of September 30, 2025.
Editorial team finanzen.net
11th place: The ranking
Institutional investors with more than $100 million in assets under management must report their holdings quarterly to the U.S. Securities and Exchange Commission using Form 13F. This obligation also applies to Pershing Square Capital Management, the hedge fund headed by Bill Ackman, whose portfolio value was around $14.64 billion at the end of the third quarter of 2025. The following ranking shows the hedge fund’s ten largest equity holdings as of September 30, 2025.
Source: sec.gov, Image: Bryan Bedder/Getty Images for The New York Times
10th place: Seaport Entertainment Group
Seaport Entertainment Group made it back into the top ten last quarter. Bill Ackman’s Pershing Square Capital kept its stake in the entertainment and hospitality company steady. The 5,023,780 shares held were worth $115.15 million as of the reporting date and made up 0.79 percent of the portfolio.
Source: sec.gov, Image: Viktoriia Hnatiuk / Shutterstock.com
9th place: Hilton Worldwide
The stake in the hotel operator Hilton Worldwide also remained untouched. The 3,030,578 shares in Pershing Square Capital Management’s portfolio at the end of the third quarter of 2025 had a total value of approximately $786.26 million and accounted for 5.37 percent of the entire hedge fund portfolio.
Source: sec.gov, Image: Tupungato / Shutterstock.com
8th place: Chipotle Mexican Grill
Bill Ackman also kept his feet still on his investment in Chipotle Mexican Grill in the third quarter of 2025. As of the reporting date, there were still 21,541,177 shares in his portfolio with a total value of around 844.2 million US dollars, which accounted for a share of 5.77 percent. This means Chipotle Mexican Grill falls from 6th place to 8th place.
Source: sec.gov, Image: Electric Egg / Shutterstock.com
7th place: Alphabet A
The A shares of Google parent Alphabet were able to make up a position in the last quarter of the year, even though Bill Ackman reduced his investment by 9.68 percent or 519,007 shares to a total of 4,843,973 shares. Alphabet’s A shares held by Pershing Square Capital were worth around $1.18 billion at the end of the quarter, accounting for 8.04 percent of the total portfolio.
Source: sec.gov, Image: rvlsoft / Shutterstock.com
6th place: Amazon
Bill Ackman did not change his stake in the online retailer Amazon in the third quarter of 2025. There were still 5,823,316 Amazon shares in the portfolio in the last quarter of the year. The value of the investment as of September 30, 20205 was around $1.28 billion. The position therefore accounted for 8.73 percent of the Pershing portfolio.
Source: sec.gov, Image: Ken Wolter / Shutterstock.com
5th place: Restaurant Brands International
The stake in Restaurant Brands International was reduced by 85,418 shares in the third quarter. As of the reporting date, Bill Ackman’s hedge fund still held 22,915,496 shares, the total value of which was around $1.47 billion at the end of the quarter. Shares in the fast food chain operator accounted for 10.04 percent of Pershing Square Capital’s total portfolio.
Source: sec.gov, Image: Postmodern Studio / Shutterstock.com
4th place: Alphabet C
However, there was no change in the C shares of Google parent Alphabet in the past quarter: there were still 6,324,031 shares worth around $1.54 billion in the Pershing portfolio as of the reporting date. At the end of September 2025, these accounted for 10.52 percent of the total portfolio.
Source: sec.gov, Image: anchinthamb / Shutterstock.com
3rd place: Howard Hughes
Ackman’s hedge fund also left its stake in the US real estate company Howard Hughes untouched in the third quarter of this year. Pershing Square Capital continued to hold 18,852,064 shares, the value of which was around $1.55 billion as of the reporting date. 10.58 percent of the total portfolio consisted of shares in the real estate group.
Source: sec.gov, Image: viewimage / Shutterstock.com
2nd place: Brookfield Asset Management
Pershing Square Capital Management reduced its stake in Brookfield Asset Management by 210,249 shares in the past quarter. At the end of the quarter, there were still 61,530,456.5 shares of the Canadian asset manager in the portfolio with a total value of around 2.81 billion US dollars. The investment in Brookfield Asset Management made up 19.21 percent of the total portfolio.
Source: sec.gov, Image: Casimiro PT / Shutterstock.com
1st place: Uber
The ride-hailing company Uber made it back to first place in Pershing Square Capital Management’s portfolio in the third quarter of 2025 – even though Ackman reduced the position by 30,643 shares. As of the reporting date, there were 30,270,518 Uber shares with a total value of around $2.97 billion in the portfolio. This position therefore made up 20.25 percent of the entire portfolio.
Source: sec.gov, Image: Casimiro PT / Shutterstock.com
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