Bill Ackman's Top 5 Stock Holdings: Uber, Brookfield, Alphabet, Howard Hughes, and Restaurant Brands International

Billionaire investor Bill Ackman's Pershing Square hedge fund has a concentrated portfolio of 10 stocks, with his five largest holdings being Uber, Brookfield Corp, Alphabet, Howard Hughes Holdings, and Restaurant Brands International. Ackman recently increased his stake in Howard Hughes Holdings and became its executive chairman. Ackman's holdings are worth a combined $10.9 billion, with Uber and Brookfield Corp being his largest positions.

Billionaire investor Bill Ackman's Pershing Square hedge fund has significantly increased its stake in Howard Hughes Holdings (HHH) and appointed Ackman as the Executive Chairman of the company's board. The move comes as Pershing Square continues to diversify its portfolio, which currently consists of 10 stocks, with Uber, Brookfield Corp, Alphabet, and Restaurant Brands International being among its largest holdings.

In the second quarter of 2025, Pershing Square invested $900 million to acquire 9 million newly issued shares of HHH, bringing its total ownership to 47% of the company's shares outstanding. This acquisition was part of Pershing Square's strategy to transform HHH into a diversified holding company, with a focus on acquiring high-quality, durable growth public and private operating companies while continuing to invest in its core real estate operations.

As part of the transaction, Pershing Square entered into a services agreement with HHH, which includes providing investment, advisory, and other ancillary services. The agreement also involves Pershing Square assisting HHH in identifying and hedging macro-related risks. In exchange for these services, Pershing Square will receive a quarterly base fee of $3.75 million and a quarterly management fee equal to 0.375% of the increase in HHH's equity market capitalization over a reference market cap of the company. The reference market cap is fixed to the company's share count at the transaction close and is adjusted annually for inflation.

The investment in HHH is part of a broader trend at Pershing Square, which has seen the fund boost its holdings in several tech and hospitality stocks. In the same quarter, Pershing Square increased its stake in Alphabet's Class A shares (GOOGL) by 925,000 shares, bringing its total holdings to 5,362,980 shares, worth $945.11 million. The fund also added 29,808 shares of Hilton Worldwide (HLT), lifting its position to 3,030,578 shares valued at $807 million.

Ackman's concentrated, high-conviction investment strategy has been evident in his past deals, such as shorting municipal bond insurer MBIA prior to the 2008 crash and flipping a $27 million pandemic hedge into a $2.6 billion windfall during the COVID-19 market turmoil. His latest moves in HHH and other tech and hospitality stocks reflect his continued focus on high-growth, durable assets.

References:
[1] https://dailyhodl.com/2025/08/23/billionaire-bill-ackman-pours-1277577000-into-one-tech-stock-in-just-three-months-boosts-positions-in-google-and-two-additional-assets/
[2] https://seekingalpha.com/article/4816964-howard-hughes-core-business-continues-deliver-solid-performance