Pershing Square's Q2 Holdings Surge 15% to $137 Billion, Shifts to Tech and E-commerce

Bill Ackman's hedge fund, Pershing Square Capital Management, has disclosed its second-quarter holdings report for the period ending June 30, 2025. The report indicates that the total market value of Pershing Square's holdings for the second quarter is $137 billion, reflecting a 15% increase from the previous quarter's $119 billion. The firm's portfolio for the second quarter includes one new stock addition, four increased holdings, one stock liquidation, and no reduced holdings. The top ten holdings account for 99.32% of the total portfolio value.

Among the top five holdings, Uber (UBER.US) leads with approximately 30.3 million shares, valued at around $2.8 billion, constituting 19.66% of the investment portfolio, unchanged from the previous quarter. Brookfield (BN.US) follows with approximately 41.16 million shares, valued at around $2.5 billion, making up 17.70% of the portfolio, a 0.38% increase from the previous quarter. Howard Hughes Holdings (HHH.US) ranks third with approximately 27.85 million shares, valued at around $1.9 billion, representing 13.40% of the portfolio, a 47.74% increase from the previous quarter. Restaurant Brands International (QSR.US) is fourth with approximately 23 million shares, valued at around $1.5 billion, constituting 10.30% of the portfolio, unchanged from the previous quarter. Amazon (AMZN.US) is the fifth-largest holding with approximately 5.82 million shares, valued at around $1.3 billion, representing 8.88% of the portfolio, marking a new addition to the holdings.

Additionally, Pershing Square significantly increased its holdings in Alphabet (GOOGL.US) while liquidating its position in the railway operator Canadian Pacific Railway (CP.US). The top five new additions to the portfolio are Amazon, Alphabet, Brookfield, Hertz Global Holdings (HTZ.US), and Hilton Worldwide Holdings (HLT.US).

The strategic moves by Pershing Square reflect a shift in investment focus, with a notable increase in technology and consumer discretionary sectors. The liquidation of Canadian Pacific Railway and the addition of Amazon indicate a strategic pivot towards e-commerce and technology, aligning with broader market trends and economic conditions. The significant increase in holdings in Alphabet and Brookfield further underscores the firm's confidence in these sectors. The firm's decision to maintain its position in Uber and Restaurant Brands International suggests a continued belief in the growth potential of these companies. Overall, Pershing Square's second-quarter holdings reflect a proactive approach to portfolio management, aiming to capitalize on emerging opportunities while mitigating risks.