Bill Ackman's Top 5 Portfolio Holdings: A Strategic Focus on High-Growth Stocks

Bill Ackman's Pershing Square Capital Management has invested nearly 70% of its portfolio in five key stocks, according to Q2 2025 13F filings. The top five stocks are Uber Technologies Inc., Brookfield Corp., Restaurant Brands International Inc., Amazon.com Inc., and Howard Hughes Holdings Inc., which account for approximately $9.45 billion of the $13.729 billion total portfolio value. Notable changes from the first quarter include a new investment in Amazon and a complete exit from Canadian Pacific Kansas City Ltd. The portfolio value increased by nearly $1.8 billion in Q2.

Bill Ackman's Pershing Square Capital Management (PSCM) has significantly concentrated its portfolio, with nearly 70% of its assets invested in five key stocks, according to the Q2 2025 13F filings. The top five stocks—Uber Technologies Inc., Brookfield Corp., Restaurant Brands International Inc., Amazon.com Inc., and Howard Hughes Holdings Inc.—account for approximately $9.45 billion of the $13.729 billion total portfolio value. This concentration reflects Ackman's strategy of holding high-conviction positions for the long term.

Notable changes from the first quarter include a new investment in Amazon.com Inc. and a complete exit from Canadian Pacific Kansas City Ltd. (CPKC). The portfolio value increased by nearly $1.8 billion in Q2 2025, highlighting the fund's performance and Ackman's active management style.

Uber Technologies Inc. remains the largest holding, with a 20.6% stake. The stock has seen strong adoption for both its mobility and delivery services, with total users climbing to 180 million last quarter and adjusted EBITDA growth of 35% year over year [1]. Brookfield Corp is the second-largest holding, with a 19.7% stake. The company's distributable earnings excluding carried interest and gains from selling investments climbed 13% on a per-share basis last quarter, and it expects to produce distributable earnings growth of 21% per year from 2024 through 2029 [1].

Restaurant Brands International Inc. (RBI) is the third-largest holding, with a 17.9% stake. Amazon.com Inc. is the fourth-largest holding, with a 16.4% stake. The company has seen strong performance in its core advertising business and Google Cloud business, with core advertising climbing 10% year over year last quarter and Google Cloud sales increasing 32% year over year [1]. Howard Hughes Holdings Inc. is the fifth-largest holding, with a 15.2% stake.

The restructuring of CPKC's debt with a credit amendment supports long-term stability and financial flexibility. The amendment, which extends 5-year and 2-year facilities to 2030 and 2027, aims to reduce short-term refinancing risks, align debt with long-term revenue, and fund infrastructure/digital transformation while maintaining 2.5x leverage discipline [3]. RBC's inclusion in the restructuring diversifies banking relationships and strengthens lender confidence.

Overall, Ackman's Q2 2025 portfolio update shows continued focus on long-term investments and growth opportunities, with a significant portion of the portfolio invested in companies with strong growth potential and favorable valuations. The fund's track record remains excellent, with annualized returns of around 16% compared to the S&P 500 index's ~10% [1].

References:
[1] https://finance.yahoo.com/news/billionaire-bill-ackman-58-hedge-123200984.html
[2] https://www.ainvest.com/news/pershing-square-q2-2025-13f-portfolio-update-tracking-bill-ackman-investments-2509/
[3] https://www.ainvest.com/news/canadian-pacific-credit-amendment-strategic-move-enhance-financial-flexibility-long-term-stability-2509/