Bill Ackman Has Over $7 Billion In Just 3 Stocks

Bill Ackman has become a household name. The billionaire has an estimated net worth approaching $10b and has a storied career that started with Gotham Partners in 1992. He was there for a decade before founding Pershing Square, where he made waves as an activist with concentrated bets.

One of his biggest successes includes General Growth Properties, where just $60 million turned into a $1.6b return for the fund. Other wins include replacing leadership at Canadian Pacific, and a well timed COVID-19 hedge that returned $2.6b to the fund.

On the other side of the ledger, Ackman had a few bruising defeats with Herbalife, J.C. Penney, and Valeant Pharmaceuticals.

Today, Pershing Square has continued its’ history of concentrated bets and holds just 11 positions. Of those 11, 3 individual stocks make up over 50% of the portfolio at a whopping $7.33b. Let’s Take a look at each.

#3 Holding: Howard Hughes Holdings (HHH)

Howard Hughes Holdings focuses on developing and managing large-scale master-planned communities, mixed-use properties, and commercial real estate across high-growth regions in the United States. Its portfolio includes residential developments, retail centers, offices, and hospitality assets that generate recurring revenue through leasing and long-term property management. Bill Ackman sees far more potential in it than its current structure suggests, and he’s bet $1.55b, and 11% of his fund on the company. He has said he wants to transform the business from a traditional developer into a diversified holding company like Berkshire Hathaway.

Real estate is a tough sector though and can be negatively affected for years after minor changes in interest rates. Over the last 5 years Howard Hughes has only returned 17%, while other tech focused companies have soared.

#2 Holding: Brookfield Corp (BN)

Brookfield Corporation is a global alternative asset manager with diversified cash flows spanning real estate, infrastructure, renewable energy, and private equity. The firm oversees more than $1 trillion in assets, giving it both scale and stability as it invests across multiple long-term asset classes.

Bill Ackman has long considered Brookfield one of his highest-conviction positions, and it consistently ranks among his largest holdings. His stake is now valued at $2.8 billion, or 19.2% of his portfolio, underscoring the central role Brookfield plays in his overall investment strategy.

Similar to Howard Hughes, Brookfield’s heavy exposure to real estate can be a boon in good times, or an anchor on performance in the bad ones. Real estate has been in a 5y slump that has weighed on Brookfield’s performance, though their diversification has overcome some of the headwinds and pushed shares to a 104% return over the last 5 years.

#1 Holding: Uber (UBER)

Uber needs no introduction. Ackman loves this company and has put over 20% of Pershing Square into the single position. At a whopping $2.97b today, it is their largest holding by far. Though, not necessarily their best performer. While the company has been on a tear since 2023 and shares have increased 4x from their lows, they had a very weak 2021 and 2022. Adding it all together and Uber has only returned 65% in the last 5 years.

But the company deserves major credit for adding new successful businesses like Uber Eats, and a booming ad business. These differentiated revenue streams will only hep Uber continue to dominate the ride hailing sector, moving further past Lyft, and remain competitive with meal deliver competitor DoorDash.

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