We break down the stocks Bill Ackman (Pershing Square) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Pershing Square's 13F filed on May 15, 2025.
Who are Bill Ackman and Pershing Square?
Pershing Square is a concentrated investment firm founded in 2004 by billionaire investor Bill Ackman. Structured as a closed-ended fund, Pershing Square takes significant but typically non-controlling positions in a small number of large-cap companies. Ackman employs an activist approach, advocating for operational and strategic changes to unlock shareholder value. The firm aims to maximize long-term compound annual growth in intrinsic value per share through high-conviction positions.
Pershingsquareholdings.com
Wikipedia on Bill Ackman
Portfolio Changes in Q1 2025
New Positions
Pershing Square initiated a substantial new position in Uber Technologies, Inc. (UBER) with 30.3 million shares valued at $2.2 billion, while completely exiting its position in NIKE, Inc. (NKE).
Bought
The fund increased its stake in Brookfield Corporation (BN) by 6.1 million shares, added 2.3 million shares to its Hertz Global Holdings, Inc. (HTZ) position, and moderately increased its Alphabet Inc. (GOOGL) holdings by 451,492 shares.
Sold
Pershing Square significantly reduced its exposure to Hilton Worldwide Holdings Inc. (HLT) by 2.4 million shares (a 44.8% decrease), trimmed Chipotle Mexican Grill, Inc. (CMG) by 3.1 million shares, cut Alphabet Inc. (GOOG) by 1.2 million shares, and slightly reduced its position in Canadian Pacific (CP).
New Investments in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| UBER | Uber Technologies, Inc. | 18.5% | NEW | $2,207,742,590 |
Uber Technologies, Inc. UBER
Pershing Square bought 30,301,161 shares of Uber Technologies, Inc. in Q1 2025. Uber Technologies has demonstrated strong growth over the past 12 months, with its stock price reaching an all-time high of $91.72 in May 2025. The company achieved 14% year-over-year Gross Bookings growth (18% on constant currency) in Q1 2025, driven by a 18% increase in trips and improved user retention. Recent profitability milestones include $1.2 billion income from operations and $1.9 billion Adjusted EBITDA, up 35% YoY, supported by cost discipline and cash flow optimization.
- Adjusted EBITDA surged 35% year-over-year to $1.9 billion in Q1 2025, with operating cash flow hitting $2.3 billion.
- Q1 2025 EPS rebounded to $0.51 from -$0.32 in Q1 2024, reflecting improved equity investment valuations and core business strength.
- Stock gained 74% annualized returns in 2025 through May, nearing its 52-week high of $92.17 with analysts forecasting $134.58 by late 2025.
Holdings at the end of Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| UBER | Uber Technologies, Inc. | 18.5% | New | $2,207,742,590 |
| BN | Brookfield Corporation | 18.0% | Bought | $2,149,054,073 |
| QSR | Restaurant Brands International Inc. | 12.8% | $1,532,780,909 | |
| HHH | Howard Hughes Holdings Inc. | 11.7% | $1,396,560,901 | |
| CMG | Chipotle Mexican Grill, Inc. | 9.1% | Sold | $1,081,582,497 |
| CP | Canadian Pacific | 8.7% | Sold | $1,039,093,677 |
| GOOG | Alphabet Inc. | 8.3% | Sold | $988,003,363 |
| GOOGL | Alphabet Inc. | 5.8% | Bought | $686,289,227 |
| HLT | Hilton Worldwide Holdings Inc. | 5.7% | Sold | $682,825,214 |
| SEG | Seaport Entertainment Group Inc. | 0.9% | $107,860,557 | |
| HTZ | Hertz Global Holdings, Inc. | 0.5% | Bought | $59,100,000 |
| NKE | NIKE, Inc. | 0.0% | Sold Out | $0 |
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