Breaking down the stocks Bill Ackman (Pershing Square) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Pershing Square's 13F filed on August 14, 2025.
Who is 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
Q2 '25 13F filed with SEC
Portfolio Changes in Q2 2025
New positions
Pershing Square initiated a new position in Amazon (AMZN), purchasing 5.8 million shares valued at approximately $1.28 billion.
Bought
Pershing Square added to several existing positions, most notably increasing its Alphabet (GOOGL) stake by 925,000 shares, while also adding to Hertz (HTZ) (+241,127 shares), Brookfield (BN) (+155,740 shares), and Hilton (HLT) (+29,808 shares).
Sold
Pershing Square completely liquidated its position in Canadian Pacific Kansas City (CP), selling all 14.8 million shares worth over $1 billion, with no partial trims reported in other holdings during the quarter.
New Investments in Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AMZN | Amazon | 100.0% | NEW | $1.28B |
Amazon AMZN
Bill Ackman bought $1.28B of Amazon in Q2 2025. Amazon delivered robust Q2 2025 results with 13% revenue growth to $167.7 billion and a significant 31% operating income increase to $19.2 billion, demonstrating strong operational leverage and margin expansion across all segments. Despite these impressive fundamentals, the stock declined over 10% post-earnings due to wider-than-expected Q3 operating income guidance of $15.5-20.5 billion, which created near-term uncertainty about profit sustainability. The company's diversified growth across North America retail, international markets, and AWS cloud services positions it well for continued value creation, with management's focus on margin optimization showing clear results in the current quarter.
- Net sales increased 13% year-over-year to $167.7 billion in Q2 2025.
- Operating income surged 31% to $19.2 billion compared to prior year quarter.
- EPS grew 33% to $1.68 per share versus $1.26 in Q2 2024.
Holdings at the end of Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| UBER | Uber | 20.6% | $2.83B | |
| BN | Brookfield | 18.5% | Added (+0%) | $2.55B |
| QSR | Restaurant Brands | 11.1% | $1.52B | |
| AMZN | Amazon | 9.3% | NEW | $1.28B |
| HHH | Howard Hughes | 9.3% | $1.27B | |
| CMG | Chipotle | 8.8% | $1.21B | |
| GOOG | Alphabet | 8.2% | $1.12B | |
| GOOGL | Alphabet | 6.9% | Added (+21%) | $945.12M |
| HLT | Hilton | 5.9% | Added (+1%) | $807.16M |
| HTZ | Hertz | 0.8% | Added (+2%) | $104.1M |
| SEG | Seaport Entertainment | 0.7% | $93.69M | |
| CP | Canadian Pacific Kansas City | 0.0% | Exited | $0 |
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
