Breaking down the stocks Bill Ackman (Pershing Square) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Pershing Square's 13F filed on November 14, 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
Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| UBER | Uber | 20.3% | Trimmed (-0%) | $2.97B |
| BN | Brookfield | 19.2% | Trimmed (-0%) | $2.81B |
| HHH | Howard Hughes | 10.6% | $1.55B | |
| GOOG | Alphabet | 10.5% | $1.54B | |
| QSR | Restaurant Brands | 10.0% | Trimmed (-0%) | $1.47B |
| AMZN | Amazon | 8.7% | $1.28B | |
| GOOGL | Alphabet | 8.0% | Trimmed (-10%) | $1.18B |
| CMG | Chipotle | 5.8% | $844.2M | |
| HLT | Hilton | 5.4% | $786.25M | |
| SEG | Seaport Entertainment | 0.8% | $115.15M | |
| HTZ | Hertz | 0.7% | $103.64M |
Current Investment Strategy
Billionaire activist Bill Ackman maintained his signature ultra-concentrated approach in Q3 2025, deploying Pershing Square's $14.6 billion portfolio across just 11 high-conviction positions spanning technology platforms (Alphabet, Amazon), consumer brands (Chipotle, Restaurant Brands International), hospitality (Hilton), and real estate development (Howard Hughes, Seaport Entertainment), with no new positions or exits during the quarter. The portfolio reflects Ackman's patient, long-term value creation strategy through significant stakes in businesses where he can influence operational improvements, exemplified by his contrarian April 2025 investment in post-bankruptcy rental car operator Hertz, which he views as undervalued with potential upside from tariff-driven used vehicle price appreciation.
New Investments
Pershing Square did not open any new positions during Q3 2025.
Added, Trimmed, and Exited
Added
Pershing Square did not add any new positions or increase stakes in existing holdings during Q3 2025.
What it means: This reflects Bill Ackman's highly concentrated investment philosophy. With the firm maintaining its disciplined approach of holding a small number of high-conviction positions, the absence of additions suggests satisfaction with the current portfolio composition and no compelling new opportunities meeting Pershing Square's strict investment criteria during the quarter.
Trimmed
Pershing Square trimmed four positions during Q3 2025: Alphabet (GOOGL) by approximately 10% (reducing 519,007 shares), while making minimal adjustments to Brookfield (BN), Restaurant Brands (QSR), and Uber (UBER), each reduced by less than 1%.
What it means: The GOOGL trim appears to be strategic portfolio management following the position's 24.6% gain during the quarter—likely representing profit-taking or rebalancing after strong appreciation inflated the position size. The marginal trims in BN, QSR, and UBER are essentially negligible adjustments, possibly related to administrative rebalancing or minor tactical repositioning rather than any meaningful shift in conviction. Notably, Ackman maintained full positions in his other major holdings including Howard Hughes (HHH), Amazon (AMZN), and Chipotle (CMG), underscoring his continued confidence in the core portfolio.
Exited
Pershing Square did not fully liquidate any positions during Q3 2025, maintaining its concentrated portfolio of eleven holdings across both share classes and positions.
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.
