Bill Ackman's Concentrated Portfolio: Focus on Financials and Tech
Bill Ackman's Pershing Square Capital Management portfolio, as of December 31, 2025, shows significant concentration in Financial Services and Technology stocks, with notable changes in holdings.
Top Holdings
Pershing Square Capital Management's portfolio, managed by Bill Ackman as of December 31, 2025, is dominated by a select group of stocks. Brookfield Corp (BN) leads with the highest allocation at 18.15%, followed by Uber Technologies Inc (UBER) at 15.9% and Amazon.com Inc (AMZN) at 14.28%. Alphabet Inc (GOOG) and Meta Platforms Inc (META) round out the top five holdings, accounting for significant portions of the portfolio.
The top holdings by total value are:
- Brookfield Corp (BN): $2.82 billion
- Uber Technologies Inc (UBER): $2.47 billion
- Amazon.com Inc (AMZN): $2.22 billion
- Alphabet Inc (GOOG): $1.93 billion
- Meta Platforms Inc (META): $1.76 billion
High Concentration in Financial Services and Technology
The portfolio exhibits a clear bias towards specific sectors. Financial Services holds Brookfield Corp, representing nearly one-fifth (18.15%) of the total portfolio value. Technology is another major focus, with Uber (15.9%) and Alphabet (GOOG, 12.46%) significantly contributing to the allocation. This indicates a strategy heavily weighted towards these sectors.
Consumer Cyclical stocks also feature prominently, with Amazon (14.28%), Restaurant Brands International (QSR, 10.05%), and Hilton Worldwide (HLT, 5.6%) making up a substantial portion of the portfolio. Communication Services, represented by Alphabet (GOOG) and Meta (META), accounts for another 24.83% (12.46% + 11.37%).
Notable Changes and New Positions
The portfolio shows significant shifts in certain holdings compared to the previous period. Amazon saw a massive increase in shares (64.99% change), while Uber experienced a slight reduction (-0.21%). Alphabet (GOOG) saw a moderate decrease (-2.53%), and Meta saw a substantial increase (100.0% change), suggesting a strategic shift towards social media and search giants.
Conversely, Restaurant Brands International saw a small decrease (-0.21%), and Hilton Worldwide experienced minimal change (-0.06%). Notably, the portfolio includes a new position in Hilton Worldwide, adding to the consumer cyclical allocation.
Investment Strategy Analysis
Bill Ackman's strategy, as reflected in this portfolio snapshot, appears to involve concentrated investing, heavily favoring large-cap stocks within specific sectors. The high allocation to Financial Services (via Brookfield) and Technology (via Uber and Alphabet) suggests confidence in these sectors or specific opportunities within them. The significant position in Amazon and the new Meta stake point towards opportunities in e-commerce and digital platforms.
The inclusion of consumer cyclical stocks like Amazon, QSR, and HLT indicates a diversification within the non-essential goods space. However, the overall portfolio remains concentrated, with the top five holdings accounting for a substantial majority of the assets. This approach relies on the success of these core holdings but limits diversification.