Pershing Square Capital Management, led by prominent hedge fund manager Bill Ackman, disclosed its Q3 2025 portfolio holdings (13F) as of September 30. The firm’s total portfolio value rose 6.6% quarter-over-quarter to $14.6 billion from $13.7 billion in Q2.
Pershing Square made no new purchases or complete exits during the quarter but reduced positions in four stocks. Its top 10 holdings accounted for 99.29% of the portfolio. Uber (UBER.US), Brookfield (BN.US), and Howard Hughes Holding (HHH.US) remained the top three positions, collectively representing 50% of the portfolio. Restaurant Brands International (QSR.US) slipped from fourth to fifth place after a 0.37% reduction in shares held.
Amazon maintained an 8.73% portfolio share with no change in position size, signaling Ackman’s confidence in its diversified exposure to cloud computing, e-commerce, and advertising without excessive concentration. The fund only sold stakes in Restaurant Brands International and Uber during Q3.
Notably, Pershing Square reduced its Alphabet Class A (GOOGL.US) stake by 9.68%, while keeping its Alphabet Class C (GOOG.US) position unchanged as the fourth-largest holding. This contrasts sharply with Warren Buffett’s Berkshire Hathaway (BRK.A.US, BRK.B.US), which initiated a $4.3 billion position in Alphabet Class A during Q3, making it Berkshire’s tenth-largest equity investment.
Ackman’s concentrated strategy—holding long-term "anchor" positions like Brookfield and Howard Hughes—reflects his vision to build a "modern Berkshire." His moves carry outsized market influence due to his vocal investment theses and focus on multi-year horizons rather than short-term trades.
The Alphabet trim diverges from Wall Street’s bullish stance; the stock has surged 46% YTD on strong AI-driven cloud growth. Analysts raised price targets post-Q3 earnings, citing "multiple growth engines accelerating simultaneously." Ackman’s reduction invites scrutiny over his long-term outlook for the tech giant.
