Bill Ackman Bets 50% of His Portfolio on Just Three Stocks
Ackman is a strong believer in concentrated investing. That philosophy is reflected in the structure of his $14.4 billion portfolio.
Quick overview
- Bill Ackman, a prominent hedge fund manager, has over half of his $14.4 billion portfolio concentrated in three companies.
- His largest holding is Uber, which comprises 19.7% of his portfolio and has seen a 55% stock surge since his investment.
- Ackman also holds 18.4% in Brookfield, a Canadian asset manager known for its steady cash flow and growth in earnings per share.
- Additionally, he has invested $900 million in Howard Hughes Holdings, aiming to transform it into a diversified holding firm with significant growth potential.
Renowned hedge fund manager Bill Ackman holds millions of shares in his portfolio — but more than half of it is concentrated in just three companies.
As the billionaire behind Pershing Square Capital Management, Ackman is a strong believer in concentrated investing. That philosophy is reflected in the structure of his $14.4 billion portfolio: 51% of it is invested in only three stocks.
1. Uber (19.7%)
In early 2025, Ackman acquired over 30 million shares of Uber, making it his largest single holding. Since then, the stock has surged nearly 55%, boosted by both his high-profile investment and the company’s solid financial performance.
Uber boasts a monthly active user base exceeding 170 million and continues to gain market share, reinforcing its competitive edge. Long-term, the company may benefit from the rollout of autonomous vehicles, thanks to its expansive transportation platform.
Financially, gross bookings rose 14% last quarter, EBITDA grew 35%, and free cash flow jumped 66%. Despite the recent rally, analysts say Uber’s valuation remains attractive relative to its growth prospects.
2. Brookfield (18.4%)
Ackman also strengthened his position in Brookfield, a Canadian alternative asset manager operating across real estate, infrastructure, and renewable energy sectors.
Brookfield’s business model generates steady cash flow, which it reinvests into new opportunities and distributes to shareholders. Its insurance unit adds further investment capital through the use of “float,” a strategy Ackman admires from legendary investor Warren Buffett.
Over the past five years, Brookfield has grown its earnings per share at an average annual rate of 19%. With projected earnings of $6.33 per share by 2029, the stock looks undervalued at its current 19x price-to-earnings multiple.
3. Howard Hughes Holdings (13.3%)
In May, Ackman increased his stake in Howard Hughes Holdings, investing $900 million and bringing his economic interest to nearly 47%.
His goal: to transform the real estate company into a diversified holding firm modeled after Berkshire Hathaway. While Howard Hughes’ net assets are estimated at $5.8 billion, its market cap is just $4 billion — a valuation gap that presents potential upside for investors.
The company’s strong operating cash flow and control over major urban developments position it for future growth. And if administrative costs tied to Pershing Square are resolved, the valuation gap could narrow significantly.
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