Great investors · Bill Ackman · Q4 2024
What Bill Ackman bought and sold in Q4 2024
Pershing Square 13F portfolio as of Dec 31, 2024: 11 positions worth $12.7 bn. Largest: GOOG, BN, QSR, CMG. Filed with the SEC on Feb 14, 2025.
The 13F is filed by Pershing Square, not by Bill Ackman personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2024
- IncreasedNikeNKE+1.5 pp
- IncreasedBrookfieldBN+1.0 pp
- IncreasedSeaport Entertainment GroupSEG+0.6 pp
Sells in Q4 2024
- ReducedHilton Worldwide HoldingsHLT−3.7 pp
- ReducedChipotle Mexican GrillCMG−1.9 pp
5 companies with material moves, out of 6 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Pershing Square's Q4 2024 13F lists 11 lines of US-listed securities worth $12.7 bn; the largest is BN at 15.8% of the portfolio. It was accepted by the SEC on Feb 14, 2025 at 4:02 PM ET.
Against the previous quarter, it opened 1 position (HTZ), closed none, added to 3 (NKE, SEG and BN) and trimmed 2 (HLT and CMG). 5 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Brookfield BN | 34.9 M | $2.0 bn | 15.8% | +6.6% |
| 2 | Restaurant Brands International QSR | 23.0 M | $1.5 bn | 11.8% | no change |
| 3 | Chipotle Mexican Grill CMG | 24.7 M | $1.5 bn | 11.7% | −14% |
| 4 | Howard Hughes Holdings HHH | 18.9 M | $1.5 bn | 11.5% | no change |
| 5 | Alphabet GOOG | 7.5 M | $1.4 bn | 11.4% | no change |
| 6 | Nike NKE | 18.8 M | $1.4 bn | 11.2% | +15% |
| 7 | Hilton Worldwide Holdings HLT | 5.4 M | $1.3 bn | 10.6% | −26% |
| 8 | Canadian Pacific Kansas City CP | 14.9 M | $1.1 bn | 8.50% | no change |
| 9 | Alphabet GOOGL | 4.0 M | $755M | 5.96% | no change |
| 10 | Seaport Entertainment Group SEG | 5.0 M | $140M | 1.11% | +140% |
| 11 | Hertz Global Holdings HTZ | 12.7 M | $46.5M | 0.37% | new |
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Pershing Square's 13F filings on EDGAR (SEC) ↗
Follow Bill Ackman and see their Q3 2026 13F once it is filed
Free. We email you (if you turn it on) and in Following you see what each manager you follow bought and sold.
Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.