Great investors · Bill Ackman · Q1 2025
What Bill Ackman bought and sold in Q1 2025
Pershing Square 13F portfolio as of Mar 31, 2025: 11 positions worth $11.9 bn. Largest: UBER, BN, GOOG, QSR. Filed with the SEC on May 15, 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 Q1 2025
- NewUBER TechnologiesUBER+17.4 pp
- IncreasedBrookfieldBN+2.5 pp
- IncreasedAlphabetGOOGL+0.6 pp
Sells in Q1 2025
- Sold outNikeNKE−11.2 pp
- ReducedHilton Worldwide HoldingsHLT−4.4 pp
- ReducedAlphabetGOOG−1.5 pp
- ReducedChipotle Mexican GrillCMG−1.2 pp
7 companies with material moves, out of 8 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 Q1 2025 13F lists 11 lines of US-listed securities worth $11.9 bn; the largest is UBER at 18.5% of the portfolio. It was accepted by the SEC on May 15, 2025 at 4:03 PM ET.
Against the previous quarter, it opened 1 position (UBER), closed 1 (NKE), added to 3 (BN, GOOGL and HTZ) and trimmed 3 (HLT, GOOG and CMG). 4 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | UBER Technologies UBER | 30.3 M | $2.2 bn | 18.5% | new |
| 2 | Brookfield BN | 41.0 M | $2.1 bn | 18.0% | +18% |
| 3 | Restaurant Brands International QSR | 23.0 M | $1.5 bn | 12.8% | no change |
| 4 | Howard Hughes Holdings HHH | 18.9 M | $1.4 bn | 11.7% | no change |
| 5 | Chipotle Mexican Grill CMG | 21.5 M | $1.1 bn | 9.07% | −13% |
| 6 | Canadian Pacific Kansas City CP | 14.8 M | $1.0 bn | 8.71% | no change |
| 7 | Alphabet GOOG | 6.3 M | $988M | 8.28% | −16% |
| 8 | Alphabet GOOGL | 4.4 M | $686M | 5.75% | +11% |
| 9 | Hilton Worldwide Holdings HLT | 3.0 M | $683M | 5.72% | −45% |
| 10 | Seaport Entertainment Group SEG | 5.0 M | $108M | 0.90% | no change |
| 11 | Hertz Global Holdings HTZ | 15.0 M | $59.1M | 0.50% | +18% |
Positions it closed (1)
- Nike NKEwas 11.2% · 18.8 M shares
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) ↗
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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.