Pershing Square Ran $15.5B Through Just 11 Names in Q4 2025 — and Brookfield Led the Way

TL;DR

• AUM: $15.5B across just 11 holdings (Q4 2025)
• Top holding: Brookfield Corp (BN) at 18.1% — $2.8B
• #2: Uber (UBER) at 15.9% — $2.5B
• #3: Amazon (AMZN) at 14.3% — $2.2B
• Portfolio count: 11 positions, up from 8 in Q3 2025
• AUM jump: $21.7B (Q3) → $15.5B wait — actually $53.6B was TCI. Pershing: $12.4B → $15.5B, a +25% QoQ surge
• Concentration: Top-5 holdings represent 71.2% of the portfolio
• New positions: Three names added vs Q3 (expanded from 8 to 11)

The Eleven-Stock Portfolio

Pershing Square Capital Management is one of the most concentrated large funds on record. While the median institutional 13F holds hundreds or thousands of names, Ackman runs his entire $15.5B book through 11 positions. That is not a screening artifact — it is the strategy.

The top-five names — Brookfield Corp, Uber, Amazon, Alphabet (GOOG), and Meta — account for 71.2% of the total. That is hedge-fund-grade conviction by any measure.

Why Brookfield Sits at the Top

Brookfield Corp at 18.1% ($2.8B, 61.4M shares) is the single largest bet. This is not the Brookfield Asset Management spinoff (BAM) — it is the parent corporation, which retains the infrastructure, real estate, and private equity engines. Ackman has repeatedly described Brookfield as a compounder with underappreciated earnings power.

Uber and Amazon: The Platform Pair

Uber at $2.5B (15.9%) and Amazon at $2.2B (14.3%) together make up 30.2% of the portfolio. Both are platform businesses with network effects — the kind of durable moat Ackman has historically favored. Uber in particular has been a core Pershing holding since 2024.

Alphabet and Meta: The Ad Duopoly

Alphabet (GOOG + GOOGL) combined represents about 13.8% of the portfolio ($2.1B + $212M). Meta adds another 11.4% ($1.8B). Together, the ad duopoly is 25.2% of the fund — a significant bet on digital advertising resilience.

Restaurant Brands and Howard Hughes: The Legacy Bets

Restaurant Brands International (QSR) at 10.0% ($1.6B) is Ackman’s longest-running public position. Howard Hughes Holdings (HHH) at 9.7% ($1.5B) is the real estate vehicle Ackman took public years ago and has never fully exited.

The Tail: Hilton, Seaport, and Hertz

Hilton (HLT) at 5.6% ($870M) rounds out the mid-book. The bottom two — Seaport Entertainment Group (SEG, 0.6%) and Hertz (HTZ) at 0.5% ($78M) — are essentially rounding errors for a fund this size.

AUM History: The Recovery Arc

Pershing Square’s AUM has been on a roller coaster. It hit $44B in Q3 2024, fell to $42.4B in Q4 2024, dipped further to $10.7B in Q1 2025, then rebounded to $13.7B (Q2), dropped to $12.4B (Q3), and now sits at $15.5B. The Q3 → Q4 jump of +25% is the strongest recent quarter.

What Analysts Might Misread

"Ackman is diversifying by adding three names"

Going from 8 to 11 positions is not diversification in any meaningful sense. The top-five still control 71% of the book. The three new names (SEG, HTZ, and potentially the Alphabet split) are too small to move the needle.

"The portfolio is tech-heavy"

Roughly 60%+ of the portfolio is in platform/tech names (AMZN, GOOG, META, UBER). But labeling it a tech fund misses the point. Ackman buys businesses with pricing power and network effects — whether that is a burger chain (QSR) or a search engine (GOOG).

Frequently Asked Questions

How many stocks does Pershing Square hold?

As of Q4 2025, Pershing Square Capital Management holds 11 positions in its 13F filing, making it one of the most concentrated large funds in the institutional landscape.

What is Bill Ackman’s largest holding?

Brookfield Corp (BN) is the top position at 18.1% of the portfolio, worth approximately $2.8 billion as of the Q4 2025 filing.

Does Pershing Square own Amazon stock?

Yes. Amazon (AMZN) is the third-largest holding at 14.3%, worth $2.2 billion (9.6 million shares).

What is Pershing Square’s AUM?

The Q4 2025 13F filing reports $15.5 billion in 13F-reportable assets across 11 positions.