Billionaire Bill Ackman Has 51% of His Hedge Fund's $14.4 Billion Portfolio Invested in Just 3 Exceptional Stocks

Adam Levy, The Motley Fool

Sun, Jul 6, 2025, 5:14 PM 6 min read

• Bill Ackman is a buy-and-hold investor focused on stocks trading below their intrinsic value.

• Ackman has established positions in or continued buying all three of these stocks in 2025.

• All three offer good value in today's market despite the rising stock prices.

• 10 stocks we like better than Uber Technologies ›

Bill Ackman likes to keep his hedge fund, Pershing Square Capital, invested in just a few high-conviction companies. Indeed, it's hard to generate market-beating returns if your investments are spread so thin your portfolio looks pretty similar to the overall stock market. But Ackman and his team hold stock in just 10 publicly traded companies.

Ackman is willing to deploy billions of dollars at once to accumulate shares in his highest-conviction bets, and he likes to hold those stocks for a long time. As such, Pershing Square's monthly investor updates and quarterly disclosures with the SEC can be a great source of investing ideas. And Ackman's three best ideas right now account for more than half of Pershing Square's publicly traded portfolio.

Here are Ackman's top three holdings.

Ackman accumulated 30.3 million shares of Uber (NYSE: UBER) at the start of 2025 before announcing the new position on X in early February. Pershing Square's first-quarter 13-F filing revealed it was, in fact, Pershing Square's largest position.

That position has only gotten bigger as Uber stock has climbed about 55% since the start of the year, reaching a new all-time high. A large part of that rally came after Ackman announced Pershing Square's position.

But the long-term prospects look good for Uber, too. While some see autonomous vehicles as a threat to Uber's ride-sharing business, it could turn out to be an opportunity for the company. That's because Uber has, by far, the largest customer base for taxi services. It counted 170 million total monthly active users as of the end of the first quarter. And its market share is growing thanks to the network effect and giving users more ways to use its service.

That's an incredible asset that most companies building autonomous vehicles would love to tap into. Alphabet's Waymo, the leading self-driving car company, has already inked several deals with Uber to operate in multiple cities.

In the meantime, Uber is executing on its financial goals. Gross bookings increased 14% last quarter. With improved operating leverage, the company managed to grow earnings before interest, taxes, depreciation, and amortization (EBITDA) 35%. With limited cash expenditures, it managed to produce 66% growth in free cash flow (converting over 100% of EBITDA).