Estimated reading time: 6 minutes
From Uber to Hertz, Dive into Ackman’s High-Stakes Moves and U.S. Economic Vision
Introduction: Ackman’s Wall Street Power Play
Billionaire Bill Ackman, the genius behind Pershing Square Capital Management, is rewriting the investment playbook in 2025. With a $11.93 billion war chest and a knack for picking winners, Ackman’s bets on Uber, Hertz, and others are turning heads. This article unveils his top 10 investments, color-coded to show his bold additions and strategic trims, alongside his vision for the U.S. economy over the next decade. Curious how he stacks up against Tom Lee and Cathie Wood? Qunatical breaks it down for you.
Ackman’s Top 10 Investments for 2025
Ackman’s Pershing Square portfolio is a masterclass in high-conviction investing, with 70.14% of its $11.93 billion concentrated in five stocks as of Q1 2025. The table below highlights his top 10 holdings, with color-coded changes: green for new/additions, red for reductions, and gray for unchanged positions.
| Company (Ticker) | Shares | Value ($M) | Portfolio Weight (%) | Change in Q1 2025 | Industry |
|---|---|---|---|---|---|
| Uber Technologies Inc (UBER) | 30,301,161 | 2,207.7 | 18.50 | New Position | Software |
| Brookfield Corp (BN) | 41,004,657 | 2,149.1 | 18.01 | +17.52% (6.1M shares added) | Asset Management |
| Restaurant Brands International Inc (QSR) | 23,000,914 | 1,532.8 | 12.85 | No Change | Restaurants |
| Howard Hughes Holdings Inc (HHH) | 18,852,064 | 1,396.6 | 11.71 | No Change | Real Estate |
| Chipotle Mexican Grill Inc (CMG) | 21,541,177 | 1,081.6 | 9.07 | -12.62% (3.1M shares trimmed) | Restaurants |
| Canadian Pacific Kansas City Ltd (CP) | 14,799,796 | 1,039.1 | 8.71 | -0.52% (minor trim) | Transportation |
| Alphabet Inc (GOOG) | 6,324,031 | 988.0 | 8.28 | -16.21% (1.2M shares trimmed) | Interactive Media |
| Alphabet Inc (GOOGL) | 4,437,980 | 686.3 | 5.75 | +11.33% (451,492 shares added) | Interactive Media |
| Hilton Worldwide Holdings Inc (HLT) | 3,000,770 | 682.8 | 5.72 | -44.84% (2.4M shares trimmed) | Travel & Leisure |
| Seaport Entertainment Group Inc (SEG) | 5,023,780 | 107.9 | 0.90 | No Change | Real Estate |
Bullish Bets
- Uber Technologies (UBER): Ackman’s blockbuster new stake (30.3M shares, $2.2B) bets on Uber’s 14% YoY gross bookings growth and AI-driven mobility future, with $1.9B adjusted EBITDA in Q1 2025.
- Brookfield Corp (BN): A 17.52% increase (6.1M shares) to a $2.15B stake reflects optimism in real estate, renewables, and data centers.
- Alphabet Inc (GOOGL): Adding 451,492 shares (+11.33%) signals confidence in Alphabet’s AI and advertising dominance.
- Hertz Global Holdings (HTZ): A 15M-share stake ($59.1M) targets a car rental turnaround, despite a $2.9B 2024 loss.
Bearish Moves and Exits
- NIKE Inc (NKE): Ackman exited his entire position in Q1 2025, previously 11.22% of the portfolio, shifting away from apparel.
- Bond Market: Bearish on long-term bonds, citing a 122% debt-to-GDP ratio and inflationary risks.
Trimmed Positions
Ackman trimmed Chipotle (-12.62%), Alphabet (GOOG, -16.21%), Hilton (-44.84%), and Canadian Pacific (-0.52%), redirecting capital to high-conviction bets like Uber.
Ackman’s Vision for the U.S. Economy (2025–2035)
Ackman’s investments paint a picture of cautious optimism, balancing bold growth bets with warnings of economic hurdles.
Growth Drivers
Stakes in Uber, Alphabet, and Brookfield signal confidence in tech, consumer spending, and infrastructure. Ackman sees AI-driven innovation and consumer resilience as key drivers. His push for a Fannie Mae/Freddie Mac merger bets on a housing boom, potentially lowering mortgage rates.
Economic Risks
- National Debt: A $1.8T deficit and 122% debt-to-GDP ratio could spark inflation or higher rates.
- Tariff Impact: Ackman warned in May 2025 of a Q2 slowdown due to Trump’s tariffs, urging Fed rate cuts.
- Inflation: He expects 3% inflation, manageable for firms with pricing power.
“Businesses with pricing power can thrive in a 3% inflation world.” – Bill Ackman, CNBC Delivering Alpha, 2023
Ackman vs. Lee and Wood: A Clash of Titans
Ackman’s strategy stands apart from Tom Lee’s market optimism and Cathie Wood’s speculative tech bets, offering a unique lens for 2025.
| Investor | Economic Outlook | Investment Focus | Key Differences |
|---|---|---|---|
| Bill Ackman | Cautious optimism; sees tech and consumer growth but warns of debt and tariffs. | Concentrated bets on Uber, Alphabet, Brookfield; activist approach. | Value-driven, macro-aware; less speculative than Wood. |
| Tom Lee | Bullish; expects equity and Bitcoin surges by fall 2025. | Broad market, small-caps, crypto; cyclical recovery focus. | Broader optimism; less focus on activism or debt risks. |
| Cathie Wood | Bullish on innovation; predicts AI and biotech dominance. | Speculative tech (e.g., Tesla, CRISPR); long-term disruption. | Prioritizes emerging tech; ignores short-term macro risks. |
Conclusion: Ackman’s Blueprint for 2025 and Beyond
Bill Ackman’s 2025 portfolio is a high-octane mix of tech titans (Uber, Alphabet), turnaround plays (Hertz), and real estate bets (Howard Hughes), powered by a $11.93 billion fund. His economic outlook balances AI-driven growth with caution about debt and tariffs. Unlike Tom Lee’s broad bullishness or Cathie Wood’s speculative fervor, Ackman’s activist, value-driven approach is a must-watch for investors. Stay ahead with Qunatical.
