Key Points
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Pershing Square’s latest 13F filing lists just 11 stock positions worth a combined $13.7 billion.
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The fund’s top five holdings account for about 78% of the portfolio.
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Brookfield, Amazon, and Uber together make up just over half of Ackman’s portfolio.
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Billionaire investor Bill Ackman runs one of the most concentrated portfolios in professional money management. His hedge fund, Pershing Square Capital Management, reported just 11 stock positions in its most recent 13-F filing, which covers its U.S. stock holdings as of March 31. Those positions were worth a combined $13.7 billion, and the top five of them accounted for about 78% of the portfolio.
That is an extraordinarily concentrated way to run a fund of this size. It also makes Ackman’s portfolio unusually easy to study. When a manager owns this few names, every big position is a statement about where he sees value.
So, where does Ackman see it? His three largest holdings, which together represent just over half of the portfolio, show how the famed investor is positioned for 2026 and beyond.
1. Brookfield
Ackman’s biggest position is Brookfield (NYSE: BN), the Canadian investment giant that owns and operates infrastructure, renewable energy, real estate, and insurance businesses, along with a large asset-management arm. Pershing Square held about 59.7 million shares at the end of the first quarter, a stake worth about $2.4 billion, or 17.6% of the portfolio.
It’s easy to see the appeal. Brookfield’s distributable earnings before realizations, a measure of the recurring cash its businesses generate, rose 7% per share year over year in the first quarter and totaled $5.5 billion over the trailing 12 months. The company has also been returning cash to shareholders, saying in its May update that it had repurchased $470 million of its own shares in the open market so far this year.
2. Amazon
Ackman’s second-biggest bet is Amazon (NASDAQ: AMZN), an 11.5 million-share position worth about $2.4 billion at the end of the first quarter, or 17.4% of the portfolio.
Amazon’s recent results help explain why Pershing Square wants to own it. First-quarter net sales rose 17% year over year to $181.5 billion, and operating income climbed 30% to $23.9 billion. Even more, growth in the company’s most profitable business is accelerating. Amazon Web Services (AWS) revenue grew 28% year over year during the period, which CEO Andy Jassy said was the segment’s fastest growth in 15 quarters, as demand for artificial intelligence (AI) computing keeps building.
3. Uber
Ackman’s third-biggest holding is Uber Technologies (NYSE: UBER), a position of about 30 million shares worth about $2.2 billion, or 15.7% of the portfolio.
Uber’s first quarter showed why Ackman has stuck with the ride-hailing leader. Gross bookings rose 25% year over year to $53.7 billion, revenue grew 14% to $13.2 billion, and the company generated $2.3 billion of free cash flow.
Notably, Uber has also been turning autonomous vehicles into an opportunity by striking partnerships that put robotaxis on its network. One of them is a planned luxury robotaxi service using at least 35,000 vehicles from EV maker Lucid equipped with self-driving technology from Nuro.
Interestingly, the market hasn’t rewarded any of this yet. Uber shares are down about 11% year to date as of this writing and trade at about 18 times earnings, arguably a modest price for a business growing this fast.
Should investors copy the concentration?
There’s a lot to like about these three businesses. Each one is a leader in its market, each is generating growing streams of cash, and none carries the kind of sky-high valuation attached to many of 2026’s most popular stocks.
The individual ideas, in other words, are worth studying. The portfolio structure is another matter. A fund where five positions make up 78% of assets can deliver exceptional returns when the calls are right, but a single mistake can do serious damage. Ackman is a professional investor with decades of experience, a research team, and, importantly, the temperament to sit through big drawdowns in individual names.
Personally, I’d treat a 13-F like this as an idea list rather than a blueprint, and most investors are probably best served doing the same. It’s also worth remembering that these filings arrive with a lag. The holdings above are as of March 31, so Ackman’s positioning may have shifted since.
Still, the filing leaves little doubt about where one of the market’s most selective investors sees value right now: cash-generating market leaders at reasonable prices, held in size.
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Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Brookfield Corporation, and Uber Technologies. The Motley Fool has a disclosure policy.
