Meta, Amazon and Chipotle: how billionaire Bill Ackman's portfolio has changed

Pershing Square Capital Management, an investment firm led by Bill Ackman, added another "Magnificent Seven" company to its portfolio last quarter, according to a report on Form 13F. At the same time, the investor completely exited a perennial favorite, the Chipotle Mexican Grill restaurant chain. How else the billionaire's portfolio has changed - in this material.

Ekman's biggest deal last quarter was the opening of a new position in the Magnificent Seven - Pershing Square acquired 2.7 million shares of Meta Platforms. At the end of 2025, this stake was worth approximately $1.8 billion. Meta immediately became one of the investment firm's top five positions, taking 11.4% of the portfolio.

Ackman's company announced its investment in Meta earlier in February at an investor meeting. Pershing Square called Meta's current valuation "deeply discounted": the company is currently trading at a forward P/E ratio (ratio of share price to projected annual earnings) of around 22 - cheaper than Alphabet, Apple and Nvidia. Pershing Square believes that the market is overestimating the risks from large-scale investments in AI infrastructure and underestimating the revenue growth potential that new technologies will provide.

Ackman also increased its stake in another of the "Magnificent Seven" companies. Pershing Square bought 3.8 million shares of Amazon in the fourth quarter - now its stake in the retailer is valued at $2.2 billion and occupies 14.3% of the entire portfolio.

In the fourth quarter, Ackman exited the Chipotle Mexican Grill restaurant chain entirely, selling a stake worth $780 million. The investor had held the securities since 2016.

The billionaire also significantly reallocated his positions in Alphabet. Ekman reduced his investments in class A shares (with voting rights) by 86%, leaving only 678 thousand securities in his portfolio. At the same time, the share in class C shares (without voting rights) decreased slightly - by 2.5% (-160 thousand shares) and remained one of the key stakes of the fund (12.5% of the portfolio).

Pershing Square also slightly (by no more than 0.2%) reduced stakes in Brookfield Corp, Uber Technologies, Restaurant Brands International and Hilton Worldwide.

Pershing Square's portfolio grew 6% from October through January to $15.5 billion. Ekman's strategy continues to be based on extreme concentration, with only 11 issuers in its portfolio and top-five positions accounting for more than 72% of assets.

Brookfield Corp, a multinational company that manages alternative investments, remained Pershing Square's largest asset at the end of 2025, with an 18.2% stake in the portfolio and a value of $2.8 billion. Second place goes to Uber Technologies with a 15.9% stake ($2.5 billion). Next in the top five are Amazon (14.3%), Alphabet Class C shares (12.5%) and Meta Platforms (11.4%).

Eckman did not change his stake in Howard Hughes Holdings, where he holds 18.9 million shares worth $1.5 billion. This position has been the subject of litigation: in February 2026, minority shareholders filed a class action lawsuit against Pershing Square. The claims stem from a deal to increase the fund's stake to 47% for $900 million, which officially closed in May 2025. Bill Ackman took over as executive chairman of Howard Hughes. The plaintiffs believe that the founder of Pershing Square gained de facto control of the company without paying the rest of the shareholders the transfer of control premium that is required in such cases. They claim that the terms of the agreement were imposed on the board of directors and are unfair to other investors.

Pershing Square's investments in Seaport Entertainment Group (5 million shares, $99.3 million) and Hertz Global Holdings (15.2 million shares, $78.3 million) were also unchanged.

In the United States, large investors, which includes Pershing Square, are required to disclose their investments quarterly in a Form 13F report. This report reflects the status of the portfolio as of the last day of the quarter. The filing deadline is 45 days from the end of the quarter, so the data does not reflect asset rotations that the fund may have made in early 2026.

This article was AI-translated and verified by a human editor