Billionaire Bill Ackman founded Pershing Square Capital Management with $54 million in 2004. Today, Ackman's net worth exceeds $9 billion, while the hedge fund's assets under management exceed $18 billion.
Pershing Square holds shares in only 10 publicly traded companies, but 70.1% of its portfolio is concentrated in five stocks as per the latest 13-F filing. Here are Ackman's five biggest stock holdings.

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1. Uber Technologies (18.5%)
Uber Technologies (UBER -3.30%) is the world's largest ride-sharing company and also offers food delivery and freight transport services. Uber enjoys the benefits of network effects and a large global footprint and sees huge potential in autonomous vehicles. Ackman believes Uber stock could even double over the next three to four years.
2. Brookfield Corp (18.01%)
Brookfield Corp (BN -0.34%) owns a 73% stake in Brookfield Asset Management. The alternative asset manager invests in renewable energy, real estate, infrastructure, and business and industrial services. Ackman is excited about Brookfield's goals to grow annual earnings per share by 20% and generate $47 billion in free cash flow over the next five years.
3. Restaurant Brands International (12.85%)
Restaurant Brands (QSR -0.88%) owns Burger King, Tim Hortons, Popeyes, and Firehouse Subs. It operates over 32,000 restaurants worldwide, primarily through franchisees. Ackman sees strong long-term growth potential in Restaurant Brands, which aims to grow same-store sales and systemwide sales by over 3% and 8%, respectively, between 2024 and 2028.
4. Howard Hughes Holdings (11.71%)
Ackman has been involved with Howard Hughes (HHH 1.20%) since its formation in 2010 after a spin-off and now owns a 46.9% stake in the real estate developer. Ackman now wants to convert Howard Hughes into a diversified holding company akin to Warren Buffett's Berkshire Hathaway.
5. Chipotle Mexican Grill (9.07%)
Chipotle Mexican Grill (CMG -2.87%), known for its burritos and tacos, owns over 3,800 restaurants. Chipotle is now expanding globally and rolling out new technologies. Although Brian Niccol, who was monumental in Chipotle's growth, quit as the CEO in 2024, Ackman believes the present management under new CEO Scott Boatwright will continue to deliver.