Ackman bets Big on AMZN, UBER, HHH. Follow ?
Bill Ackman is the founder & CEO of $Pershing Square Tontine Holdings(PSTH)$, a New York-based hedge fund known for its activist investing approach and concentrated portfolio.
Ackman is recognized for making high-conviction, long-term investments and for being vocal about his investment theses.
In addition to Michael Burry and Stanley Druckenmiller, I have cover this man previously, click here ! for previous post, tks.
Coming back to PSTH’s May 2025 13F filing, it revealed strategic shifts in the $11.9 billion portfolio.
For retail investors, it is worth a look when it about investment, through observations.
PSTH 13F Filing: Stocks Sold
$CANADIAN PAC KANS CITY LTD(CP)$
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Exited his position in CP completely.
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According to Reuters, this amounted to $1.039 billion in receipt.
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Ackman did acknowledged that it was a sale with “regrets”, after a re-addon in 2022.
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This move was part of a broader strategy to reallocate capital from mature, stable holdings to higher-growth opportunities, namely purchase of AMZN. (more on that later)
Other Notable Exits:
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Chipotle (CMG): Ackman reduced his stake, likely due to valuation concerns or to lock in gains after a strong run.
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Hilton (HLT): The fund cut its position, possibly reflecting a view that the hospitality sector’s recovery is priced in.
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Universal Music Group (UMG): No significant change in the 13F for UMG, but it’s worth noting for context as it was a previous high-profile investment.
His exit from Nike (NKE) is worth a more detailed examination.
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This is because Ackman sold his entire position in Nike (NKE).
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That amounted to 18.8 millions shares.
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Next, he replaced it with “Call” options over a “deep-in-the-money” strategy.
Guys & Gals - do you think this strategy will work in all conditions or special condition only?
New Purchases.
Sales of his existing portfolio have resulted in new shares being purchase, in the process.
They were:
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Amazon (AMZN): Added to the portfolio, signaling confidence in Amazon’s continued growth and dominance in e-commerce and cloud computing.
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Uber (UBER): New position, likely betting on the company’s path to profitability and global expansion.
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Hertz (HTZ): Entered the rental car company, possibly seeing value in its restructuring and recovery post-bankruptcy.
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HHH (Howard Hughes Holdings): New addition, with Ackman positioning it as a diversified holding company akin to Berkshire Hathaway.
1. $Amazon.com(AMZN)$
During an investor conference call, PSTH, Chief investment officer, Ryan Israel had said:
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AMZN would be able to work through any slowdown in its cloud computing division Amazon Web Services (AWS).
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More importantly, he thinks Trump’s tariffs may not have a drastic material impact on AMZN’s retail earnings.
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AMZN’s CEO Andress Jassy’s business acumen will gear the retail giant in a position to witness “more profit margin expansion at a high rate of revenue growth.”
2. $Uber(UBER)$.
New position, likely betting on the company’s path to profitability and global “robotaxi” expansion.
PSTH first purchase disclosure was back in February 2025.
With the latest filing, Uber occupies 18% of PSTH capital invested, with 30.3 million shares owned, and a market value of $2.8 billion, making it one of the more weighted stocks.
Revealed in Ackman’s X post, he likes Uber because he thinks it is one of the best-managed & highest quality companies in the world.
Current stock price does not reflect Uber’s true value, that is rare for a big company.
3. $Hertz Global Holdings, Inc.(HTZ)$.
PSTH grew its share in HTZ from 4.1% at the end of 2024 to 19.8% by mid-April 2025, making PSTH the 2nd biggest owner of HTZ.
The big purchase announced on 16 Apr 2025, had been approved by SEC to keep PSTH’s buying a secret until it finished building its position.
Ackman is convinced that HTZ is in a great spot because of Trump’s new tariffs. He thinks these tariffs will help used car prices go up soon, after EU car makers - Audi and Volkswagen confirmed that they would stop bringing cars into the US to avoid the new 25% tariffs.
With more demand for used cars, prices are likely to rise.
He also touched on HTZ’s plan to turn things around.
Management is working to (a) update the car fleet, (b) cut costs, and (c) make more money from each rental. These steps should help HTZ become more profitable in the coming years.
4. Howard Hughes Holdings (HHH).
On 05 May 2025, PSTH forked out $900 million for a 9 million shares deal of the real estate company, HHH, putting PSTH’s stake in HHH, at 46.9%.
With the purchase, both Bill Ackman & Ryan Israel will become Executive chairman of HH’s board.
Ackman’s intention is to turn the company into a modern version of Berkshire Hathaway.
Plan is to emulate Berkshire’s long-term, shareholder-focused principles and to hold stocks for the long term.
PSTH’s investment enabled HHH to become a diversified holding company:
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With ability to acquire controlling stakes in high-quality, durable growth public and private operating companies,
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While continuing to invest in and grow (a) HHH’s core real estate development and (b) Master Planned Communities business.
Overall Assessment.
Portfolio Balance:
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Ackman’s latest portfolio is more focus in (a) Technology, (b) Real estate, and (c) Consumer discretionary sectors.
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Exit from mature industries (CP, NKE) and entry into tech (AMZN, UBER) and diversified holdings (HHH) signals a shift toward higher-growth areas.
Diversification:
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While the portfolio is less diversified than before (with exits from CP and NKE shares), the addition of HHH and “Call” options exposure to NKE provide some balance.
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Overall portfolio is more concentrated but balanced within its chosen sectors.
Conclusion:
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Ackman’s latest moves reflect a pivot toward growth and diversification through select, high-conviction bets.
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Portfolio is balanced within its chosen sectors but is more concentrated than a traditional diversified fund.
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Use of “ Call” options on NKE shows a nuanced, tactical approach to maintaining exposure.
Looking at Ackman’s latest holdings, convinced that GOOG (existing) and AMZN (new purchase) are the Magnificent 7 stocks to own ? Any others in PSTH’s portfolio caught your attention ?
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Do you think GOOG & AMZN are the 2 “better” Magnificent 7 stocks to hold forever ?
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Do you think you like PSTH holdings of 11 focused & diversified stocks ’? Will you emulate ?
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