Bill Ackman is one of the most closely followed investment managers on Wall Street. His Pershing Square Capital Management hedge fund holds just a handful of high-conviction positions, and he typically holds those positions for the long run.

Ackman is often forthcoming with the biggest moves in his portfolio. He’ll usually disclose new trades through his social media accounts or monthly updates to his hedge fund investors. But Pershing Square’s quarterly 13F filing with the Securities and Exchange Commission (SEC) can provide a full accounting of the hedge fund’s portfolio of publicly traded U.S. stocks.

Ackman made a couple of big moves last quarter, and now holds roughly 58% of the portfolio in just three companies.

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1. Uber (20.6%)

Ackman made a massive investment in Uber Technologies (UBER -2.28%) at the start of 2025, accumulating 30.3 million shares for Pershing Square. That immediately made the stock the hedge fund’s largest position, and it’s only grown bigger since. Uber shares are up 57% so far in 2025 as of this writing.

Uber continues to see strong adoption for both its mobility and delivery service. Total users climbed to 180 million last quarter, up 15% year over year, and it saw a 2% increase in trips per user. Delivery gross bookings climbed 20% year over year and produced strong EBITDA margin expansion. As a result, the company saw adjusted EBITDA growth of 35% year over year.

But the threat of autonomous vehicles is weighing on Uber stock. Ackman believes self-driving cars will benefit Uber in the long run, as it operates the network required for connecting vehicles with riders. That kind of network effect is hard to replicate, giving Uber a competitive advantage and a significant stake in the autonomous vehicle industry. To that end, the company has already partnered with 20 different companies, including AV leader Alphabet‘s (GOOG 0.56%) (GOOGL 0.63%) Waymo.

Shares of Uber currently trade for about 1.2 times its gross bookings over the past year. But with expectations for growth in the high teens, that puts it down closer to a 1 multiple. That’s historically been a good price to pay for the stock. In more traditional valuation metrics, its stock price is 3.9 times forward revenue expectations. Its enterprise value of $206 billion as of this writing is less than 24 times 2025 adjusted EBITDA expectations. Even after its strong performance in 2025, Uber shares still look about fairly valued.

2. Brookfield Corp (19.7%)

Ackman built a position in diversified asset manager Brookfield Corporation (BN -0.08%) over the last five quarters, adding to it each quarter since Pershing Square’s initial purchase in the second quarter of 2024. As a result, the stock is now the hedge fund’s second-largest position.

Brookfield saw its distributable earnings excluding carried interest and gains from selling investments climb 13% on a per-share basis last quarter. The company expects to produce distributable earnings growth of 21% per year from 2024 through 2029.

A huge growth driver for Brookfield is its Wealth Solutions segment, which grew total insurance assets to $135 billion as of the end of June. Its annualized earnings are now $1.7 billion.

The business is growing quickly. Just two years ago, insurance assets totaled $45 billion. Management expects the growth to continue with assets topping $300 billion by 2029. At that point, the segment will be the conglomerate’s largest contributor to distributable earnings.

Management is using its free cash flow to buy back shares and invest in new assets. This could further increase distributable earnings per share above its guidance for 21% organic growth over the next few years. Shares currently trade for less than 20 times management’s expectations for 2025 distributable earnings, offering compelling value for investors.

3. Alphabet (17.9%)

Ackman first bought shares of Alphabet in early 2023, shortly after the release of OpenAI’s ChatGPT. While many saw the growth of generative AI as a major threat to Alphabet’s Google, Ackman thought the market overreacted, offering a bargain price for the stock. While he trimmed the position a bit in 2024, he’s added back to it over the first two quarters of 2025, preferring the Class A shares (which come with voting rights).

Alphabet has produced strong financial results in 2025. Its core advertising business climbed 10% year over year last quarter, with particularly strong results from Google Search (up 12%). That speaks to the company’s efforts to incorporate generative AI into its search business with features like AI Overviews and Google Lens. The former has increased engagement and user satisfaction, according to management, while the latter lends itself to high-value product searches.

Alphabet has seen tremendous results in its Google Cloud business, which supplies compute power to AI developers. Sales increased 32% year over year, with operating margin expanding to 22% for the business. Overall, Google Cloud accounted for 43% of the total increase in Alphabet’s operating earnings last quarter, despite its relatively small size compared to the Search business.

That said, the company faces potential regulatory challenges to its business. The Department of Justice has ruled that it operates an illegal monopoly. The company is awaiting a ruling on required remedies, which could include divesting its Chrome browser or a ban on contracts positioning Google as the default search engine in other browsers.

As a result, Alphabet shares trade for less than 21 times forward earnings expectations. That’s the lowest multiple among the “Magnificent Seven” stocks and a great price for one of the leading AI companies in the world.