Billionaire Bill Ackman Has Half His Portfolio in Alphabet, Brookfield, and Uber

TLDR

• Bill Ackman’s Pershing Square Capital has 56% of its $16.5 billion portfolio invested in just three stocks: Alphabet, Brookfield Corp, and Uber Technologies
• Alphabet accounts for 22.6% of holdings, with Google Cloud revenue growing 34% year-over-year and a deal to power Apple’s Siri with Gemini AI
• Brookfield Corp makes up 17.7% of the portfolio, with carried interest revenue jumping from $61 million to $154 million in Q3 and insurance business expected to triple profits by 2030
• Uber Technologies represents 15.5% of holdings, posting 17% growth in monthly active users and 33% growth in adjusted EBITDA despite autonomous vehicle concerns
• All three stocks trade at relatively attractive valuations with forward P/E ratios of 30x for Alphabet, 24x for Brookfield, and 22x enterprise value to EBITDA for Uber

Billionaire investor Bill Ackman runs Pershing Square Capital Management with a concentrated investment approach. His $16.5 billion public equity portfolio holds just three stocks that make up 56% of total holdings.

The hedge fund manager follows a strategy of buying stocks when markets undervalue them. He conducts deep research before making large bets on companies he believes in. This concentration mirrors other famous investors like Warren Buffett, who also keeps focused portfolios.

Ackman is currently building what he calls the next Berkshire Hathaway through Howard Hughes Holdings. The fund bought a controlling stake and plans to create a diversified holding company. But that project is just beginning, while his public stock picks continue to deliver returns.

The three largest positions include technology giant Alphabet, Canadian conglomerate Brookfield Corp, and ride-sharing platform Uber Technologies. Each stock has grown since Ackman’s initial investment. The positions reflect his belief in AI technology, asset management growth, and the future of transportation.

Alphabet Powers Ahead with AI and Cloud Growth

Alphabet represents 22.6% of Pershing Square’s marketable equities. Ackman bought shares about two and a half years ago when he felt markets were wrong about the company. He believed investors underestimated Alphabet’s AI capabilities while overestimating threats from ChatGPT to Google’s search business.

Alphabet Inc., GOOGL

The investment thesis has played out well. Google Cloud revenue grew 34% year-over-year in the third quarter. Operating margins in the cloud business continue to expand as the division scales up.

The company’s custom AI chips called Tensor Processing Units have seen strong customer adoption. These TPUs help Alphabet increase profit margins and keep customers locked into its cloud platform long-term. Google developed its Gemini foundation model and released version 3.0 last fall to positive reviews.

Alphabet integrated Gemini into consumer products including Google Search. The AI Overviews feature increased user engagement without hurting ad revenue. Google Search revenue accelerated throughout 2025, reaching 15% growth in the third quarter.

A major deal with Apple will bring Gemini to iPhones through a revamped Siri. This partnership will generate billions in revenue for Alphabet. It also strengthens the relationship with Apple, already a key partner for Google’s search business.

The stock trades at a forward P/E ratio of 30. With double-digit earnings growth expected for years ahead, the valuation appears reasonable for the growth potential.

Brookfield Corp Builds Value Through Asset Management

Brookfield Corp holds 17.7% of Ackman’s portfolio. The Canadian conglomerate operates through subsidiary Brookfield Asset Management, which accounts for roughly three-quarters of its value. A growing insurance business and small portfolio of operating companies make up the rest.

Brookfield Corporation, BN

The asset management business generates revenue through carried interest. This is the fee Brookfield receives for delivering returns above a certain benchmark. The company only recognizes this revenue after funds hit their preferred return for investors.

Carried interest is growing fast. Brookfield realized $154 million in net carried interest during the third quarter. That compares to just $61 million in the prior year period. The acceleration should continue in 2026 and beyond.

Brookfield Asset Management is launching new funds at a faster rate. Legacy funds are also starting to generate carried interest as they mature. Brookfield Corp collects a 33% share of carried interest from funds launched since 2023 while incurring zero costs.

Management expects $25 billion worth of net carried interest over the next decade. The Wealth Solutions insurance business is expanding quickly too. Management projects assets will more than double within five years while producing a 15% return on equity.

The insurance segment’s earnings should more than triple by 2030 according to company forecasts. The stock trades at around 24 times trailing distributable earnings. Given the strong growth ahead, this valuation looks attractive.

Uber Cements Position as Mobility Demand Aggregator

Uber Technologies makes up 15.5% of Pershing Square’s holdings. The stock has faced pressure from fears that autonomous vehicles will make ride-sharing apps obsolete. Ackman sees a different future where Uber becomes essential to self-driving car companies.

Uber plays a vital role as a demand aggregator. The platform optimizes fleet management to ensure maximum vehicle utilization. It helps autonomous vehicle companies get the most value from each car they produce.

Even Waymo, Alphabet’s self-driving subsidiary, partnered with Uber to launch robotaxi service in Atlanta and Austin. Uber also teamed up with Nvidia to help develop AI models for smaller self-driving car companies. The company signed multiple deals with autonomous vehicle startups over the past year.

The core ride-sharing business continues growing. Monthly active users increased 17% in the third quarter. Users are also taking more trips, with a 4% increase in trips per user during the period.

Strong user growth drives revenue expansion. The company is showing operating leverage as it scales up operations. Adjusted EBITDA grew 33% in the most recent quarter despite heavy investments in autonomous vehicle technology.

Uber’s enterprise value sits around 22 times its trailing adjusted EBITDA. This valuation looks reasonable compared to the company’s growth opportunities in both traditional ride-sharing and future autonomous vehicle partnerships.

The post Billionaire Bill Ackman Has Half His Portfolio in Alphabet, Brookfield, and Uber appeared first on CoinCentral.