Bill Ackman is the manager of the large and highly successful Pershing Square hedge fund. Unlike some other famous investment managers, Ackman maintains a concentrated portfolio of just nine different companies.

I won't keep you in suspense. Here are Ackman's five largest stock holdings, ranked by market value, based on the latest available SEC filings from the hedge fund.

Data source: Pershing Square SEC filings. Market values as of 3/4/2025.

Why does Ackman like these stocks?

Ackman is quite transparent when it comes to discussing his investment thesis for the stocks he buys. Based on Pershing Square's most recent investor presentation, here's a brief explanation of why Ackman is such a fan of these five:

• Ackman feels Alphabet is an underappreciated AI leader, and is especially impressed with the growth of the Google Cloud business.
• Brookfield trades for about 15 times earnings, despite management's excellent track record and goal of growing earnings at a 25% annualized rate.
• Ackman believes Restaurant Brands International trades at a steep discount to peers and is impressed with the turnaround of its Burger King subsidiary.
• Howard Hughes is a real estate developer that Ackman helped take public years ago, and he hopes to acquire a greater stake and turn the company into a "modern day Berkshire Hathaway."
• Chipotle has produced impressive growth, even at scale, and especially in its new stores. Ackman is particularly impressed with the brand's international expansion and the potential for new automation technology in the business.