Bill Ackman, currently serving as the Executive Chairman of Howard Hughes Holdings Inc. (HHH) , is spearheading its transformation into a diversified holding company. For investors seeking to track his investment ideas, the holdings regularly disclosed by his hedge fund, Pershing Square Capital Management, and its affiliated entities to the U.S. Securities and Exchange Commission provide a clear window. As of the most recent data, the total value of publicly traded stocks held by the fund is approximately $15.8 billion, with over half of its assets concentrated in three stocks—Uber (UBER), Alphabet (GOOG)/(GOOGL), and Brookfield (BN). Howard Hughes Company itself has not yet entered this core holdings list.
Ackman made a significant investment in Uber Technologies in early 2025, amounting to $10 billion, which has yielded substantial returns to date. Although the market once feared that autonomous driving technology might undermine Uber’s platform value, Ackman believes that Uber precisely provides a crucial partnership channel for autonomous vehicle manufacturers to scale up and enter new markets. Uber has established collaborations with several autonomous driving companies, including Alphabet’s Waymo, operating services both through its own application and by extending its reach via the Uber platform. Ackman is confident that this multi-layered cooperation will be an effective path for autonomous driving companies to achieve rapid expansion and optimal economic benefits.
Financially, Uber demonstrates strong momentum. Last quarter, its user base grew by 15% to 180 million monthly active users, with scale effects driving continuous improvement in EBITDA. Over the past 12 months, the company generated free cash flow as high as $8.5 billion. Although the stock price has risen significantly since Pershing Square’s initial position, the current forward P/E ratio is only 27 times. Ackman anticipates that, driven by steady revenue growth, improving profit margins, and share buyback programs, the company could achieve 30% earnings per share growth in the medium term, making the current stock price still attractive.
Ackman began investing in Alphabet in 2023, with a logic similar to his investment in Uber—he believes the market’s concerns about the threats from emerging technologies are overblown. In the case of Alphabet, investors overestimated the impact of generative AI on its search engine business. As opportunities arose, Ackman continued to increase his holdings, including a further boost in the second quarter.
Google’s financial data supports this view: second-quarter search revenue increased by 12% year-over-year, benefiting from the global rollout of new features like AI Overviews. Management noted that AI-integrated search results not only enhance user engagement but also maintain profitability levels comparable to traditional search. The company has also introduced an AI mode, integrating a chat interface into Search and the Chrome browser to further enhance user stickiness.
Ackman began building a position in Brookfield in mid-2024 and has continued to increase his holdings each quarter since. The company focuses on investments in real assets such as real estate, renewable energy, and infrastructure, with its rapidly growing insurance business being of particular interest to Ackman. The company’s insurance assets surged from $45 billion to $135 billion within two years, and management expects this scale to reach $600 billion in the future, becoming a core contributor to the group’s distributable earnings. Aligning with the direction Ackman is charting for Howard Hughes, Brookfield is committed to building an investment-driven insurance model, utilizing insurance float for strategic capital allocation.
Furthermore, the company anticipates explosive growth in carried interest income from its subsidiary, Brookfield Asset Management. Ackman points out that the company’s distributable earnings growth rate could accelerate to 30% starting next year. Based on a sum-of-the-parts valuation, the company estimates its current stock price is around $102 and projects it will reach $210 by 2030. With the stock currently trading below $70, this provides a substantial margin of safety for investors focused on the company.
