Pershing Square Shifts Portfolio, Buys $2.2B Uber Stake, Exits Nike

Bill Ackman's Pershing Square Capital Management has made significant portfolio shifts in the first quarter of 2025, notably exiting its 18.8 million share position in Nike after a challenging year for the sneaker company, while initiating a new and substantial stake in Uber Technologies with over 30 million shares, making it the largest holding in the fund. This pivot to Uber reflects a strategic reallocation towards the automotive and ride-hailing sectors, complemented by increased investments in Hertz Global Holdings and Brookfield Corporation. Pershing also reduced stakes in companies such as Hilton Worldwide, Alphabet (GOOG), Chipotle, and Canadian Pacific Kansas City, while maintaining a diversified portfolio including Restaurant Brands and Howard Hughes. Analysts remain cautiously optimistic about Nike's potential recovery, with an average price target suggesting upside despite recent declines. These changes align with Ackman's broader strategy to build a conglomerate-style holding company inspired by Warren Buffett's investment approach. The portfolio adjustments underscore Pershing Square's dynamic asset management amid evolving market conditions.