Pershing Square's investment strategy for the third quarter of 2025 demonstrated a clear focus on a concentrated portfolio, with its total value expanding to an impressive $14.64 billion. The firm's primary holdings—Uber, Brookfield, and Alphabet—formed the backbone of this portfolio, representing nearly three-fifths of its overall assets. This strategic allocation reflects a deliberate approach to capitalize on high-growth and stable enterprises.
A closer look at the individual holdings reveals a consistent strategy. Uber maintained its position as the largest single investment, comprising 20.25% of the portfolio, despite a minor adjustment this quarter. Similarly, Brookfield and Alphabet, also substantial components of the portfolio, saw slight reductions in their stakes. These adjustments underscore a disciplined rebalancing strategy, where the firm fine-tunes its exposure to maintain optimal portfolio health while expressing confidence in the long-term prospects of these key companies.
Beyond these primary investments, Pershing Square continues to hold significant interests in Fannie Mae, Freddie Mac, and UMG. The continued retention of these positions highlights the firm's belief in their potential for sustained growth and value creation over an extended period. These investments, alongside the core holdings, paint a picture of a well-considered portfolio designed for long-term compounding.
The strategic decisions made by Pershing Square in Q3 2025 exemplify a forward-thinking investment philosophy that values stability, growth, and meticulous portfolio management. By focusing on a select group of high-conviction assets and consistently re-evaluating their positions, the firm aims to achieve robust and sustainable returns. This disciplined approach serves as a testament to the power of thoughtful investment in navigating dynamic market conditions and fostering enduring financial success.
