As of September 30, 2025, Pershing Square held 4,843,973 Class A GOOGL shares valued at approximately $1.18 billion. By mid‐January, that position has climbed to roughly $1.60 billion, representing a gain of $422 million on GOOGL alone since the end of Q3. This contribution accounts for nearly one‐fifth of the fund’s total $2.04 billion profit on Alphabet holdings over the same period.

During Q3, Bill Ackman’s team reduced the GOOGL position by 519,007 shares, trimming the stake by 10%. Despite this partial sale, the remaining shares have continued to appreciate strongly, underlining the timing and precision of Pershing Square’s active management approach. The sale proceeds were redeployed into higher‐conviction names, according to regulatory filings.

Ackman’s performance underscores both the resilience of GOOGL’s core advertising and cloud services and the value of opportunistic rebalancing. Investors should note that a 10% trim still allowed Pershing Square to capture substantial upside, suggesting that disciplined profit‐taking in high‐conviction positions can enhance risk‐adjusted returns. With Alphabet’s shares hitting fresh highs, the question for long‐term holders is whether to ride the momentum or lock in gains ahead of potential market volatility.