Pershing Square Maintains 13% Amazon Stake in Q4 Portfolio alongside Meta and Alphabet
Pershing Square’s Q4 portfolio reveal shows a 13% stake in Amazon alongside new 10% Meta and 2% Hertz positions. Bill Ackman maintains his Magnificent Seven focus, citing Amazon’s strong cash flow and AI-driven growth as key drivers alongside his existing Alphabet exposure.
1. Portfolio Positioning
Pershing Square added Amazon in its Q4 portfolio as a new holding, constituting 13% of assets. It simultaneously introduced a 10% position in Meta and a 2% stake in Hertz, reflecting a strategic pivot toward leading tech names.
2. Investment Rationale
Ackman’s investment framework emphasizes predictable free cash flow and AI upside, underpinning his conviction in Amazon’s e-commerce dominance, AWS growth and long-term profitability drivers.
3. Comparative Stakes
Over the past 24 months, Pershing exited positions in Chipotle, Nike and Hilton to fund new holdings in Amazon, Meta and Hertz, while trimming its Alphabet stake after a 2023 entry.
4. Portfolio Performance Backdrop
Pershing Square delivered 20.9% net asset value growth in 2025 versus a 16.6% S&P 500 gain, attributing its outperformance to concentrated investments in high-growth tech leaders.