Bill Ackman Goes Magnificent Seven Shopping In Q4: Adds META, Increases AMZN, Decreases GOOGL

The Pershing Square Capital Management hedge fund, run by Bill Ackman, made several changes to its investment portfolio in the fourth quarter. A recent investor presentation unveiled the company's new stock position in Meta Platforms (NASDAQ: META). Here's a look at that new position and other changes.

New and Exited Positions

In the fourth quarter, Pershing Square Capital took a new stake in Meta Platforms, based on filings through Dec. 31, 2025.

The filing showed a new 2,673,569 share position in Meta Platforms.

The filing also shows the fund exited its position in Chipotle Mexican Grill (NYSE: CMG) in the quarter.

Changes to Positions

The disclosure showed several changes to the fund.

Here are the largest increased positions during the quarter:

• Amazon.com Inc (NASDAQ: AMZN): +65%
• Brookfield: +50%

Here are the largest decreased positions during the quarter:

• Alphabet Inc Class A (NASDAQ: GOOGL): -86%
• Alphabet Class C (NASDAQ: GOOG): -2%

In the quarter, Ackman made several changes that mainly involved Magnificent Seven stocks. Ackman took a new position in Meta and increased the fund's stake in Amazon. The fund also decreased its exposure to Alphabet shares in the quarter for a second straight quarter.

Top Holdings

Here are the top holdings in the fund overall, as of the end of the fourth quarter:

• Brookfield: $2.8 billion, 18% of fund
• Uber Technologies (NYSE: UBER): $2.5 billion, 16% of fund
• Amazon.com: $2.2 billion, 14% of fund
• Alphabet Inc Class C: $1.9 billion, 13% of fund
• Meta Platforms: $1.8 billion, 11% of fund
• Restaurant Brands International (NYSE: QSR): $1.6 billion, 10% of fund
• Howard Hughes Holdings (NYSE: HHH): $1.5 billion, 9.7% of fund
• Hilton Worldwide Holdings (NYSE: HLT): $870.0 million, 5.6% of fund
• Alphabet Class A: $212.3 million, 1.4% of fund
• Seaport Entertainment (NYSE: SEG): $99.3 million, 0.6% of fund

The new position in Meta ranks as the fifth largest for Ackman's fund, with Amazon now the third largest position after the increased stake in the quarter.

Ackman Bets On Meta Platforms

Pershing’s recent investment presentation unveiled a new stake in Meta, just days ahead of the 13F filing deadline.

“We believe Meta’s current share price underappreciates the company’s long-term upside potential from AI and represents a deeply discounted valuation for one of the world’s greatest businesses,” the firm said in the presentation. Meta is a “leader in the fast-growing digital advertising space and one of the clearest beneficiaries of AI integration,” it added.

“We believe concerns around META’s AI-related spending initiatives are underestimating the company’s long-term upside potential from AI,” it said.

The presentation highlighted Meta’s 3.5 billion daily active users and a growing user base. An experienced leadership team and the company’s stock multiples were also highlighted as reasons to be bullish going forward.

Image created using artificial intelligence via Midjourney.