Billionaire investor Bill Ackman is known for building concentrated positions when he sees asymmetric upside, and several of Pershing Square’s top holdings reveal where he has the highest conviction today.
The hedge fund currently has major exposure to Amazon, Meta Platforms, and Fannie Mae, three very different investments tied together by Ackman’s belief that the market may be underestimating their long-term value.
Ackman even publicly endorsed Fannie Mae as a potential “10X” trade in late March 2026, highlighting just how bullish he remains on one of Pershing Square’s most controversial holdings.
Here’s why Ackman continues to bet heavily on all three and what investors should know about the thesis behind each position.
Amazon Remains a Major Bet on AI Infrastructure
Pershing Square first disclosed its Amazon (NASDAQ:AMZN | AMZN Price Prediction) position in 2025 and has since increased the stake, bringing the holding to 11.76% of the portfolio. Ackman’s growing conviction appears tied to accelerating momentum in Amazon’s cloud and advertising businesses.
AWS revenue reached $35.58 billion in Q4 2025, growing 24% year over year and marking its fastest expansion in 13 quarters. Amazon’s advertising business added another $21.32 billion in revenue, up 23%, showing the company’s growth engine extends well beyond e-commerce.
Ackman appears to be betting that Amazon’s aggressive spending will drive long-term gains as AI demand accelerates. CEO Andy Jassy recently said the company expects to invest roughly $200 billion in capital expenditures during 2026 across initiatives including AI, chips, robotics, and satellite infrastructure.
That spending has weighed on near-term free cash flow, which fell 65.95% year over year to $11.19 billion in 2025. However, Ackman has historically favored companies willing to sacrifice short-term profitability to build durable long-term advantages.
Wall Street remains overwhelmingly bullish. Of the 68 analysts covering Amazon, 64 rate the stock a Buy or Strong Buy, with a consensus price target of $281.27. Shares currently trade around $238.98 after climbing 31.54% over the past year.
Meta Gives Ackman Another AI and Advertising Giant
Pershing Square’s Meta Platforms (NASDAQ:META) position is newer, but no less significant. The fund initiated the stake during the quarter, and it now represents 9.36% of the portfolio. Ackman formally revealed the position during Pershing Square’s February 2026 investor presentation, where he argued Meta’s valuation failed to reflect the company’s long-term AI upside. At the time, Ackman described Meta as trading at a “deeply discounted valuation” relative to the quality of the business.
The fundamentals remain strong. Meta generated $59.89 billion in Q4 2025 revenue, up 23.8% year over year, while ad impressions rose 18% and average price per ad increased 6%. Family daily active users climbed to 3.58 billion, up 7%.
The main concern surrounding Meta is spending. Management guided for $115 billion to $135 billion in 2026 capital expenditures, while Reality Labs posted a $19.2 billion operating loss in 2025. Operating margin also declined to 41% from 48% the prior year.
Ackman appears to believe those investments will strengthen Meta’s moat over time rather than destroy value. Full-year operating cash flow still climbed 26.8% to $115.8 billion, highlighting the company’s ability to self-fund its ambitions while continuing to return capital to shareholders.
Analysts remain highly optimistic, with 61 of 67 rating the stock a Buy or Strong Buy. The consensus price target sits at $855.68 versus Meta’s current share price of roughly $628.55.
Fannie Mae Remains Ackman’s Highest-Upside Wild Card
Fannie Mae (OTC:FNMA) is easily the most unconventional holding in Pershing Square’s portfolio and may represent Ackman’s most asymmetric bet.
Pershing Square remains the largest common shareholder in both Fannie Mae and Freddie Mac, with more than 210 million combined shares. Ackman has held the position since November of 2013, centered on the thesis that the federal government will eventually privatize the mortgage giants.
Ackman recently reiterated that conviction, posting on X in March 2026 that Fannie and Freddie are “stupidly cheap” and could potentially become “10-baggers” if privatization occurs. His comments helped spark a 41% rally in Fannie Mae shares the following day.
The underlying business remains highly profitable. Fannie Mae generated $14.36 billion in net income during 2025 and has grown its net worth to approximately $109 billion.
Still, the investment remains highly speculative. The company faces an estimated $193 billion capital shortfall under current regulatory requirements, and common shareholders receive effectively no earnings benefit while conservatorship remains in place.
At roughly $8.25 per share, Fannie Mae offers significant upside if Ackman’s thesis proves correct, but the stock remains a binary policy-driven investment that depends almost entirely on future government action.
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