Here Are Billionaire Bill Ackman's 3 Biggest Bets From This Year, and How He's Positioned Going Into 2026

Bill Ackman’s Pershing Square entered 2026 still concentrated in several high‑conviction positions after a busy 2025, with Ackman now chairman of Howard Hughes as he looks to convert the real‑estate business into a diversified holding company and carrying large stakes in Uber, Nike and Amazon. He disclosed a roughly $2 billion, 30.3 million‑share position in Uber (stock up ~50% YTD) and sees it as a dominant mobility demand aggregator and strategic partner for autonomous‑vehicle players, forecasting ~30% EPS growth while shares trade at about 25x forward earnings. His Nike exposure (about $1.4 billion at end‑2024) was shifted into deep‑in‑the‑money calls to amplify a potential turnaround under new management—shares are down ~13% YTD and face tariff‑related headwinds (~$1bn annually) but management expects margin recovery—while his roughly $1 billion, 5.8 million‑share Amazon stake bought in April prices AWS and retail operational improvements as long‑run growth drivers even as the stock trades closer to 29x forward. Overall, Pershing Square remains highly concentrated and patient, signaling conviction in these three asymmetrical, multi‑year bets while acknowledging timing and execution risks.

Analysis

Pershing Square entered 2026 with a highly concentrated, multi‑year portfolio and increased operational involvement in Howard Hughes, where Ackman is now chairman and plans to convert the real‑estate business into a diversified holding company. The fund disclosed three largest marketable equity convictions: Uber, Nike and Amazon, reflecting a mix of growth, turnaround and long‑duration technology exposure.

Ackman purchased roughly 30.3 million Uber shares for about $2.0 billion in February; the stock is up ~50% year‑to‑date as of this writing, supported by accelerating monthly active platform consumer growth (+17% in Q3), trips booked (+22%) and gross bookings (+21%). He projects ~30% EPS growth and values the business at roughly 25x forward earnings, arguing Uber’s demand‑aggregation position will be strategically important to autonomous vehicle partners.

Nike exposure was converted into deep in‑the‑money call options after an ~18 million‑share position worth $1.4 billion at end‑2024; shares are down ~13% YTD despite revenue up 1% and a margin recovery roadmap under CEO Elliott Hill, with tariff headwinds estimated at ~$1 billion annually. Ackman bought ~5.8 million Amazon shares for ~$1.0 billion in April; AWS growth (20% in Q3) and logistics cost optimization support the bull case even as the stock moved from ~25x at purchase to ~29x forward.

Key Decisions for Investors

• Consider maintaining or modestly increasing exposure to Uber on strength in user and booking metrics and a 25x forward multiple that Ackman deems attractive, but scale positions and set alerts for any slowing in trips/gross bookings or changes in AV partnership dynamics
• Treat Pershing Square’s Nike position as a time‑dependent binary: retain exposure via options or small equity stakes only if you accept turnaround and tariff timing risk, monitor wholesale progress and option expiry dates closely
• Position selectively in Amazon for secular AWS and logistics improvements while acknowledging valuation moved higher from Ackman’s entry; favor dollar‑cost averaging and monitor AWS capacity investments and AI‑driven demand indicators
• Given Pershing Square’s concentration and activist posture at Howard Hughes, limit fund‑level concentration risk and consider modest hedges (put protection or position size limits) to guard against execution or macro/tariff shocks