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13F Filings are out and we are going to see why Bill Ackman is betting so heavily on these five stocks. I'm Mehdi for Tokyo Alpha Mind and in this video we are going to review today Bill Ackman's Pershing Square Capital portfolio and why he's betting heavy on these five stocks. Bill Ackman doesn't need any introduction is managing Persing Square Capital Management and is managing around 15 to 20 billion under his management.
And so today we are going to review what are the top five stock that is betting heavily on and what he sees for the futures. So the first stock actually is betting on heavily is Uber. Uber has been a new investment in 2025 for Bill Ackman and is representing today almost 20% of his portfolio. And so we are going to see now why Bill Ackman is actually betting heavily on Uber.
So we've looked at Persian Square Capital presentation to understand why Bill Ackman has bought Uber and why he's going to continue to hold this stock for the next few years. So first what you see in Uber. So Uber is a ride sharing and mobility platform. So I think that most of you knows about Uber and Uber Eat.
And so basically what is seeing first is that a two-sided marketplace which is actually widespread around all all over the world. Uber is also generating almost like 150 billion of gross bookings and has more than 170 million monthly active users on its platform. So one key point in competitive advantage for Uber is definitely its scale as we have seen that either on the right sharing or on the delivery side that they have been able to grow very fast and very widely in the market.
So Bill Ackman's investment thesis for Uber actually relies into four points. The first point is a very attractive business model with that two-sided marketplace where they are able to take a cut on all these different trips and delivery. So which is a very business attractive business model especially at the scale that blubber is operating.
The second one is a very strong growth in terms of revenue potential and what actually Pershing square and Bill Ackman are seeing is something like 10 to 15% growth in the next few years for Uber which is going to actually enable them to grow even bigger and increase the scale and so increase the profitability.
And so that's actually the third pillar for Uber that black man is saying is that there is going to be a huge margin expansion and with that a huge increase in terms of earnings in term of free cash flow. So this is what actually Bill Ackman is seeing in Uber and there is a huge potential for Uber to grow its earnings and as per the management target so in the next few years earnings and free cash flow are supposed to grow like around 30% CAGR per per year and that's why black man I think is very interested in Uber at the moment.
If you look also at the figures presented by Pershing Square Capital. So today Uber's a bit the margin are around 4% and what they are seeing is that with operational efficiencies and will kind of saving and the scale. So they are targeting Uber a bit their margin to actually grow to 7%. which is going to basically double their margin and which is going to increase a lot in term of operating leverage and so this is going to translate in very strong EPS and very strong free cash flow increase and definitely I think that Bill Ackman is seeing more than a double in the stock regarding Uber a lot of investors are actually kind of fearful of the new autonomous vehicle wave that is going to come with Whimo and with Tesla robo taxi but from Bel Aman's perspective basically.
So this actually new wave is going to benefit Uber more than is going to be a threat. Why? first because Uber has a wide diversity in term of geography and that is going to be able to partner with a lot of different companies doing autonomous vehicle and we have seen that already because Uber has partnered with Waymo already in certain areas and I think that this is going to continue to accelerate and what we are seeing is that basically Uber is going to be a partner and not going to be disrupted.
So Uber is the biggest position for Bid Amman's in his Pershing Square capital portfolio. But the second biggest one is Brookfield Corporation tick symbol BN with almost 19% of the portfolio and what Bill Ackman is seeing in Brookfield. So basically I think the same thing that I've been talking about in my other videos about Brookfield.
The first thing is that Brookfield has a lot of tailwinds. So what they seeing is a lot of potential growth going forward definitely. So Brookfield is going to grow especially on the tailwind and on the back of AI infrastructures and also on the back of the growth of its insurance business. So I think that this is the first thing that I think Bill Ackman a lot of different investors are seeing with Brookfield.
They have a very compelling business model at the moment and even the management is targeting around 15 to 19% growth in terms of distributable earnings. So a lot of potential for growth in Brookfield that is not fully recognized I think by the market at the moment. Another thing that Bill Ackman is mentioning in his presentation is the fact that Brookfield being a Canadian corporation at the moment and not being fully listed as a primary listing in the US does not have the same type of valuation as its peers like KKR or Apple for example and is betting on some kind of rerating of the stock going forward when they're going to list primarily in the New York Stock Exchange.
on top of the growth from Brookfield and the rerating from a listing or I would say more visibility on the US market. So, Bill Ackman is betting on a more strong or stronger return on cash. Bill Ackman is also betting on a stronger capital return with both I would say a small dividend but also a continued share repurchases as the stock is actually today quite undervalued compared to the value that actually Brookfield is communicating to the market.
So today if we look at Brookfield's filing so the net value that Brookfield is assessing today is more around $100 as a stock is today trading at around $65 to $68 at the moment. So we are seeing that there is some kind of undervaluation and Brookfield is going to continue to give back a return to shareholders through the form of share buybacks.
The third biggest holding of Persian Square Capital is after Uber and Brookfiled Corporation is Google. So definitely and this is not very clear in the filings because Bill Bill Ackman actually owns both type of Google stock. So Google and Google but it is its third largest position and I think that is seeing the same as well as what I've explained in other videos is that Google is going to become the dominant AI player going forward.
So I think that this there is this thesis around AI and that Google with this very incredible team and research team is going to continue to dominate in term of AI is going to continue to have the best AI model continue to grow with Google cloud and going to be the leading AI cloud actually providing for a lot of different AI startup on top of that.
So what we are expecting also from Google is definitely margin expansion with much more control in terms of cost. So first operating cost with I would say leveraging in term of employees I think that AI is going to help a lot with that but also increase in term of margin for the operation thanks to AI.
So first in their main business so the search business thanks to AI I think just like meta they're going to grow their margin even though the volume is going to decrease a little bit but what we are seeing is that they are going to be able to target people much more efficiently thanks to AI on the cloud side.
So we are going to see as well thanks to their TPUs that they're going to be able to provide not only a a better offering in term of cost for their clients but also for for themselves. That's why that Google today I think that is the best AI play because it's the only AI player that can actually scale um at the scale that Google has today and they are going to be able to provide AI services to billions of people thanks to their TPUs and this is going to be a very significant competitive advantage and I think that Bill Aman is also seeing that today in Google stock.
The fourth largest holding for Bill Axman's portfolio is restaurant brand international ticker symbol QSR. And this one is actually a little bit surprising but what Bill Ackman is actually seeing in this particular stock is actually a very strong brand. So with Tim Hortons and Burger King for example which is actually quite undervalued compared to its peers but still has a lot of potential in terms of margin improvement.
So basically this is kind of a turnaround play for Bill Ackman here and what we can expect from QSR basically is an improvement in term of margin and still continue to leverage their very famous brand like Tim Hortons Pope for example or Burger King. So depending on the brand. So the the turn around is going to be slightly different.
But what Bill Ackman is actually betting on is the quality of the management here being able to execute this turn around play and being able to actually bring a rerating in term of valuation for restaurant brand international and I think that this is the play that is seeing today. So both in terms of reaceleration of growth for QSR also margin expansion and also coming with that rerating in the coming years for this holding.
So obviously it's a bit different from Uber, Google and Brookfield Corporation here. But I think it's an interesting play um that deserves to be uh deep dive a little bit deeper. And I think that it's also very interesting to see that Billman is taking this type of position even though that he's also famous for having taken a position in Chipotle for example.
So these type of businesses can be very lucrative and very profitable when they actually expand very rapidly and when they improve their operational margin. So definitely I think this is a good play uh and that deserves from investors to actually get a little bit more research. And the fifth biggest holding in Pershing square capital management portfolio.
So Bill Ackman fifth company is Amazon. So this one is a new holdings that we have discovered in the new 13F in this Q2 2025. So there has not been a lot of actually communication from Bill Ackman on why he bought Amazon but we can today make a lot of assumptions. So first Amazon has three main businesses.
All three actually growing double digit. So we have the e-commerce, we have the ads business and we have obviously the AWS cloud business. And I think that what Billman is actually seeing is that these business are very strong and very high margin and they're going to continue to grow double digits in the coming years.
I think that AWS is still poised to grow tremendously from the AI demand. And even though that they're growing a little bit more slowly than their competitors, there is a huge demand for AWS for AI workloads. So this is going to continue to grow and with their tranium chips they have actually a huge capacity to provide actually reasonable cost for all these AI workloads.
So AWS I think that there is nothing to worry about is going to continue to grow double digit in the next five or even the next 10 years. Then on the ad business, so very high margin business and definitely leveraging the Amazon platform and I think that is going to continue to grow especially with AI where they're going to become even more efficient at targeting users and getting a little bit more conversion.
And on the e-commerce side, I think that this is really the play that everybody is looking at, especially Bill Ackman. So with physical AI so meaning robotics I think that Amazon is going to be able to increase its margin very significantly going forward and so what we are going to see is that with robotics and robots definitely there is going to be less a need for humans and they're going to be much more efficient both in their warehouses but also outside of the warehouse in the delivery part and so I think that this is the play here with Amazon is that they are going to become very efficient in term of managing their e-commerce business and we will see margin expansion in the e-commerce business and if this happens Amazon is going to become a powerhouse and this is definitely what Bill Ackman and all the super investors are seeing in Amazon and I think that this is a very good play because going forward Amazon has been a little bit a bit let down by a lot of investors in the past 5 years but people will realize that Amazon is really a powerhouse in terms of efficiency.
So you have it, the top five biggest holding in Bill Ackman's legendary investors portfolio. So Uber, Brookfield Corporation, Google, Restaurant Brand International, and Amazon. So five big bet that that Bill Ackmanis making in the market today. And every investor I think should try to deep dive into this holdings because they may be very strong performers going forward.
And if you're interested in analysis like this one, please check my other videos in the description. Please subscribe and I see you in another one. Bye.
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