You may soon be able to invest in Bill Ackman’s hedge fund. The billionaire filed to make Pershing Square shares publicly traded in a dual initial public offering (IPO) of the hedge fund and a new closed-end fund. You could get a small stake in the hedge fund management company if you commit to buying a share of the new closed-end fund. The incentive is designed to offset the likely drop in the fund’s share price once it starts trading. Most closed-end funds trade at a discount to their net asset value.

But you don’t have to wait for Ackman’s IPO to follow the billionaire’s investments. His strategy involves buying and holding a concentrated portfolio of undervalued companies for relatively long periods. So investors can use recent filings to reasonably guess what Ackman’s currently holding in Pershing Square’s portfolio.

Based on the company’s most recent disclosures, including its annual report from last month, about 48% Ackman’s managed stock portfolio is invested in just three outstanding companies.

1. Brookfield Corp. (17.5%)

Ackman sees two important factors to like about Canadian conglomerate Brookfield Corp. (BN 1.01%).

First, it has a burgeoning annuities and insurance business, Brookfield Wealth Solutions. The business is an investment-led insurance group in much the same vein as Berkshire Hathaway or what Ackman aims to build at Howard Hughes Holdings. With $120 billion in invested assets as of the end of 2025, management plans to grow that amount to $600 billion over time. The recent addition of Just Group will push it to about $180 billion.

Brookfield Corporation

Today’s Change

(-1.01%) $-0.39

Current Price

$38.37

The second factor is the expected step-up in carried interest income from its asset management business. Brookfield doesn’t recognize profits on its assets under management until after it’s returned all invested capital to each new fund’s shareholders and delivered a preferred return on that capital. That creates a waterfall of carried interest income years after a fund’s initial launch. This year is expected to see a meaningful step-up in carried interest for Brookfield, leading to a significant increase in distributable earnings for the business.

Ackman expects Brookfield’s total distributable earnings to climb 25% this year, in line with management’s annualized target from its investor day in September. With the stock trading for just 18 times last year’s distributable earnings, shares still look like a bargain at their current price.

2. Uber (15.9%)

Uber (UBER +0.49%) stock has been weighed down by the potential disruption of its business from self-driving cars and robotaxi services. However, Ackman believes those fears are overblown, leading the stock to trade at an attractive valuation.

Indeed, Uber appears to be a key partner for autonomous vehicle companies. It’s signed multiple deals with Alphabet‘s (GOOG 0.56%) (GOOGL 0.42%) Waymo, to launch robotaxis on its platform in multiple cities. It recently signed a deal with Amazon‘s Zoox to bring its cars onto its platform in Las Vegas and Los Angeles. Early results from Uber show incremental use when it launches autonomous vehicles on its platform, suggesting its partnerships are mutually beneficial.

Uber Technologies

Today’s Change

(0.49%) $0.36

Current Price

$73.33

In the meantime, Uber’s core ridesharing and delivery business is showing the strength of its network. Trips climbed 22% year over year last quarter, driven by user growth and increased trip frequency. The business continues to show operating leverage as it s, with earnings before interest, taxes, depreciation, and amortization (EBITDA) margin rising to 4.6%, driving 35% year-over-year EBITDA growth. Management expects similar improvements in the current quarter.

Uber shares currently trade at less than 23 times analysts’ estimates for this year’s earnings. Considering the company is set to grow revenue by about 20%, and show continued operating leverage, that price reflects the questionability of Uber’s earnings durability. Ackman’s betting that the autonomous vehicle industry won’t be a winner-take-all market, and that Uber will play an important role as a demand aggregator for self-driving cars.

3. Alphabet (14.8%)

Alphabet has been one of the biggest beneficiaries of the recent advancements in artificial intelligence.

The core Google search business has benefited in a couple of key ways. First, Alphabet has been able to implement AI Overviews into more and more search results over time. The product provides an AI-generated response to a search query and has increased engagement with the search engine since launch. Importantly, management says search queries with AI Overviews monetize at the same rate as those without it.

On top of that, generative AI tools can help its advertising business. Management says its Gemini models are better at understanding search intent, improving the effectiveness of its ad targeting. Additionally, it’s providing tools to marketers to help generate new ad campaigns. As a result, Google Search ad revenue accelerated throughout 2025.

Alphabet

Today’s Change

(-0.56%) $-1.69

Current Price

$301.52

Alphabet’s Google Cloud platform has seen a huge increase in demand for compute amid the AI boom. Alphabet has been developing its Tensor Processing Unit (TPU) custom AI accelerator chips for years, and it’s seeing strong customer demand. Anthropic even contracted to use the custom chips in its own data centers. Google Cloud revenue grew 48% year over year in the final quarter of 2025 and showed strong operating leverage. Operating margin expanded to 24% in the most recent quarter.

Alphabet is spending heavily to meet demand for its cloud computing services and its own compute requirements. Management guided for $175 billion to $185 billion in capex for 2026. That will weigh on its free cash flow, and it could slow its share repurchases. However, with the stock currently trading for 27 times earnings, it looks like a fair price to pay for the company.