Pershing Square takes new stake in Uber, converts Nike position to options

Bill Ackman’s Pershing Square Capital Management disclosed in an SEC filing its holdings as of March 31, 2025. Pershing’s one new buy during the first quarter was Uber (UBER). Pershing converted its Nike (NKE) common equity position to “deep in-the-money” call options. Pershing increased its stake in three holdings, including by size of previous position, Brookfield Corp (BN), Hertz (HTZ), and Alphabet (GOOGL). Pershing reduced its stake in four holdings, including by size of previous position, Hilton Worldwide (HLT), Alphabet (GOOG), Chipotle (CMG), and Canadian Pacific Kansas City (CP). Pershing’s top holdings as of March 31, in order of size, were Uber, Brookfield, Restaurant Brands (QSR), Howard Hughes (HHH), and Chipotle. This alert replaces a prior version to clarify that Pershing converted its Nike common equity position in early 2025, as previously communicated by the firm.